Jaiz Bank targets N70bn capital base by end 2024

The Chairman of the Board of Directors, Jaiz Bank, Mustapha Bintube, Sunday stated that before the end of this year, the Islamic and non-interest financial institution will have hit a N70 billion capital base. Bintube spoke at the send forth ceremony for 11 retired former members of Jaiz Banks’ Board of Directors which includes its […]

The Chairman of the Board of Directors, Jaiz Bank, Mustapha Bintube, Sunday stated that before the end of this year, the Islamic and non-interest financial institution will have hit a N70 billion capital base.

Bintube spoke at the send forth ceremony for 11 retired former members of Jaiz Banks’ Board of Directors which includes its pioneer chairman, Alhaji Umar Abdul Mutallab, in Abuja.

Alhaji Bintube disclosed that from mere three branches in Abuja, Kaduna and Kano, the bank has 50 branches today and hopes to hit 60 soon.

He also said the major dream of the bank is to have branches in other parts of the world, having started in 2012 with only N6 billion.

On his part the former chairman, Dr Mutallab, after his citation expressed delight at the fact that Jaiz has blazed the trail as the first non-interest Islamic bank in Nigeria.

He commended institutions like the Islamic Development Bank (IDB) and others that worked hard to see the bank come to life.

He stated that the journey almost came to an obstructed end when the protagonists of Jaiz Bank had only N4 billion, adding it was the Africa’s’ richest man, Alhaji Aliko Dangote, who intervened and gave them N1 billion to complete the N5 billion for registration.

He appreciated the former Emir of Kano and former Governor of the Central Bank of Nigeria, Dr Sanusi Lamido Sanusi, who also encouraged the team not to relent in making the dream a reality.