A non interest Islamic financial institution, Jaiz Bank, has disclosed plans to increase its gross income for it financing transaction from a current N7.3 billion to N17.9 billion by 2021, with aim to sustain growth recorded.

This is as the Nigeria’s foremost non-interest bank was on Thursday listed on the Nigeria Stock Exchange, NSE.

The listing, which is the second in 2017, added about N37 billion to the market capitalisation of the NSE. Earlier, Medview Airline was listed on the NSE, representing the first listing for the year.

Following Thursday listing, the NSE admitted 29.464 billion ordinary shares of Jaiz Bank Plc on its daily official list at N1.25 per share by introduction.

Shareholders of the bank had unanimously endorsed the listing of the shares at its extra-ordinary general meeting in November, 2016.


The bank announced that it was set to grow its financing investment from N6 billion in 2017 to N11 billion in 2021 and that from its account package (Sukuk),  it planed to raise to N2.5 billion from currently N1.3 billion.

The Managing Director, Jaiz Bank, Hassan Usman, confirmed the bank intention to increase its gross income from current figure as stated to a new target in focus by 2021 been disclosed.

Speaking at Nigeria Stock Exchange (NSE) during listing of the bank shares in Lagos, Usman assured that the feat was achievable, with the management aim to leverage on resources already available to transact commercial business, make use of modern Information Technology (ICT), ensure training of its staff as well as uphold strong corporate governance to drive growth and ensure enhanced performance.

The bank’s boss disclosed that the bank was proposing not less than 50 per cent dividend starting from end of 2017 financial year to reward the bank’s over 30 thousand shareholders who has been with bank in the last 13 to 14 years.

Earlier in his remarks, the Chairman of the bank, Dr Umaru Abdul Mutallab, explained that Jaiz Bank is a national bank meant to serve all Nigerians irrespective of ones religion inclination, noting that, the bank’s shareholders cut across all corners of the country even as he urged the public to aquire the bank’s shares.

On employment, he said the bank was not restricting employment to only Muslims assuring that Jaiz was ready to employ as its staff anyone found competent at work.

Meanwhile,  the Managing Director, NSE, Onyema Oscar, commended the bank for making a bold step of listisg its shares, adding that, the gesture would open more doors of further growth of the bank.

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