Jaiz Grows Assets To N34bn In 2013


Jaiz Bank, the first full fledge non-interest bank in Nigeria, has grown its assets to N34 billion at the end of 2013 financial year from N14 billion in 2012, representing a growth of rate of 141 per cent.


Chairman of the bank, Alhaji Abdul Mutallab said in his statement at the bank’s second Annual General Meeting yesterday in Abuja that the bank’s financed activities worth N9.3 billion in the year under review signifying 365 per cent increase over the previous year.


He also disclosed that customer deposits witnessed significant growth reaching N21.9 billion or 567 per cent increase over the previous year.


According to him, “these results are assuring and indicate that this alternative banking is feasible notwithstanding the difficult operating environment.”


In his address, the managing director of Jaiz bank, Muhammad Nurul Islam said the bank is hopeful of getting its National Operating license before the end of the third quarter which will enable it operate in all the 36 states of the federation.


He told shareholders that Jaiz bank currently has 13 branches spread across eight states in the Northwest, Northeast and Federal Capital Territory, and plans to open at least four more branches  before the end of the year.


He emphasized that the bank’s focus is on  exceptional customer services stressing that Jaiz only recently launched its internet banking platform to complement its service delivery channels.