Menu

Jaiz Bank, Nigeria’s premier non-interest bank, has listed its shares by way of introduction on the Nigerian Stock Exchange, according to a statement released by the NSE on Friday.

The bank listed N29.46 billion worth of 50 kobo shares at N1.25 per share, which gives the non-interest bank a market capitalization of N36.83 billion. To commemorate the listing, Jaiz Bank's board and management, led by Umaru Abdul Mutallab, the Chairman, rang the closing bell at the NSE on Thursday.

“This listing effectively marks the beginning of a new chapter in the ever-dynamic Nigeria financial services sector,” Mutallab said. “Listing on the NSE provides us with both a well-regulated listing framework and excellent links to investors who can partner with us in our quest to be a regional and globally relevant financial institution.”

In the 2015 financial year, Jaiz Bank reported that its after-tax profit rose by 576 per cent to N794.2 million while revenue rose 47 per cent to N4.9 billion. Total assets rose by 20 per cent to N52.6 billion.

Jaiz Bank has 21 branches located mostly in northern Nigeria. But in October 2015, the bank obtained a national licence from the Central Bank of Nigeria to operate across all states of the country.

“As a pioneer non-interest bank, we are committed to the economic development of Nigeria and its people,” Mutallab said. "Whilst Islamic banking is at the core of how we render services, we shall offer all things to all people.”