Jaiz Bank says it would increase its capital base to N70bn by the end of this year, restating its commitment to become the centre of Islamic banking in Africa.

This disclosure was made by the Chairman of the Board of Directors, Mustapha Bintube, during a send-off ceremony held in Abuja for 11 retired board members, including the bank’s pioneer chairman, Alhaji Umar Abdulmutallab.

The bank began operation in 2012 and is a pioneering non-interest bank in Nigeria, providing ethical services to individuals, and corporate and government entities.

In a statement on Monday, Bintube highlighted the bank’s financial performance and its new banking system, offering people alternatives in banking operations.

He noted that Jaiz Bank achieved a profit of N11bn in 2023.

He revealed that as of June 30, 2024, the bank had already surpassed this profit figure, indicating robust growth and operational success.

“With the recapitalisation exercise, we have banks sourcing funds, but today Jaiz already met up that minimum recapitalisation and we plan to hit N70bn capital base by year-end,” Bintube said.

Jaiz Bank and other non-interest banks hoping to achieve national status have till March 31, 2026 to record N20bn capital base as directed by the Central Bank of Nigeria under its ongoing banking system recapitalisation.

However, the bank currently has a paid-up capital base of N18.6bn which falls short by N1.4bn.

Bintube also revealed the bank’s expansion plans from its initial three branches in Abuja, Kaduna, and Kano to a current total of 54 branches, with plans to reach 60 branches by year-end.

“Our major dream is to expand our presence globally,” Bintube stated, reflecting on the bank’s humble beginnings in 2012 with an initial capital of N6bn.

He attributed the bank’s success to its dedicated team and strategic partnerships, which have enabled it to grow and thrive in the competitive financial sector.

The bank’s former Chairman, Dr Umar Mutallab, in his address, expressed his pride in Jaiz Bank’s achievements as Nigeria’s first non-interest Islamic bank. He commended the efforts of various institutions, particularly the Islamic Development Bank, which played a crucial role in the bank’s establishment.

Mutallab recounted the challenging early days when Jaiz Bank’s promoters had only N4bn, and it was the timely intervention of Africa’s richest man, Alhaji Aliko Dangote, who provided N1bn to meet the N5bn required for registration, that saved the venture from collapse.

Mutallab also praised the former Governor of the Central Bank of Nigeria, Lamido Sanusi, for his encouragement and support in realising the dream of Jaiz Bank.

He took the occasion to acknowledge and appreciate the contributions of other individuals and institutions, both living and deceased, who had supported the bank’s journey.

“Jaiz Bank sees itself as a major Islamic bank in Nigeria,” Mutallab asserted, urging the current management to continue striving for excellence and expansion. He expressed confidence in the bank’s future, emphasising the importance of perseverance and strategic vision in achieving its goals.

“Jaiz Bank’s commitment to non-interest banking principles and its focus on ethical financial services have positioned it as a trailblazer in Nigeria’s banking sector.

“As the bank looks forward to reaching new heights, it remains dedicated to serving its customers with integrity and innovation,” the bank stated in its statement.