Usman further said that the bank would continue to maintain its clear leadership in the non-interest banking market.
According to him, from a modest balance sheet size of N12 billion in 2012, JAIZ Bank closed the 2020 financial year at N278 billion (total assets and contingents) and grew all other key performance indices exponentially over the years.
The pioneer non-interest bank in Nigeria commenced operations in January 2012 with three branches in Abuja, Kaduna and Kano with a focus in agriculture, real estate, construction, oil and gas and commerce.
In his speech at the bank’s 10th anniversary held at the weekend in Abuja, the chief executive stressed that it was not surprising that the bank gained international recognition as it won the Most Improved Islamic Bank award for 2020 and 2021 at the Global Islamic Finance Awards (GIFA).
Usman said: “Today, our bank officially clocks ten years since it first opened its doors to customers on January 6, 2012. The journey was much like a roller coaster – you experience some degree of fear at the onset but subsequently, excitement takes over when the carriage takes off and you feel that euphoria of defying the odds of gravity. After the take-off, momentum is gradually gathered and stopping the coaster becomes not an option, the wisest thing to do is to make every jerk and movement worthwhile and impactful. That is what we did; we lived every moment, learning from each mistake, supporting our customers through thick and thin while pressing on despite the absence of essential non-interest banking enablers to pioneer a nascent sub-sector that is now burgeoning with players and accolades.
“We are happy to pioneer an industry that was not there; creating confidence for other people to come in and we believe that we’ve done that very well. The year 2022 is special to us as it marks a decade of progress in our Islamic banking journey and I am extremely fulfilled for the opportunity of leading the team for a larger part of the journey. From a very humble beginning in 2012, the bank has successfully developed a remarkable brand that is iconic, both locally and internationally.”
