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Tag: JAIZ Bank

  • Jaiz Bank secures licence to deliver Islamic banking

    Jaiz Bank secures licence to deliver Islamic banking

    The Central Bank of Nigeria (CBN) has granted Jaiz Bank national license to operate Islamic non-interest banking in all the states of the federation.

    Reporting to the Sultan of Sokoto (who is the head of all Muslims in Nigeria) on the activities of the bank and other corporate members of the bank in Abuja yesterday, the chairman of Jaiz Bank Alhaji Umaru Abdul Mutallab said the CBN granted the bank the license on Friday.

    Abdul Mutallab thereafter told reporters that the bank intends to roll out in all the 36 states and the Federal Capital Territory (FCT) in two or three months times.

    The Sultan, Alhaji Sa’ad Abubarkar III was also informed that Jaiz Charity and Development Foundation which operates independently of the bank has been very active in supporting Internally Displaced Persons (IDPs) and victims of disasters.

    To enhance the revenue base of the Charity Foundation, the Sultan was informed that the foundation has set up the Takaful Islamic insurance company which has been granted insurance operating license to start Islamic Insurance in Nigeria.

    The alms component of the Jaiz group Abdul Mutallab told the Sultan, will cover the whole country, and appealed to the Sultan for his support, cooperation and guidance, pledging to keep the monarch and spiritual leader regularly informed of the activities of the group as the head of the Muslim community in Nigeria.

     

     

    Responding,  Sultan Abubarkar III congratulated Jaiz bank for finally securing a national license to operate an Islamic non-interest bank in the country. The Sultan admonished the bank by stating that the ball is now in the bank’s court.

    The Sultan warned that “being an Islamic bank whatever Jaiz bank does must conform with the rules and regulations of Islam. The challenge to Jaiz Bank is that the real problem starts now”

    The Sultan urged the Jaiz group to feel free and reach out to the all the Islamic bodies in the country for guidance stressing that if they see anything the bank is doing that is not in conformity with the dictates of Islam, the Islamic bodies will also reach out to the bank.

    Islamic banking, the Sultan said is not just for Muslims but for everybody, adding that it is gaining  traction all over the world.

     

  • Jaiz Bank gets ED

    Jaiz Bank Plc has appointed Mahe Abubakar as Executive Director, Business Development.

    Until his appointment, Abubakar was General Manager/Group Zonal Head of Zenith Bank Plc Northwest.

    Abubakar has a Masters in Business Administration from the Ahmadu Bello University, Zaria and is a Dealing Clerk of the Nigerian Stock Exchange (NSE).

    In a statement, the bank said Abubakar has attended several trainings in and outside Nigeria, including High Potential Leader: Accelerating Your Performance at Wharton School, Pennsylvania in the US, High Performance People Skills, London Business School and Senior Management Programme at the Lagos Business School.

    His appointment has been confirmed by the Central Bank of Nigeria(CBN).

  • Jaiz Bank, others sign on for trading on NASD OTC

    Three companies, including Jaiz Bank Plc, Resourcery Plc and SWAP Technologies and Telecomms Plc, have signed on for trading of their shares on the NASD Plc, the over-the-counter (OTC) trading platform for unquoted securities, bringing the total number of companies on the platform to 10.

    The Nation’s check indicated that the three companies were the latest addition to the growing list of companies on the NASD.

    The listing of the three companies on the NASD will open up liquidity for their shares and enable them to build transactional base that could be used as basis for new capital issue and future listing on the Nigerian Stock Exchange (NSE).

    Other companies on the NASD included BGL Plc, Geo Fluids Plc, Consolidated Breweries Plc, Niger Delta Exploration & Production Plc, Friesland Campina WAMCO Nigeria Plc, Industrial and General Insurance Plc and Food Concepts Plc.

    Already, there have been transactions on five of the listed companies including Consolidated Breweries Plc, Niger Delta Exploration & Production Plc, Friesland Campina WAMCO Nigeria Plc, Industrial and General Insurance Plc and Food Concepts Plc. Friesland Campina WAMCO Nigeria is the most active stock on the OTC.

    The NASD OTC was formally launched on July 1 and opened for trading on July 2, 2013. Formerly known as the National Association of Securities Dealers, NASD OTC is registered with Securities and Exchange Commission (SEC) as an over-the-counter (OTC) trading platform for unquoted securities; including equities and bonds.

    Jaiz Bank is a public company owned by more than 3000 shareholders spread over the six geographical zones of Nigeria. It obtained a regional operating license to operate as a non-Interest bank from the Central Bank of Nigeria on November 11, 2011 and began full operations as the first non-interest bank in Nigeria on January 6, last year.

    Based on recommendations from Islamic Development Bank (IDB), which is also a shareholder of the bank, Jaiz Bank Plc has partnered with Islamic Bank Bangladesh (IBBL) for technical and management assistance. The regional license allows the bank to operate geographically in a third of the country.

    Jaiz Bank stated that it sees enormous business potential for its non-interest banking model given that not less than a population of over 78 million Nigerians, representing over 50 per cent of the country’s population , are likely to patronise non-interest banking.

    Resourcery is a technological solutions company with a vision to take advantage of the abundant market opportunities in Africa to challenge other global players in the information and communications technology industry.

    “Partnering with our customers, we will empower them with advanced technologies to enable them achieve their aspirations and be winners in their marketplace. We will be proactive, responsive, and customer-friendly and focused, realizing that people are ultimate beneficiaries of our technology. We will be truly global with uniform and world class standards and practices, having motivated and high performing people with deep technical and functional skills. We will operate seamlessly across all the continents and will not be limited by country boundaries. Our name will be recognised and respected, being synonymous with quality and innovation,” Resourcery outlined in its profile.

    SWAP Technologies is a telecommunication infrastructure company. Its principal activities include provision of infrastructure sharing services, turnkey site deployment and cell site management services to the telecoms industry.

    For a company to be listed on the NASD, its shares must be fully-dematerialized and freely transferable as well as registered by the Securities and Exchange Commission (SEC).

    A 19-point admission requirement of the NASD, equivalent to the listing requirements of the Nigerian Stock Exchange (NSE), indicated that securities will be categorized broadly into two categories or tiers-pink and blue, based on their financial reporting and corporate governance standards.

    Companies under the pink tier are companies with appreciable growth potential but either with little and insufficient information or are too young. These are somewhat high-risk, high-potential securities. NASD will tag these companies with caveat explaining the conditions of the companies. The blue tier consists of companies with track record of high corporate governance and financial reporting standards.

    However, 13 admission requirements will apply to all securities for trading on the OTC market while six requirements differ, according to the level and categorization of the securities.

    According to the document, all companies for admission on the OTC market must be public limited liability (Plc), registered or exempted from registration by SEC, fully dematerialized and freely transferable and must come onboard through a NASD sponsor or agent.

    Other preconditions for admission include acceptance that the securities must be traded through NASD registered brokers and dealers, opening of an account with the Central Securities and Clearing System (CSCS) and having international securities identification number (ISIN), provision of company’s business profile and trading history as well as provision of information on profitability and growth prospect.

    Also, the companies must sign on to continuous disclosure of new and any change in their business and corporate information, hold annual general meetings and other meetings and they should hold annual general meeting within nine months of year-end.

    Besides, all companies are expected to have minimum annual revenue equivalent to at least 20 per cent of their shareholders’ funds. The two tiers are also similar in terms of minimum public float, stipulated at 10 per cent of the issued and paid up shares.

    Meanwhile, companies under the pink tier must have been in operations for between one and three years as against minimum of five years required for blue-tier companies. Pink-tier companies are only required to provide audited report while blue-tier companies are required to provide quarterly reports in addition to audited reports.

    Also, companies under pink tier can have minimum of 50 million issued shares and seven shareholders while blue-tier companies are required to have 250 million shares and 150 shareholders.

    While pink-tier companies are not required to have any daily trade and minimum proportion of equity funds to total paid up capital, blue-tier companies are required to have average daily trade of 25,000 and their minimum shareholders’ funds must be equivalent to 50 per cent of their paid up capital.

     

  • JAIZ Bank appoints MD from Bangladesh

    Jaiz Bank Plc has appointed Muhammad Nurul Islam from the Islamic Bank Bangladesh Limited as its new Managing Director/CEO.

    He is to steer the affairs of the bank and position it to realize its vision of being the “dominant non-interest financial services provider in Sub-Saharan Africa.”

    In a statement from Abuja yesterday, the bank said Mohammed Nurul Islam, who was a Deputy Managing Director at the Islamic Bank Bangladesh Limited, is to succeed Nigeria’s Hassan Usman, who has been the acting Managing Director of the bank since April.

    It said Mohammed Nurul Islam “is coming with vast knowledge of Non-Interest Islamic Banking experience having worked for over three decades.” He joined the Islamic Bank Bangladesh Limited in March, 1983 as an Officer and within a decade, rose to the position of Assistant Vice President in 1993, Vice President 1996, Senior Vice President, 2000, Executive Vice President 2003, and then Deputy Managing Director, on February 10, 2010, a position he held until his appointment as MD/CEO by Jaiz Bank PLC.

    Prior to joining IBBL, he served at Agrani Bank Limited. from 1976 to 1983, as a Computer Professional recruited through IBM worldwide Corporation, USA.

    He is a member of many professional associations, including Life Member, Association of the Bankers’ Bangladesh.

    He has attended several professional training and seminars in many parts of the world, including “Lending Risk Analysis” Seminar at Citi Bank School of Banking, New York, USA under the Financial Sector Reforms Project of the Central Bank of Bangladesh which was funded by the World Bank and USAID.

    Mr. Islam was described as “an exceptional personality with vast experience in banking and Non-Interest Islamic Finance.” He is expected to add value to Jaiz Bank and thus position the Bank to realise its Vision of being the Dominant Non-Interest Financial Service provider in Sub- Saharan Africa.

  • JAIZ Bank gets Bangladeshi MD

    Jaiz Bank Plc has appointed Muhammad Nurul Islam from the Islamic Bank Bangladesh Limited as its new Managing Director.

    He is to steer the affairs of the bank and position it to realize its vision of being the “dominant non-interest financial services provider in Sub-Saharan Africa.”

    A statement from the bank in Abuja on Monday noted that until his current appointment, Mohammed Nurul Islam was a Deputy Managing Director at the Islamic Bank Bangladesh Limited.

    He takes over from Nigeria’s Hassan Usman, who has been the bank’s acting Managing Director since April.

    Jaiz bank said Mohammed Nurul Islam “is coming with vast knowledge of Non-Interest Islamic Banking experience having worked for over three decades.”

    He joined the Islamic Bank Bangladesh Limited on the March 30, 1983 as an Officer and within a decade he rose to the position of Assistant Vice President (AVP) in 1993, Vice President in 1996, Senior Vice President (SVP) 2000, Executive Vice President (EVP) 2003, and then Deputy Managing Director (DMD) on February 10, 2010 a position he held until his appointment as MD/CEO by Jaiz Bank Plc.