The Jaiz Bank Plc, is a bank with branches across Nigeria. Jaiz bank operates under the Islamic banking laws and principles. It is a non-interest financial institution. The Jaiz bank is the first non-interest financial institution established here in Nigeria, and it has its headquarter located in Abuja, the capital city of Nigeria.
The Jaiz bank was a medium sized financial institution as at December 2012, seven years ago. The bank’s total assets were valued at just US$88.8 million (NGN:14.1 billion), with shareholders’ equity of about US$63.6 million (NGN:10.1 billion) as at December 2012. But now, the bank has experienced increasing growth and now, the bank operates 27 branches and provides regular ATM service as well as online, mobile, and SMS banking services.
The Jaiz bank was founded in 2003, as Jaiz International Plc. On 11 November 2011, it received a license from the Central Bank of Nigeria, (the national banking regulator) to operate as a regional bank. On 6 January 2012, it started business as Jaiz Bank Plc with offices and branches in Abuja, Kaduna and Kano.
In 2013, Jaiz Bank was in the process of spreading out to urban centers in all states of Nigeria. In pursuit of that goal, the bank had received approval to increase shareholders’ capital from the then current value, to US$92.3 million (NGN:14.3 billion).
In January 2013, print media reports indicated that, at that time, shareholder’s equity in the bank was more than US$71 million (NGN:11 billion). The bank applied for a national banking license, once it met its shareholders’ capital aim, and was issued the license in the year 2016. It is a private banking service with 499 workers.
Requirement For Opening A Jaiz Bank Account
- A passport photograph of each signatory, which shows full and clear face with your signature clearly visible behind the photo.
- Means of identification for each signatory. Documents like International Passport, National ID Card, National Drivers License should be brought (the originals will be required for verification).
- Copies of any utility bill not older than three month should be brought (originals will also be required for verification).
- Two reference forms that have been filled approipriately by an individual or corporate body managing a current account with any bank in Nigeria.
The Jaiz Corporate Account Opening
This is referred to as Jaiz Wakala.
It is tailored for corporate and high net worth individuals (HNI). The bank collects money from the customer and invest in a business. This is done with the agreement of the customer. The bank acts as an agent to invest customer’s fund.
The minimum amount of investment acceptable by the bank is NGN300,000,000 (Three hundred million naira).
Rate of returns would be agreed by both parties before starting the investment.
To open the Jaiz corporate account, visit any of the bank’s branch across the nation and meet the customer care, they will put you through the process.
Make sure you go there with all the above requirements.
The stock shares of the Jaiz Bank Plc, are privately held. Even though the detailed share holding remains unknown to the public, the five major shareholders are:
1 Islamic Development Bank
2 Foreign Institutional Investors
3 Foreign Private Investors
4 Nigerian Institutional Investors
5 Nigerian Private Investors
These group of investors would do any thing to keep their customers, and banking with them is a great choice.