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Jaiz Bank Plc, Nigeria’s leading non-interest financial institution, has successfully met the new minimum capital requirements set by the Central Bank of Nigeria (CBN). This milestone highlights Jaiz Bank’s commitment to maintaining a robust financial position and driving ethical banking solutions.
The bank raised ₦10.04 billion through a private placement, a move approved by the CBN, the Securities and Exchange Commission (SEC), and the Nigerian Exchange (NGX). The successful listing of the shares from the private placement on the NGX solidified Jaiz Bank’s position as one of the first institutions to achieve the updated capital base, well ahead of the June 2026 compliance deadline.
Strengthening Financial Resilience
Speaking on this achievement, Jaiz Bank’s Chief Executive Officer, Dr. Haruna Musa, emphasized that the milestone reflects the bank’s resilience and dedication to delivering ethical financial solutions.
“This achievement underscores the commitment of our board and management to providing bespoke ethical finance solutions. With total assets currently at ₦1.06 trillion and shareholders’ funds at ₦47.9 billion, we are well-positioned to compete effectively in the industry while meeting customer needs,” Musa stated.
Strategic Vision for Leadership in Ethical Banking
Dr. Musa reaffirmed Jaiz Bank’s strategic focus on becoming the leading ethical bank in Africa. He highlighted plans to strengthen customer relationships, expand market share, and leverage innovative digital platforms to deliver value-driven financial services.
“Despite a challenging operating environment, we have achieved remarkable growth across financial and non-financial metrics. Our unwavering commitment to innovation and excellence ensures we remain on track to lead the future of ethical finance in Africa,” he added.
Pioneering Ethical Banking in Nigeria
Jaiz Bank’s leadership in ethical banking was further recognized on the global stage. The bank was awarded the title of “Global Most Promising Islamic Bank in 2024” at the Global Islamic Finance Awards (GIFA) held in the Maldives. This accolade celebrates Jaiz Bank’s growth potential, innovation, and strong financial performance.
Chairman of GIFA, Professor Humayon Dar, commended Jaiz Bank for its exceptional contributions to Islamic finance, noting that it stood out among its peers after rigorous evaluation.
Compliance with CBN’s Revised Capital Requirements
In March 2024, the CBN issued a circular revising the minimum capital requirements for various categories of banks. Non-interest banks with a national license must now meet a ₦20 billion minimum capital threshold, while those with a regional license require ₦10 billion. The 24-month compliance period ends in March 2026.
Jaiz Bank’s successful capital-raising initiative aligns with this regulatory mandate, ensuring its strategic positioning in Nigeria’s evolving banking landscape.
Driving Sustainable Growth
Dr. Musa also highlighted the bank’s commitment to sustainability and innovation. “Through our strategic initiatives, we aim to support individuals, businesses, and communities while fostering long-term value for stakeholders,” he stated.
The bank’s achievements in ethical finance demonstrate its resilience and readiness to contribute to Nigeria’s financial sector growth. With a strong financial footing, Jaiz Bank is well-positioned to drive sustainable development, expand market share, and set new benchmarks for ethical banking in Africa.
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