Managing Director, Ja’iz Bank PLC, Hassan Usman, has revealed that the bank is now standing on the whopping sum of N15 billion capital base.

Speaking to newsmen at the 39th Kano State Trade Fair on Thursday, Mr Usman said the bank, being widely recoginized as an Islamic financial institution, had grown from strength to strength.

While recalling how the bank started its business with a stipulated capital of N5 billion, Mr Usman pointed out that the bank is now operating in two geo-political zones in the country, North-west and the North-east.

According to him, the position of Ja’iz Bank in the competitive banking industry is robust, promising and formidable despite the hurdles faced while working shoulder to shoulder with conventional banks.

He noted that for the bank to be more pronounced and its operations widely accepted, it has to also strive to spread its tentacles to other parts of the country.

According to him, millions of Nigerians needed comprehend the logic and importance of SUKUK, an Islamic bond that could adequately guarantee the safety of a depositor’s assets.

“No bank in this country that could ever operate without a treasury bond and that the present capital base of Ja’iz is enough to convince everyone that it has gotten the support of the Central Bank to wax stronger since it came into being in the past six years.

“I am, however, optimistic that with the priority attention our bank has accorded to areas of key strategic objectives, the future would be rosy,” he said.

The MD pointed out that the issue of good management and constant supervision of its day to day operations was what were most needed for certain lapses to be avoided.

Mr Usman also pointed out that effecting such a giant stride entailed the commitment and resilience of those directly entrusted with such a tasking responsibility and the support of stakeholders.

He described Kano state as the ‘umbilical cord’ of the bank’s operations, considering its concept as a financial institution guided by the teachings of Islam.



He also described the participation of the bank at the on-going International Trade Fair in the state as a manifestation of its resolve to expose the benefits inherent in dealing with the Islamic financial institutions.

He, therefore, stressed that the safety of depositors’ assets and money was part of the bank’s cardinal objective.

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