Jaiz Bank deposits now N60bn – MD

By David Agba Abuja

Th e Managing Director of Jaiz Bank Plc. Mr. Hassan Usman says the bank’s deposits grew from N13.5 billion in the fi rst year of its operations to N60 billion by end of 2016 fi nancial year. Mr. Usman, who said this at a media parley with fi nance journalists in Abuja added that during the share period, it’s share capital rose to N15 billion in 2016 from N5 billion in 2012.

According to him, major indices of the bank’s balance sheet has continued to grow by an average of 30 per cent since 2012. Usman noted that upward trajectory of its balance sheet is an indication that the product (non-interest banking) is not only sustainable but acceptable. “As you are aware, we had only 3 branches in 2012 but we have over 30 branches today.

We started as a regional bank, we now have national franchise. We now have franchise in South West and the South South and we are opening new branches in other parts of the country, and in the traditional locations that we were,” Mr. Usman said.

Th e Jaiz Bank helmsman explained that in spite of the tough economic environment in the country, the bank was able to weather the storm with its unique operational style which is not about creed but delivering fi nancing in a diff erent way.

He said: “Th is product is not a religious product, it is open to all religion. It is a mode of fi nancing that tries to address human needs directly by providing goods and services on a diff erent payment model. It provides fi nancing to people who cannot aff ord to buy directly with their own resources at the time. Rather than give them money, we provide the service or good that they require to meet their consumption need or other business needs,” he added.

Th e MD urged the fi scal authorities to fast track the process of making the proposed Sovereign Sukuk in the country a reality. According to him, the instrument will make its operations easier. “One of the challenges we are still living with is the lack of infrastructure for noninterest banking. For instance, we still do not have a liquidity instrument for managing our liquidity base.” While noting that the foreign exchange situation in 2016 aff ected the. Banks’ operations, Mr. Usman was optimistic that with the right policies in place, 2017 would be better.

“If some of the policies of the Central bank are maintained, if government spending especially in infrastructure is maintained, if the power situation improves and if the international price of crude oil is maintained at the minimum of $50 per barrel, we believe 2017 will be a good year,” he said.

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