Ja’iz Bank’s capital base now N15bn – MD

Business News

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

 

Speaking to newsmen at the ongoing 39th Kano International Trade Fair, Alhaji Usman said the bank, being widely recognized as an Islamic financial institution, had grown from strength to strength, starting its business with a stipulated capital of N5 billion.

 

He added that the bank is operating in two geo-political zones in the country, comprising of the North-west and the North-east.

 

According to him, the position of the bank in the competitive banking industry is robust, promising and formidable despite the fact that it is facing the hurdle of working shoulder to shoulder with conventional banks that were operating in line with the practice of getting interest and profit that made it to offer services in the name of corporate social responsibility.

 

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

 

Alhaji Usman affirmed that no one could ever be scared to enter into a business transaction with the bank at any given time.

 

“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 of Nigeria to wax stronger since it came into being in the past six years.

 

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

 

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

 

Alhaji Usman also pointed out that making 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 as an 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 trade fair in the state as a manifestation of its resolve to expose the benefits inherent in dealing with the Islamic financial Institution.

 

He stressed that the safety of a depositor’s asset and money was  part of the bank’s cardinal objective in the banking sector.

 

By Al-Mustapha Ado

 

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