About Us



Jaiz International plc was incorporated on 1 st April 2003 as a public limited company with an authorised share capital of =N= 2.5 Billion (US $18.5 Million) . The main objective is to be an investment holding company to set up non interest institutions such as Islamic Bank, Takaful, Pension Fund Administration etc.

The Bank, being the major driver of the other institutions is the main focus for now. With Universal banking now fully embraced in Nigeria , once the Bank is set up , it can offer the above services as full fledged subsidiaries , Divisions or Units .


At the time Jaiz was incorporated, the minimum capital required to set up a bank was N2.0 Billion ( US $14.29 Million ) . The promoters therefore obtained the necessary regulatory approvals and went to the capital market to raise the sum of =N= 2.5 Billion ( US $18.5 Million ).

The offer was over subscribed ( about 120 % ) because of the huge demand for interest free banking in Nigeria and the people behind it .

In March 2004, part of the money, =N= 2.0 Billon (US $ 14.8 Million) plus other requirements such as the CVs of Directors, Management, and Feasibility Study etc were submitted to the Central Bank of Nigeria to secure a banking licence.

Four mouths after that; there was a change in the leadership of the Central Bank of Nigeria .

The new leadership embarked on a major reform of the banking sector. A major part of the reform program was the increase in the minimum paid up capital of universal banks to =N= 25 Billion (US $ 185).

As a result of the above development the shareholders at the Annual General Meeting of the company held on 11 th October 2005 approved the resolutions to increase the capital from US $15 Million to US $185 Million. They also approved for the Directors to go back to the capital market to raise the difference.


To reduce the market risk and manage the cost of offer, the Board decided to first go for Private Placement of =N= 10.5 Billion (US $77.7 Million) and later Public Offer of =N= 13 Billion (US $ 96.2 Million).

The Private Placement is expected to begin in Febuary 2006.


As result of the recent economic reforms, the Nigerian Economy is stabilising and the growth prospects over the next 3 to 4 years are bright as stated by the Honourable Minister of Finance, Dr Ngozi Akonjo Iweala.

The people behind it . Some of these are : Dr Rilwan Lukman , Dr Umaru Abdul Mutallab , Prof T.A. Adebiyi ( about 20 years in IDB and 5 years in OPEC Fund ), etc

Huge demand for Islamic Bank in Nigeria and West Africa .

Distinct product. None of the banks in Nigeria is currently offering full fledged interest free banking.

Banking is a profitable business in Nigeria with returns above inflation year in year out. See survey by The Banker Of London in the business plan.

The prospects of emerging markets, especially post 9/11 where discerning investors need to diversify their investment destination.


To be one of the dominant financial institutions not only in the Nigerian market but West Africa as well. Key market sectors to target are: Oil and Gas, Telecoms, Food & Beverages, Retail Banking(including micro credit). The Bank will be open to all irrespective of race or religion and it will Inshaallah be firmly established as a national bank with branches in each state capital .

We look forward to partnering with you in this viable venture for our mutual benefits.

Board of Directors/Management Staff

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