The listing of Jaiz Bank Nigeria Plc, the first non-interest commercial bank in the country on the Nigerian Stock Exchange (NSE) has added N36.83 billion to the market capitalization of the stock exchange.
This was disclosed by the CEO of the exchange Mr. Oscar Onyema, at the facts behind the listing of the bank at the exchange house Marina, Lagos.
Onyema who commended the management of the bank, for going through the rigorous process to join the club of quoted companies in the exchange, described it as a strategic step by the financial group.
He noted that through the listing, Jaiz Bank had positioned itself to serve the Sub-Saharan Africa market, with the non-interest banking service.
Onyema said the Islamic finance market is a fast-growing and dynamic market, with a current capital base of $2.1trl with the World Bank projections of exceeding $3trl by 2018.
Giving his remarks at the event, the Chairman of Jaiz Bank Plc Alhaji (Dr) Umar Mutallab assured stakeholders that the bank was open to all Nigerians, and focused on supporting ethical projects.
The CEO of Jaiz Bank Mr. Hassan Usman in his presentation, asserted that the vision of the bank was to become the dominant non-interest commercial bank in Sub-Saharan Africa.
Considering the growth of Islamic finance, which has experienced a 15-20% surge in the past decade, Usman was confident that Jaiz bank will bring value to the market and good return on investments for shareholders.
Speaking further the Jaiz Bank boss said the bank had a strong shareholder base of 30,000 before listing, which he believed will grow exponentially.
According to him “As a bank we will finance deficits, using structures which avoid non-interest”, addressing its strategies of financing various projects and supporting businesses.
He said with the planned floating of the “Sukuk Bonds”, the activities for the bank through Islamic finance will gain traction in the capital market.
On the payments of dividends, the CEO was optimistic that from 2018 shareholders will begin to enjoy payments from the bank.