Shareholders of Jaiz Bank Plc, Nigeria’s premier non-interest (Islamic) bank, are to receive dividend next year, following improved performance of the bank.
The Managing Director/CEO of Jaiz Bank Plc, Hassan Usman stated this while speaking in Lagos, saying that while the bank was able to break even within three years in operations, it had not paid dividend.
However, he said based on the impressive performance for the nine months ended September 30, 2019, the bank would be able to pay dividend for the current financial year.
According to results, Jaiz Bank Plc posted total income of N7.670 billion in 2019, up by 49.2 per cent from N5.141 billion in the corresponding period of 2018. Profit before tax jumped by 510 per cent to N1.471 billion, compared with N241 million in 2018, while profit after tax grew fast by 643 per cent from N161 million to N1.205 billion in 2019. Deposits from customers rose from N33.24 billion to N57.1 billion, while total assets grew from N99.86 billion to N151.94 billion.
Usman said the results further demonstrated that the bank has the capacity to grow sustainably in line with its strategic vision of becoming the leading non-interest bank in Sub-Saharan Africa by 2022.
He said the bank is determined to be in every state of the economy, rendering financial services that address human needs irrespective of their faith and religion.
Explaining the operations of the bank, he said Jaiz Bank does not represent any particular religion.
“We are the face of a new concept in banking. One important information we will continue to emphasize is that this product is not a religious product. It is open and available to all, irrespective of their faith or religion. It is a mode of financing that tries to address human needs directly by providing goods and services on a payment basis different from conventional banking that we know. Literarily, that is what non-interest or Islamic banking is doing anywhere in the world. It is about providing financing to people who cannot afford to buy directly with their own resources at a time. So, rather than give money, we provide the services and goods people are looking for to meet their consumption needs or businesses. We have seen from our operations so far that all manner of persons do come to us and we do business with them. This, I believe, is what we have been doing,” Usman said.