JAIZ Bank, Nigeria’s pioneer Non-Interest Bank, has emerged the global Most Promising Islamic Bank in 2024.
The Global Islamic Finance Awards (GIFA) yesterday announced Jaiz Bank the overall winner in this category over two other nominees of equal pedigrees, during the Global Islamic Finance Summit (GIFS) and awards ceremony in the picturesque Republic of Maldives.
GIFA’s Chairman, Professor Humayon Dar, said “The GIFA Awards Committee evaluated several institutions within the same category and, after a rigorous assessment based on multiple factors outlined in the GIFA methodology, selected Jaiz Bank Plc for this distinguished recognition.”
He also asserted that the Bank was recognised for reinforcing its leadership position as a financial institution that stands out in terms of exceptional growth potential, innovation, and financial performance.
Receiving the Award, the Managing Director/CEO of Jaiz Bank Plc, Haruna Musa (Ph.D, expressed his gratitude on behalf of the Board, Management, and Staff of the Bank.
He also acknowledged the significance of the award, remarking that “it is a vital milestone in realizing the Bank’s strategic vision, emphasising that the recognition aligns with Jaiz Bank’s goal of becoming one of Africa’s leading non-interest financial institutions within the next five years.
The MD/CEO recalled that the Bank had won GIFA’s Most Improved Islamic Bank Award in 2020 and 2021 respectively.
Meanwhile, the Global Islamic Finance Awards is famous for having the most prestigious accolade in the Islamic finance industry, highlighting excellence and innovation across the sector globally.
Jaiz Bank Plc is Nigeria’s pioneering Non-Interest Bank operating under Islamic banking principles. The bank has seen substantial growth in its share price since its listing on February 9, 2017.
Starting from its listing price of N1.25, the share price has risen by about 80 percent, reaching N2.25 as of the close of trading on July 17, 2024.
In 2023, Jaiz Bank had an impressive performance, with its share price increasing by 111 percent and closing the year at N1.94.
While 2024 hasn’t matched the fervour of the previous year, the stock has still shown resilience with a year-to-date gain of 15.98 percent, positioning it as one of the top performers among banking stocks this year.
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