Jaiz Bank Plc is Nigeria’s first full-fledged non-interest bank, the term Nigerian regulation uses for Islamic banking. It began operations in January 2012 in Abuja, Kaduna and Kano, gained a national licence in 2016 and ended 2025 with N1.29 trillion in total assets and N31.0 billion in profit after tax, BusinessDay reported.
Jaiz Bank at a glance
| Founded | 2003 as Jaiz International Plc |
| Began banking | 6 January 2012 |
| Licence | Regional (2011), national (2016), Central Bank of Nigeria |
| Headquarters | Abuja, Nigeria |
| Total assets | N1.29 trillion (2025) |
| Profit after tax | N31.0 billion (2025) |
| Managing Director and CEO | Haruna Musa |
What does Jaiz Bank do?
Jaiz offers retail and corporate banking without interest. Deposits are taken mainly as current accounts and as profit-sharing investment accounts, whose holders receive a share of the bank’s returns. On the financing side it uses sale, lease and partnership structures such as murabaha and ijarah. You can read how these work in our guide to Islamic finance contracts.
A large part of its balance sheet sits in sukuk. Nigeria’s federal government has issued sovereign sukuk to fund roads, and Islamic banks are natural buyers. At the end of 2025 Jaiz held N489.5 billion in sukuk investments, up from N349.6 billion a year earlier, compared with N245.7 billion in financing to customers.
How has the bank grown?
The growth over 14 years has been steep. At the end of 2012, its first year, Jaiz had total assets of about N14.1 billion and 27 branches, according to its Wikipedia entry. By 2023 it had 45 branches. Its 2025 results show:
- Profit after tax of N31.0 billion, up from N23.5 billion in 2024.
- Customer deposits of N724.1 billion, up from N493.6 billion.
- Total assets of N1.29 trillion, up 19%.
- N26.9 billion paid out as returns to investment account holders, up from N21.3 billion.
Earnings per share fell slightly, to 66.38 kobo from 69.62 kobo, which BusinessDay linked to higher profit-sharing with investment account holders and a larger share base.
Who owns Jaiz Bank?
Its largest shareholders at the end of 2024 included businessman Muhammadu Indimi (24.06%), Dantata Investment and Securities (11.65%), Umaru Abdul Mutallab (10.13%), Althani Investment (7.53%), the Islamic Development Bank (7.26%) and Dangote Industries (7.24%). The IsDB stake gives the bank a direct link to the main multilateral in Islamic finance.
Who is Jaiz Bank for?
Its core customers are individuals and businesses who want to avoid interest. The bank started in Abuja, Kaduna and Kano, and its national licence now lets it operate across the country. Nigeria’s non-interest framework is open to all customers regardless of faith. For Nigerian SMEs that avoid interest, it is one of the established options for financing.
How does Jaiz compare with peers?
Jaiz is still small next to the large Islamic banks of the Gulf and Asia. For comparison, Bank Syariah Indonesia held Rp456 trillion in assets at the end of 2025. But within Nigeria it has moved from a pilot to a bank with a national footprint, and its growth in deposits suggests demand for non-interest banking in Africa’s most populous country is real. For more on the wider market, see our summary of the Olaniwun Ajayi Islamic Finance Insight Report 2026.
How to bank with Jaiz
Accounts can be opened at its branches or through its digital channels. Product details and branch locations are on the official site, jaizbankplc.com.
FAQ
Yes. It operates under the Central Bank of Nigeria’s non-interest banking framework, which is Nigeria’s regulatory term for Islamic banking.
It began operations on 6 January 2012 after receiving a regional licence in November 2011.
It reported 1.29 trillion naira in total assets at the end of 2025.
Yes. Non-interest banking in Nigeria is open to all customers.
