Jaiz Bank Wins GIFA’s Most Improved Islamic Bank 2021 Award

Nigeria’s foremost non-interest banker, Jaiz Bank has received the Most Improved Islamic Bank 2021 award from the prestigious Global Islamic Finance Awards (GIFA). The GIFA Awards are one of the most prestigious awards in Islamic banking and finance.

Jaiz Bank has gained yet another recognition by winning the “Most Improved Islamic Bank 2021 award”  by Global Islamic Finance Awards (GIFA). GIFA was founded in 2011 by Edbiz Corporation as part of its advocacy for Islamic banking and finance, GIFA celebrate the achievements of individuals, institutions and governments in promoting and advocating Islamic banking and finance, and ensuring that it remains committed to social responsibility.

The 11th Global Islamic Finance Awards were broadcasted yesterday, live from London, the world financial centre. It is a proud moment for Edbiz International Advisors, as the 11th edition of the annual awards ceremony was held amidst the on-going pandemic. A number of Islamic banks and Islamic windows of conventional banks as well as financial institutions participated in the most coveted and well-respected awards ceremony in the Islamic finance industry.

Jaiz Bank won the award last year. The Bank won the award following a selection process in which other institutions were considered for the same award in 2020. The Bank confirmed the report via the social media handles on Tuesday, September 14 saying, “We are pleased to share the good news that for the second consecutive year, Jaiz Bank has received the Most Improved Islamic Bank 2021 award from the prestigious Global Islamic Finance Awards (GIFA). CONGRATULATIONS!”

Chairman of GIFA Professor Humayon Dar congratulated Jaiz Bank for the award, saying the Bank was the best out of three organisations considered in that category after long deliberations which was based on several factors included in the GIFA Methodology.

The GIFA methodology on which the awards are based, and winners selected is the most detailed approach to screen only the best of the best in their respective award categories.

Basically, there are three factors considered by GIFA in the selection of a winner. These include Social Responsibility; Shari’ah Authenticity and Commitment to Islamic Banking and Finance.

According to the Awards Committee, Jaiz Bank was able to meet all the above factors, hence the basis for its selection as the winner.

Jaiz Bank Posts Over 45% Growth in Annual Earnings

Managing Director/CE of Jaiz Bank Hassan Usman thanked GIFA for once again choosing the Bank as the Most Improved Islamic Bank in the world.

He said: “Winning the Most Improved Islamic Bank award for the second time in a row from the Global Islamic Finance Award (GIFA) is a revalidation of our efforts towards continuous process improvement in serving our customers. We truly appreciate the Committee for seeing us worthy of the award.

“This re-energizes us to even do more, knowing that the world watches and appreciates our modest contributions to the development of Islamic Finance. As always, we are dedicating this award to our Creator, in whose Grace all things are perfected. We appreciate the contributions of our loyal customers, dedicated staff, committed shareholders and caring regulators.”

Jaiz Bank Plc is a in Nigeria operating under Islamic banking principles. On the 6th of January, 2012 the premier Non-Interest Bank in Nigeria commenced operations with a Regional License obtained from the Central Bank of Nigeria to operate in the Northern part of the country and thereafter metamorphosed into a National Bank on the 12th of May 2016 with key presence in virtually all geopolitical zones of the country.

The Bank is publicly quoted on the Nigerian Stock Exchange (NSE) with a balance sheet size of N233 billion (as at December 31st 2020) from N12 billion in 2012. Financing and Investment assets also grew from over N30 billion in 2012 to N166billion (as at December 31st 2020). Other critical parameters such as customer deposits, branch network and profitability have all been growing year–on–year since inception.

Financial result of Jaiz Bank Plc for the first quarter ended 31 March 2021, the result show that the Bank’s gross revenue increased by 43% over the same period last year, from N4.18 billion to N5.99 billion. Profit before taxation increased significantly by 54% which amounted to N979.17 million as against N636.69 million recorded in the same period last year. The bank’s financial results for the second quarter ended 30 June 2021, showing a 70.6% growth in Profit After Tax (PAT), from N1.17 billion declared in June 2020 to N1.99 billion at the end of June 2021.

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