L
LequteMan
Guest
Jaiz Bank, Nigeria's first and only fully fledged licensed non – interest bank has declared its first profit since its launch in 2012.
Jaiz, set up to carry out operations in line with the principles of Islamic banking, announced a N158 million profit whilst stating the bank has grown its total assets by 24 per cent in the 2014 business year from N33.9bn in 2013 to N42bn.
Total earnings grew by 114 per cent from N11.5bn in 2013 to N24.5bn, while total income increased by 220 per cent from N915m in 2013 to N2.94bn in 2014.
Chairman of the bank, Alh Umaru Abdul Mutallab called on the Central Bank of Nigeria to support the operation of the Islamic finance sector through the provision of shariah complaint financial instruments.
Jaiz, set up to carry out operations in line with the principles of Islamic banking, announced a N158 million profit whilst stating the bank has grown its total assets by 24 per cent in the 2014 business year from N33.9bn in 2013 to N42bn.
Total earnings grew by 114 per cent from N11.5bn in 2013 to N24.5bn, while total income increased by 220 per cent from N915m in 2013 to N2.94bn in 2014.
Chairman of the bank, Alh Umaru Abdul Mutallab called on the Central Bank of Nigeria to support the operation of the Islamic finance sector through the provision of shariah complaint financial instruments.
