Connect with us



It gives me great pleasure to welcome you to this Facts Behind the Listing of Jaiz Bank Plc. On behalf of the National Council, Management and Staff of The Nigerian Stock Exchange, I congratulate the Board and Management of Jaiz Bank Plc on its successful listing on the Main Board of the Nigerian Stock Exchange. With large un-banked populations as well as established middle classes across the continent, which is home to numerous member nations of Organization of Islamic Countries, Africa has been openly touted as a target Islamic finance market. Traditionally the size of the Islamic finance industry is measured as hard assets held by institutions considered part of the Islamic finance industry. According to the World Bank, the estimate of current size of the industry rangesfrom $1.88 Trillion to $2.1 Trillion with expectations of market size to be $3.4 Trillion by end of 2018. In January 2012, the Central Bank of Nigeria (CBN) granted Jaiz Bank an approval to operate as a regional non-interest bank in northern Nigeria. As a result, Jaiz bank became the first and only full-fledged Islamic bank in Nigeria, and recently obtained a National Operating License from CBN. We are pleased that Jaiz Bank has taken this strategic step to join the Main Board of the Exchange and in so doing, the prestigious club of quoted companies in Nigeria. This step indicates the firm’s belief that in spite of the economic challenges facing the nation, our platform remains veritable avenue for raising capital and enabling sustainable national growth. I commend Jaiz Bank for this bold and strategic step. Your listing on the NSE today will not only showcase Jaiz Bank as an African champion, but will enable the Bank position itself towards the actualization of its strategic vision of serving the Sub-Saharan Markets. As you are aware, Islamic finance has grown rapidly over the past decade, and this banking segment has become systemically important across many regions. Jaiz Bank has gone through a rigorous process to meet the listing standards of the NSE. With this listing, the Company is showing its commitment to living a culture of strong corporate governance, excellent corporate citizenship and efficient services to its clients. As a listed company, we also believe that Jaiz Bank intends to provide increased returns to its shareholders. Today’s listing by Introduction of 29,464, 249,300 ordinary shares of Jaiz Bank Plc at a Listing Price of N1.25 per share is a culmination of several months of hard work by all parties to the transaction Page 2 of 2 including the Securities and Exchange Commission and The Exchange. This listing has added N36.83b (N36, 830,311,625) to the market capitalization of The Exchange, further deepening the Nigerian Capital Market. It will also increase the visibility of Jaiz Bank; solidify its brand as a solid bank in Nigeria that is eligible to join the NSE Banking Index; and differentiate it as a professionally run non-interest bank. This listing shows the confidence Jaiz Bank has on our platform. A platform with total market capitalization of N16.18tr ($53Bn) across all of our asset classes; far-reaching transformational programmes that have improved market access and provided products that are aligned to investors’ requirements; several transparency initiatives (such as BrokerTrax, X-Compliance, X-Whistle, Compliance Status Indicator symbols, X-Issuer, X- Alert etc.) that have brought significant sanity to the market place and provided for a fair and orderly market. The NSE is positioned as a premiere listing destination for African corporates, governments and international issuers looking to access the capital market of the largest economy in Africa. We encourage the few unlisted licensed banks in the country to join the home of banks in Nigeria by listing their shares on the NSE. We acknowledge the consistent hard work by Finmal Finance Services, Kundila Finance Services Limited, Global Juris Consulting Limited, Ahmed Zakari & Co. and African Prudential – the Professional Parties to this listing. I also congratulate my team at the Exchange for working so hard to make today a reality. We thank you, the invited guests for your presence today and encourage you to participate fully during the interactive session with the company. We wish Jaiz Bank great success as it embarks on this new phase of its life as a listed company on a globally recognized Exchange, and encourage the company to always be transparent in all its dealings.

Click to comment

Leave a Reply