Jaiz Bank Plc on Monday assured its shareholders that it will declare dividend from the 2017 financial year.
The Managing Director, Jaiz, Muhammad Islam stated this while speaking at the 10th Abuja International Trade Fair.
He said the bank, which started operations in 2012, was able to break even within three years because of its adherence to regulatory requirements.
He said, “Jaiz Bank is a compliant bank. It is in compliant to the regulator, it is in compliant to the stakeholders, including the Board members, the shareholders and also the employees are committed to abide by the best governance practices.”
He said the bank belonged to over 50 per cent of the population of Nigeria, who do not want to get involved with anything that is interest bearing.
According to him, even though the bank does not charge or receive interest, it makes profit through three key areas.
He said, “When we say non-interest financing system, it does not mean it operates without income. We have three major categories of operations.
“The number one category is trade mode – that is buying and selling. We buy goods at the request of a customer and we sell it to the customer adding our own profit margin.
“The profit margin we are getting is our returns. While adding our profit mark-up, we cannot go beyond the market. It must have a consideration to the present market value.”
On the outlook for the Bank, Islam said, “We want to implement the vision of the directors of the bank not only to go national but internationally. That means in the entire West African region and beyond.”
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