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Jaiz Bank Adds N36.83b to Stock Market

By Modupe Gbadeyanka

Nigeria’s first Non-Interest financial institution, Jaiz Bank Plc, is now a public quoted company further to the listing by introduction of its ordinary shares of N29,464,249,300 of 50kobo each at N1.25 on The Nigerian Stock Exchange’s Daily Official List on Thursday, February 9, 2016.

To commemorate the listing, Jaiz Bank’s Board and Executive Management, led by its Chairman, Mr Umaru Abdul Mutallab, were honoured with a Closing Gong ceremony to officially close trading on the bourse for the day.

​Speaking on the listing, Mr Mutallab said “as a pioneer non-interest bank, we are committed to the economic development of Nigeria and its people. Whilst Islamic banking is at the core of how we render services, we shall offer all things to all people.

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“Our array of offerings underpin our resolve to be a competitive brand that is tune with the global best practices.

“This listing effectively marks the beginning of a new chapter in the ever dynamic Nigeria financial services sector.

“Listing on the NSE provides us with both a well-regulated listing framework and excellent links to investors who can partner with us in our quest to be a regional and globally relevant financial institution”.

Also commenting, the Managing Director/CEO, Jaiz Bank Plc, Mr Hassan Usman noted that the listing of the bank’s shares is a fulfilment of an earlier promise made at inception of the Bank to the shareholders and the public that the shares will be made public in no distance time.

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He said, “Our listing will elicit public confidence that Non-Interest Banking provides alternative model that will contribute to the socio-economic development of our country,” he said.

On his part, Mr Oscar Onyema, Chief Executive Officer of NSE, said, “It is our pleasure to welcome Jaiz Bank Plc to our market.

”The Sukuk sector will continue to be a core focus for NSE as we look forward to further listings in 2017 and beyond from a range of issuers.

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“We are also developing further initiatives in the Islamic capital markets to provide innovative services designed to meet the evolving needs of market participants.

“As a listing platform of choice, today’s listing will add to our bouquet of shariah compliant investment offering to the public. This listing will promote liquidity for the bank, enhance its value and increase transparency”.

The listing of Jaiz Bank added N36.83b (N36, 830,311,625) to the market capitalization of the NSE.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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