Jaiz posts N794m profit, appoints Usman as MD

53ad30eec0724The Board of Directors of the first Islamic bank in Nigeria, Jaiz Bank Plc has appointed Hassan Usman as the substantive managing director to run the affairs of the bank.
His appointment was, however, subjected to the approval of Central Bank of Nigeria (CBN).
The decision was reached after a rigorous selection exercise where seasoned Islamic bankers within and outside the country were interviewed.
Mr Usman would take over from Mahe Abubakar who has been acting as the managing director since December 2015.
Until his latest appointment, Usman was an executive director in charge of operations and IT.
A trained accountant, Usman graduated with a first class degree in accounting in 1985 from Ahmadu Bello University (ABU) Zaria, Nigeria, and later became a fellow of the Institute of Chartered Accountants in Nigeria (ICAN).
He obtained his post graduate diploma in management in 1995 from Maastricht School of Management.
Meanwhile, the bank has declared N794.2 million as profit before tax for the financial year 2015.The profit represented 526 % growth when compared with the preceding year’s figure of N126.8m.
Speaking at the Bank’s Annual General Meeting in Abuja, Alhaji Umaru Mutallab, the chairman of the bank, said that the finance income showed an expansion in financing business. He said that the financial result demonstrated continued growth and operational efficiency of the management of the bank.
He revealed that would soon open its branches in every nook and crannies of this country and sub-sahara Africa.
He expressed his happiness that people were beginning to understand the concept of Islamic banking in the country, adding that the bank has financed businesses from all regions and religions.

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