Business & Finance

Jaiz Bank Appoints MD, Posts 576% Profit Increase

Jaiz Bank

The Board of Directors of Jaiz Bank, the first non-interest (or Islamic bank) bank in Nigeria has appointed Hassan Usman as substantive Managing Director to run the affairs of the bank subject to the approval of Central Bank of Nigeria (CBN).

He replaces Mahe Abubakar who had been on acting capacity since December 2015. He had acted in this same capacity in 2013. His appointment follows a rigorous selection exercise where seasoned Islamic bankers within and outside the country were screened and interviewed.

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Jaiz bank also declared a profit after tax (PAT) of N794.2 million the for 2015 financial year, representing an increase of 576 percent when compared with N126.8 million recorded in the previous year.

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