Jaiz Bank Bags GIFA’s ‘Most Progressive Islamic Bank 2025’ Honour

Jaiz Bank Plc, Nigeria’s pioneer non-interest bank, has been named the “Most Progressive Islamic Bank 2025” by the Global Islamic Finance Awards (GIFA), a recognition of its outstanding achievements in Islamic financial services. The award, announced by the GIFA Awards Committee chairman, Prof. Humayon Dar, follows a rigorous evaluation of several banks in this category according to GIFA’s assessment methodology.

In responding to the honour, Dr. Haruna Musa, Managing Director and CEO of Jaiz Bank, dedicated the recognition to the bank’s staff, customers, and stakeholders. He stressed that the accolade is not only a validation of the bank’s past performance but a motivation to deepen its drive for innovation, financial inclusion, and adherence to ethical, Shariah-compliant banking principles.

Jaiz Bank recorded stellar performance in its recent financials, posting a 121 percent year-on-year rise in profit before tax, reaching ₦24.44 billion for the year ending December 2024, up from ₦11.05 billion in 2023. Gross earnings rose 75 percent to ₦82.87 billion, while total assets surged by 86 percent to cross the ₦1 trillion mark—making it the first fully non-interest bank in Nigeria to reach that threshold. Customer deposits nearly doubled, and the capital adequacy ratio stood at a robust 23.87 percent, well above regulatory minimums. These figures, widely reported earlier in the year, help explain why Jaiz Bank stood out in the GIFA review.

The GIFA recognition comes amid Jaiz Bank’s recent rebranding and a fresh corporate identity rollout under the theme “With You For Life,” which reasserts its commitment to inclusive and ethical banking. The bank also revealed plans to further expand its capital base, deepen its footprint in digital banking, improve non-interest financing products, and enhance service delivery across its branches. These moves have been seen by many analysts as part of a broader strategy that aligns with global trends in financial inclusion, digitization, and ethical finance.

Experts believe the “Most Progressive Islamic Bank” award particularly underscores Jaiz Bank’s progress not only in its financial metrics—but in its ability to innovate, reach underserved segments, uphold Shariah standards, and project a credible model for non-interest banking in Nigeria’s heavily conventional financial services market. In a sector where growth depends heavily on trust, performance, regulatory compliance, and customer satisfaction, the award is a strong signal of Jaiz Bank’s rising stature.

For customers and stakeholders, the award reinforces confidence. Many see it as evidence that Jaiz Bank is fulfilling its promise of providing ethical banking alternatives without sacrificing competitiveness. In recent months, feedback from customers and positive market response to the bank’s services and products has mirrored the trends in its financial statements—growing deposits, expanded service offerings, and improved operational efficiency.

Still, while the recognition is significant, analysts warn that sustaining the momentum will require continued investment in technology, improved customer service, compliance transparency, and product innovation. The rising expectations from customers who choose non-interest banking now include seamless digital experiences, diversified financing options (especially for small and medium enterprises), and consistent returns in a volatile macroeconomic environment.

The award also draws attention to the wider Nigerian Islamic finance sector. As more banks explore non-interest or ethical banking windows, Jaiz Bank’s performance may serve as a benchmark for others. The sector is under pressure to innovate—balancing profitability with compliance and social impact in a climate of regulatory reforms and competition from both conventional banks diversifying into Islamic windows and from fintechs offering Shariah-compliant solutions.

Regulators and financial sector observers have welcomed Jaiz’s win, seeing it as validation of the regulatory environment and the potential for Islamic banking in Nigeria to grow more robustly. Some believe this recognition will attract additional foreign investments into the country’s ethical finance space, particularly from institutions that prioritise environmental, social, and governance (ESG) criteria alongside profitability.

 

In conclusion, Jaiz Bank’s triumph as GIFA’s “Most Progressive Islamic Bank 2025” comes at a high point—a time when the bank’s financial performance, strategic repositioning, and growing customer trust all converge. It is more than an award: it is a milestone in Nigeria’s evolving Islamic finance landscape and a challenge to continue innovating, improving, and delivering on the promise of ethical, inclusive banking.