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JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year - Business (2) - Nairaland

Nairaland Forum / Nairaland / General / Business / JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year (13034 Views)

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Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by ERockson: 9:19am On Jun 08, 2020
If you think Jaiz doesn't charge interest on loans you are deceiving yourself.

3 Likes

Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by bishopmc(m): 9:21am On Jun 08, 2020
A welcome development.

1 Like

Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by Nobody: 9:22am On Jun 08, 2020
They still charge administrative fee
Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by justi40(m): 9:24am On Jun 08, 2020
dominique:
How they generate profits despite their zero interest loans is what I'm curious about
When they give u loan for business they also share percentage from the investment

7 Likes

Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by Bakerdav: 9:24am On Jun 08, 2020
Yuceeluv:
Are they recruiting? That's my own interest.
yes bro that Wat I want to hear too, I don't know how they are recruiting there staff

1 Like

Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by dominique(f): 9:25am On Jun 08, 2020
Kenedy16:
dollar selling

So they made billions in foreign currency trading alone? That's huge

2by40ft:

If you must know, go and take loan with them

I'm sure they have a lot of strict conditions that comes from granting loans to customers and businesses, sadly a number of customers won't qualify.
Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by Jeroboy(m): 9:27am On Jun 08, 2020
Face of the Lady Who Went N@ked to the Market Just to Buy Her Phone Charger That Got People Talking


https://kicknaija.com.ng/2020/06/08/face-of-the-lady-who-went-nked-to-the-market-just-to-buy-her-phone-charger-that-got-people-talking/
Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by Gentlesoul96(m): 9:28am On Jun 08, 2020
A fantastic improvement from the previous year.... The managements are also efficiency

2 Likes

Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by grandstar(m): 9:30am On Jun 08, 2020
Yuceeluv:
Are they recruiting? That's my own interest.

I think you have to be Muslim. As long as you're not Boko haram, it shouldn't be a problem.

Is there anyway you can prove to them you're not?
Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by festacman(m): 9:32am On Jun 08, 2020
[quote author=happyeaster137 post=90433932][/quote]

By giving you money, they literally become your business partner and partake in the profits. Fair enough, if you ask me.

5 Likes

Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by bukatyne(f): 9:33am On Jun 08, 2020
dominique:
How they generate profits despite their zero interest loans is what I'm curious about

I was about to ask o!
Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by Ibrahimmrfish(m): 9:37am On Jun 08, 2020
dominique:
How they generate profits despite their zero interest loans is what I'm curious about
Partnership, they investment in your business idea.When your business make profit, they also make profit and when your business make lost they also lost.

17 Likes

Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by festacman(m): 9:38am On Jun 08, 2020
dominique:
How they generate profits despite their zero interest loans is what I'm curious about

By giving you money, they literally become your business partner and partake in the profits. Fair enough, if you ask me.

4 Likes

Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by almujeebe(m): 9:42am On Jun 08, 2020
ERockson:
If you think Jaiz doesn't charge interest on loans you are deceiving yourself.
They don't charge. They operate zero percent rate

12 Likes 1 Share

Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by Chirowman(m): 9:42am On Jun 08, 2020
one underrated bank

1 Like

Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by Stillthebest: 9:46am On Jun 08, 2020
dominique:
How they generate profits despite their zero interest loans is what I'm curious about
The bank is owned by the core politically connected Northerners. These people have huge deposits in the bank, lobbies are part of the banks operations and since they are connected, Northern elites and politicians hav huge savings in the bank.

These monies are used in trading and farming. And of course they partner with Farmers in giving loans but taking percentage on proceeds while they monitor they project from the start to the finish!

Banking operations need some sort of connections

5 Likes

Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by Kenedy16(m): 9:47am On Jun 08, 2020
dominique:


So they made billions in foreign currency trading alone? That's huge



I'm sure they have a lot of strict conditions that comes from granting loans to customers and businesses, sadly a number of customers won't qualify.
they do increase the exchange rate by 2 percent
Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by GoodBook: 9:48am On Jun 08, 2020
Great!

This book is what you might need right now..

https://www.amazon.com/Aroma-Seeker-Benny-Ochoche-Aiji-ebook/dp/B089HZ3Z4W/ref=mp_s_a_1_1?dchild=1&keywords=aroma+of+seeker&qid=1591124666&sr=8-1
Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by ERockson: 9:50am On Jun 08, 2020
almujeebe:

They don't charge. They operate zero percent rate
Where and how did they make that huge profit. They don't call interest on loans interest but call it charges. The administrative charges are still charges on loan which is very close to commercial banks populuar interest on loans
Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by auwalyau: 9:54am On Jun 08, 2020
Blessing of not eating interest!
dominique:
How they generate profits despite their zero interest loans is what I'm curious about

1 Like

Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by joenor(m): 9:58am On Jun 08, 2020
good one
Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by Softhands(m): 10:01am On Jun 08, 2020
From COT
dominique:
How they generate profits despite their zero interest loans is what I'm curious about
Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by Nobody: 10:03am On Jun 08, 2020
dominique:
How they generate profits despite their zero interest loans is what I'm curious about

The profit is enormous when you abandon all iniquities -interest being one.
Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by baganas: 10:07am On Jun 08, 2020
QweenM:
A good bank.

Although, I'm still thinking about how they get their profits because they don't charge interests on their loans.
They don't offer Cash loans, They buy for you, you pay instalmentaly, on an agreed profit. The profit is then shared among investors. Of course loss are also shared. Is like the case of we grow together or fall together.

9 Likes

Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by damosade(m): 10:19am On Jun 08, 2020
They do trade forex
Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by Urchmahn(m): 10:20am On Jun 08, 2020
which one be jaiz bank agin? shay dem de use jaiz ni
Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by Adnan92: 10:37am On Jun 08, 2020
dominique:
How they generate profits despite their zero interest loans is what I'm curious about

Thats because Jaiz is an Islamic bank with zero interest but have other financial products thats are far better that interest, bank dont have to suck people dry before hey can make profit.

Try to learn more about Islamic banking and finance.

4 Likes

Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by Kubernetes: 10:38am On Jun 08, 2020
dominique:
How they generate profits despite their zero interest loans is what I'm curious about

https://theconversation.com/explainer-how-does-islamic-finance-work-19670
Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by Nobody: 10:38am On Jun 08, 2020
I thought Islamic banks are not profit oriented
Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by QweenM(f): 10:42am On Jun 08, 2020
baganas:

They don't offer Cash loans, They buy for you, you pay instalmentaly, on an agreed profit. The profit is then shared among investors. Of course loss are also shared. Is like the case of we grow together or fall together.

Oh OK, now I understand better. Thanks for sharing the knowledge. smiley

2 Likes

Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by Kubernetes: 10:44am On Jun 08, 2020
ERockson:
Where and how did they make that huge profit. They don't call interest on loans interest but call it charges. The administrative charges are still charges on loan which is very close to commercial banks populuar interest on loans

Fees and commissions are quite different from interests on loans.While the forma comes from your daily trxns,the latter comes from interests bearing assets.Below are two common products you find in the Islamic banking.
Mudaraba products:

In a mudaraba contract, a financier provides capital to an entrepreneur who manages an economic activity such as property construction, a business, or a joint venture. When this economic activity returns a profit, both parties share the proceeds; when a loss occurs, only the financier bears the financial loss. (The entrepreneur loses his effort and time.) However, if the loss is due to the misconduct of the entrepreneur, then he must suffer the financial loss as well.


Musharaka products:

In a musharaka contract, both parties become involved in a joint venture project or property by investing capital and entrepreneurship. Both parties share any profit or bear any loss generated by the activity.

6 Likes

Re: JAIZ Bank Posts N2.4bn Profit After Tax For 2019 Financial Year by Corporate2020: 10:47am On Jun 08, 2020
Beedude:
Good one. I wish they have more branches in Nigeria.
Even as a Christian, i think Islamic banking will help business grow in a country like Nigeria thereby reducing the rate of unemployment. Unlike our Shylock banks around who charge u for everything.

My friend, gerrout of here. If I see you in Jaiz Bank, I will stone you fufu. Go to your Christian Interest Banks. Only a Judas Iscariot or Judas IsMango will go to Islamic Bank. Please leave our bank for us.

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