The board of Jaiz Bank, Nigeria’s pioneer non-interest bank, has approved with immediate effect, the appointment of Haruna Musa as the substantive managing director and chief executive officer of the bank. The appointment took effect on 21st November 2023 following the receipt of approval from the Central Bank of Nigeria. Haruna succeeded Ahmed Hassan who is due for retirement at the end of 2023.

Jaiz Bank Plc was set up in 2012 as the pioneer non-interest bank in Nigeria to provide ethical services to individuals, corporate and government entities with a view to making life better through ethical finance.

“Jaiz Bank’s new MD/CEO’s cognate experience in the banking industry spans over 27 years. He is an alumnus of Ahmadu Bello University, Zaria, Bayero University, Kano, and Cranfield University, United Kingdom. He is currently at the final stage of a Ph.D. programme in Islamic Banking and Finance at the Universiti Utara in Malaysia.

“At the Cranfield University, Haruna obtained an MSc. in Finance and Management (2008 – 2009). He acquired a Master’s Degree in Business Administration (MBA) from Bayero University, Kano (1997 – 1998) and a Post Graduate Diploma in Management from the same University (1994 – 1995). He holds a Bachelor of Agriculture from Ahmadu Bello University, Zaria, (1987 – 1991),” Jaiz Bank stated.

Jaiz Bank realised N12.78 billion as income from financing contracts and N7.56 billion as another income from investment activities at the end of the second quarter of 2023. This brought its gross income from financing and investment transactions to N20.35 billion.

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In the same period of 2022, the bank generated N9.96 billion from financing contracts and N4.38 billion from investment activities, bringing ist gross income to N14.34 billion. Profit after tax for the period was N3.77 billion compared with N2.47 billion as of June 2022.

Total liabilities amounted to N260.05 billion as of June 2023 compared to N199.37 billion as of June 2023.

The new MD/CEO has robust industry experience and this gives the board the confidence that his appointment of Haruna is a round peg in a round hole.

“Haruna undertook extensive executive-level courses including Advanced Management Program from Wharton Business School, University of Pennsylvania, USA (2023); Making Corporate Boards More Effective – Harvard Business School, Harvard University, USA (2015); Positive Leadership Program – Michigan Ross Executive Education, USA (2014); General Management Program – Cranfield University, UK (2012),” Jaiz added.