Jaiz Bank Wins 2025 Most Progressive Islamic Bank Award, Redefines Ethical Banking in Nigeria

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Jaiz Bank Plc has reached a new height in its journey of innovation and impact, as it was crowned the Most Progressive Islamic Bank 2025 at the prestigious Global Islamic Finance Awards (GIFA). This international recognition places Nigeria’s first full-fledged Islamic bank on the global stage as a trailblazer in ethical, non-interest banking.

The award announcement was made by the GIFA Awards Committee, led by its Chairman, Prof. Humayon Dar, who praised Jaiz Bank’s commitment to excellence.

“It gives me immense pleasure to inform you that Jaiz Bank Plc has been chosen to receive the Most Progressive Islamic Bank 2025 Award,” Prof. Dar declared, noting that the decision was based on the GIFA methodology after reviewing several top global contenders.

A Collective Victory

The honour was received on behalf of the bank by Dr. Haruna Musa, Managing Director/CEO of Jaiz Bank, who described the recognition as a reflection of teamwork, resilience, and trust.

“This achievement reflects the collective dedication of our Board, Management, and Staff, as well as the unwavering trust of our valued customers and stakeholders,” Dr. Musa said.

He went further to stress that the award is not just a celebration of progress but also a call to greater responsibility.

“At Jaiz Bank, we remain committed to driving innovation, deepening financial inclusion, and upholding the principles of ethical, Shariah-compliant banking. This award is not only a recognition of our progress but also a motivation to continue setting new standards in Islamic finance, both in Nigeria and globally,” he added.

Why It Matters

The Global Islamic Finance Awards (GIFA) are among the most respected platforms in the financial world, recognising outstanding contributions to the growth and sustainability of Islamic banking and finance. Each year, governments, financial institutions, and industry leaders across the globe look to the awards as the gold standard for excellence in ethical finance.

For Nigeria, Jaiz Bank’s victory is symbolic. It underscores how local institutions can compete—and win—on a global stage by adhering to principles of trust, inclusivity, and innovation. It also signals the growing role of Islamic finance in addressing financial inclusion gaps in Africa’s largest economy.

From Doubts to Dominance

When Jaiz Bank launched over a decade ago, many questioned whether a non-interest, Shariah-compliant model could succeed in Nigeria’s diverse and often volatile financial sector. Yet, through persistence, innovation, and community engagement, the Bank not only survived but also carved out a strong market position.

From pioneering Islamic financial products to rewarding pioneer staff and expanding its services to underserved populations, Jaiz Bank has consistently proved skeptics wrong. Today, its global recognition is both a validation of its bold journey and a clear signal of the future it envisions.

Expert Reactions

Economists and Islamic finance analysts have described Jaiz Bank’s award as a watershed moment for Nigeria’s banking industry.

Dr. Amina Yusuf, a financial inclusion researcher at the University of Lagos, said the award was “a recognition not just of Jaiz Bank’s internal resilience, but of Nigeria’s potential as a hub for ethical finance in Africa.” She added that, “With millions still excluded from formal banking, Islamic finance offers a credible path to bridging that gap. Jaiz Bank’s achievement proves that innovation anchored on values can deliver both profitability and inclusion.”

Similarly, Malam Abdulrahman Idris, an Islamic finance consultant, noted that the award would attract more investors to Nigeria’s non-interest banking sector.

“Global recognition like this sends a strong signal to international investors that Nigeria is ready to play on the big stage of Islamic finance. It also reassures local customers that their bank is not just stable, but progressive and future-focused,” he explained.

For Professor Chika Okoye, an economist and policy analyst, the development has wider implications. “Jaiz Bank’s rise is proof that ethical finance can be scaled successfully in Nigeria. As the economy works toward diversification and broader financial inclusion, this recognition could push policymakers to create more enabling environments for Islamic finance to thrive.”

The Road Ahead

Experts believe this milestone will further strengthen Jaiz Bank’s reputation and inspire more competition within the Islamic finance space. For customers and stakeholders, the award is a reassurance that the bank’s values of integrity and transparency remain its strongest assets.

As Nigeria works toward deepening financial inclusion and expanding its role in global markets, Jaiz Bank’s triumph at GIFA may well be remembered as a turning point, proof that homegrown institutions can set the pace in ethical banking not just locally, but globally.


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