Jaiz Bank is where Nigerian non-interest banking started and where most of its money still sits. Licensed on 10 November 2011, operating since 6 January 2012, national since May 2016 and NGX-listed since February 2017, Jaiz closed 2024 with N1.08 trillion in total assets, N904.79 billion in deposits, N24.44 billion in profit before tax and 51 branches, all per its audited accounts. Scale and longevity are not the same as perfection, though. Here is the deposit shelf, product by product, with the gaps stated plainly. All product details below were verified against the bank's own pages on 4 August 2026.
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The current account: Qard, and genuinely cheap
Jaiz's current account runs on Qard: your balance is a loan to the bank, guaranteed in full and repayable on demand, and it pays nothing, which is exactly what keeps it clear of riba. The published feature set is strong for a Nigerian current account: a personal cheque book, instant Verve or Mastercard debit card issuance, internet, mobile and USSD banking, cheque and dividend warrant lodgment, a free monthly e-statement, and no account maintenance charge stated on the product page. That last point is a real edge in a market where maintenance fees are routine. What is not published: the minimum opening deposit and per-transaction charges, which surface only at onboarding.
The savings account: real Mudarabah, unpublished ratio
The Jaiz Savings Account is a genuine profit-sharing product. You are the capital provider (rabb-ul-mal), the bank is the manager (mudarib), pooled balances are invested in the bank's Shariah-compliant financing book, and gross profit is distributed monthly based on your average balance and a pre-agreed ratio. Monthly distribution is customer-friendly; profit compounds faster than annual crediting. The weakness is the one that runs through the entire Nigerian market: the profit-sharing ratio and any indicative rate are not published (verified 4 August 2026), so you open on trust and learn your effective return when it lands. Because profit is calculated on average balance, months where your balance dips earn little.
Kids account, term deposit and domiciliary
- Jaiz Kids Account (Mudarabah): the adult savings account wrapped for a minor, opened in trust and operated by the parent or guardian until adulthood. Pays monthly profit, includes an instant Verve card and accepts cheque lodgments up to N2 million face value. Ratio and minimum balance unpublished.
- Jaiz Term Deposit / Premium Savings (JTD/JAPSA): the fixed-deposit alternative. Minimum N500,000 for a chosen tenure of 30 to 360 days under Mudarabah, with gross profit distributed monthly and an investment certificate issued per placement. Longer tenures earn higher profit rates, but no per-tenure rates are published.
- Jaiz Domiciliary Account: USD, GBP or EUR balances on a Qard basis with zero cash withdrawal and account maintenance charges stated, no limit on monthly withdrawals, and a Visa Dollar Card. Foreign-currency cash comes from designated branches only, and the account is view-only in the mobile app.
Cards and digital access
Jaiz publishes clear card limits, which is more than it does for profit ratios: the Jaiz Verve card carries N150,000 per day at local ATMs, N2,500,000 at POS and N2,000,000 for local web transactions, with chip-and-PIN, two-factor online authentication and contactless support. The card handles global subscriptions (Microsoft, Netflix, Google Play, Spotify, Starlink and others), which not every Nigerian card manages reliably. Mobile transfers default to N150,000 per day, raisable in-app to N500,000. Card issuance and replacement require a branch visit, and issuance fees are not published.
Shariah governance
Jaiz's Advisory Committee of Experts has four named scholars with published profiles in the audited accounts: Prof. Abdulazeem Abozaid (chairman since September 2023, Professor of Islamic Finance at Hamad Bin Khalifa University, Doha), Prof. Ahmad Bello Dogarawa of Ahmadu Bello University, Shaikh Abdulwahab of the Bin Baz Foundation, and Dr. Warshu Tijjani Rabi'u of Bayero University Kano. The bank also sits under the CBN's non-interest framework and FRACE. This is a credible, verifiable bench. What Jaiz does not publish: product fatwas or the deposit pool's profit-sharing mechanics.
Who Jaiz fits
Jaiz is the strongest choice for customers who want one institution for everything: current and savings accounts, home finance (a genuine diminishing Musharakah with 20% minimum equity and a 7-year cap), Murabaha auto and consumer finance, and Ijarah service finance for school fees, rent and medical bills. Its 37-state presence claim rests on 51 branches, so coverage in any given city varies; the network skews north and toward major commercial centres. Rate-shoppers and disclosure sticklers will find The Alternative Bank's published governance or the FGN sukuk programme's published rentals more satisfying. Compare alternatives on HalalWallet's bank accounts page.
Frequently asked questions
Does the Jaiz savings account pay a guaranteed rate?
No, and it should not: Mudarabah returns are a share of actual investment profit, declared monthly, not a promised percentage. Jaiz does not publish the sharing ratio or historical distributions, so ask a branch for both in writing before funding the account.
Is there a minimum balance on Jaiz accounts?
The bank does not publish minimum balances for the current or savings accounts (verified 4 August 2026). The term deposit's minimum is published: N500,000. Confirm any operational minimums during onboarding.
Can I open a Jaiz account online?
Jaiz offers online account opening at its account portal, though full KYC still routes through a branch visit in many cases. You will need your BVN, valid ID and proof of address; see our account opening guide for tier-by-tier requirements.
Is my money safe at Jaiz?
Jaiz is a CBN-licensed national non-interest bank with NDIC-insured deposits, a trillion-naira audited balance sheet and a 14-year operating record including consistent recent profitability. Qard balances (current account) are guaranteed by the bank; Mudarabah balances carry investment risk by contract, though distributions are the norm in practice.
Does Jaiz charge account maintenance fees?
The current account page states no account maintenance charge, and the domiciliary account states zero maintenance and zero cash withdrawal charges. Transaction-level fees (transfers, card issuance, SMS alerts) are not published, so request the full tariff at the branch.
How do I find my nearest Jaiz branch?
Jaiz operates 51 branches under a national licence covering all 36 states and the FCT, with the deepest presence in the north; the branch locator on jaizbankplc.com lists current locations. Where no branch is close, the account still works fully: USSD banking runs on feature phones, the JaizMobile Plus app handles transfers and statements, and the debit card works on any Nigerian ATM or POS. Foreign-currency cash withdrawals from the domiciliary account are the one service tied to designated branches.
Does Jaiz offer financing to account holders?
Yes, through Shariah-compliant structures (Murabaha cost-plus purchase, Ijarah leasing and related contracts) rather than loans, arranged through its financing desks. As across the sector, an established account relationship helps, and pricing is negotiated rather than published. If financing is part of your plan, open the account and route income through it before you apply. Our financing guides explain how each contract works before you sit down with the desk.
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Should I use the savings account or the term deposit?
Different jobs. The savings account keeps money withdrawable while sharing profit monthly on the average balance, so it suits the accessible layer of your savings. The Jaiz Term Deposit takes a minimum of N500,000 for a fixed tenor of 30 to 360 days, with longer commitments earning higher allocations; it suits defined-date money you can genuinely lock away. Many customers run both: savings for flexibility, one or more JTD certificates for lump sums, each documented with its own investment certificate.