Jaiz Bank is a non-interest Islamic bank based in Nigeria. The bank was established in 2003 and became a full-fledged non-interest bank in 2011, after obtaining a license from the Central Bank of Nigeria (CBN).
Jaiz Bank is located in several states across Nigeria, with its headquarters situated in Abuja, the country’s capital. The bank has a network of branches in major cities such as Lagos, Kano, Kaduna and Maiduguri, among others.
In this article, we shall take a look at the bank brief history, its salary structures for its staff, ranging from entry level, graduate trainees to the senior management positions, their employment opportunities and of course factors that determine the Bank Salary Structures for their numerous staff payrolls in Nigeria.
Since its inception, Jaiz Bank has made significant strides in the Nigerian banking industry. As the first non-interest Islamic bank in Nigeria, the bank has been at the forefront of promoting financial inclusion and ethical banking practices in the country.
Jaiz Bank has consistently recorded significant growth in its operations, with its asset base increasing from N12 billion in 2013 to over N90 billion in 2023.
The bank has also received several awards for its outstanding contributions to the banking industry and the promotion of Islamic finance in Nigeria.
Jaiz Bank operates in compliance with Shariah principles and offers a range of financial services, including personal and corporate banking, treasury, trade finance, and other related services.
Jaiz Bank Salary Structures For Its Employees
As for the salary structure, it is not publicly available information as it is subject to the bank’s internal policies and negotiations with employees. However, as a reputable financial institution, Jaiz Bank offers competitive salaries and benefits packages to its employees, including medical insurance, retirement plans and bonuses.
In addition, the Bank’s remuneration policy is structured taking into account the environment in which it operates and the results it achieves at the end of each financial year. It includes the following elements: Fixed Remuneration based on the level of responsibility, which constitutes a relevant part of total pay.
Salaries are also usually commensurate with an employee’s level of experience, job responsibilities, and industry standards.
In Jaiz Bank, a wage benchmark is established for each position/level, reflecting its value to the organisation. It entails the base salary and allowances payable either monthly and in arrears or annually in advance as the case may be.
Entry Level Staff: forms workers who have received training and absorbed fully as permanent staff in the bank. They earn about N130,000 monthly, excluding bonuses and allowances attached. As they progress, they are promoted in line with their status of various offices.
Assistant Banking Officers: occupy higher positions with multiple functions in the bank. They earn about N250,000 totally a yearly sum of N3 million.
Banking Officers: are saddled with weight of responsibilities. They earn about N350,000 per month, totalling N4.2 million yearly.
Senior Banking Officers: These categories of staff with Jaiz bank earn about N500,000 monthly which amounts to about N6 million yearly, excluding watering bonuses and allowances attached.
Assistant Managers: Have higher responsibilities than senior banking officers in Jaiz bank. They earn as much as N650,000 monthly and a yearly sum of N7.8 million.
Deputy Managers: These categories of staff in Jaiz Bank have weight of responsibilities in the bank with a monthly take home of about N800,000 and yearly earnings of N9.6 million.
Branch Managers in Jaiz bank are the highest management employees or staff charged with the responsibilities of running the day to day particular branch of the bank. They earn as much as N1.3 million which amounts to about N15.6 million yearly.
In Jaiz Bank, this component rewards the creation of value in the Bank. It recognizes the contributions made by individuals, teams and the aggregation of these based on annual targets. It comprises profit sharing/productivity bonus payable annually.
Overall, Jaiz Bank has fared well in Nigeria and has established itself as a key player in the country’s financial sector. Its commitment to ethical banking practices and financial inclusion has endeared it to many customers and stakeholders in Nigeria and beyond.