Ploughing a Determined Path to Lead the Field in Financial Sector

MD and CEO of Nigeria’s Jaiz Bank Haruna Musa has many strings to his bow — and many accolades for his prowess.

Nigerian pioneer non-interest financial institution Jaiz Bank Plc has been providing services to individuals, corporate and government entities since 2012 — with the mission of “Making life better through ethical finance”.

Since starting operations, the bank has maintained a leadership role by doubling down on its alternative financing model. It has provided a foundation for expansion while meeting the national need for ethical funding for infrastructural development.

Jaiz has won international and local recognition for its efforts, including Most Improved Islamic Banking awards in 2020 and 2021 from the Global Islamic Finance Awards (GIFA). It maintains its record of being the first Islamic bank in the world to break even within its first three years of operation — at a time when there were no other Islamic banking or finance instruments.

Jaiz Bank’s core values are built on seven principles with the acronym ETHICAL: Excellence, Teamwork, Honesty, Integrity, Customer-Centricity, Accountability, and Loyalty. These values have taken Jaiz to a leading position in Africa.

Jaiz Bank is publicly quoted on the Nigerian Exchange Group (NGX) with a balance sheet of N379 bn from N12 bn in 2012. Financing and Investment assets grew from over N30 bn in 2012 to N249 bn. Critical parameters such as customer deposits, branch networks and profitability have also been growing year–on–year since inception.

The Man at the Helm

Haruna Musa was appointed managing director and CEO of Jaiz Bank in November 2023. The seasoned banker has over 27 years of experience across Africa. He is an alumnus of Ahmadu Bello University, Zaria, Bayero University, Kano, and Cranfield University, UK. He obtained a Doctorate of Philosophy in Islamic Banking and Finance from Malaysia’s Universiti Utara.

At Cranfield, Haruna obtained an MSc in Finance and Management. From Bayero University he received a Master’s in Business Administration and a Post-Graduate Diploma in Management. He also earned a Bachelor of Agriculture from Ahmadu Bello University, Zaria.

Haruna undertook extensive executive-level courses, including the Advanced Management Programme from Wharton Business School at the University of Pennsylvania. He graduated from the Making Corporate Boards More Effective course at the famous Harvard Business School. He also completed the Positive Leadership Programme run by Michigan Ross Executive Education in the US, and the General Management Programme at Cranfield. Haruna is an honorary member of the Chartered Institute of Bankers of Nigeria.

Until his appointment as the MD/CEO of Jaiz Bank, he served as executive director with GT Bank for eight years, and 22 of his 27 years of banking experience were spent working at Guaranty Trust Bank Holding Company from 2001 to 2023.
He started out as a banking officer at United Bank for Africa Plc, and served as a senior banking officer at the FSB International Bank from 1998 to 2001. Earlier, he worked at the Federal Ministry of Agriculture, Abuja, as an agricultural officer.

In October 2015, Haruna assumed the role of executive director and head of the North-east and Public Sector, Abuja Divisions on the Board of GT Bank.

He was appointed as a non-executive director with GT Bank (Cote D’Ivoire) and chairman of the Board Audit Committee. From 2015 to 2023, he contributed to the bank’s turn-around from a “loss position” to consistent profitability.

The MD and chief executive boasts achievements that have earned him commendations and praise from his previous employers. Jaiz Bank would seem to be in capable hands.