The Nigerian Stock Exchange is set to list Nigeria’s first non-interest commercial bank, Jaiz Bank. The council of the Nigerian Stock Exchange (NSE) has approved the bank’s listing of its entire issued share capital on the exchange.

The Bank is already quoted on the NASD OTC Plc–a securities exchange for the trading of unquoted public companies–, however, would be the first company to transfer from the NASD OTC to the NSE.

Jaiz Bank will be listing a total of 29.46 billion ordinary shares of 50 kobo each at 1.25 naira, indicating a start-off market capitalisation of 36.83 billion naira. The non-interest bank would be working with three investment firms–Finmal Finance Services Limited and Kundila Finance Services Limited and Inverness Wealth Management Limited to facilitate the listing.

Jaiz Bank was founded from in 2003 was created out of the former Jaiz International Plc, but got regulatory approval in 2011 and started full operations in 2012. Jaiz Bank was created out of the former Jaiz International Plc, which was set up in 2003-2004 as a Special Purpose Vehicle (SPV) to establish Nigeria’s first full-fledged non-interest bank.

The bank has more than 20,000 shareholders, including shareholders such as the former Chairman of First Bank, Umaru Mutallab, industrialist Aminu Dantata, and development finance institution- Islamist Development Bank.

The listing will be executed by way of an introduction, however, the company has indicated its interest in an Initial Public Offering (IPO). An IPO by the bank could make it the first public offering 2017. The NSE has had a setback in IPOs as there was no recorded public offering in 2016. Interswitch, which was supposed to be listed on the exchange through an IPO in 2016, suspended its listing.

MTN Nigeria has stated their plans in 2016 that it would undertake an IPO on the NSE in 2017 to raise an investment of $1 billion. The IPO is part of the company’s conditions in the reduction of their fine for failing to disconnect 5.1 million unregistered subscribers.

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