Nigeria's only Islamic Bank has appointed Hassan Usman as its substantive managing director. This come after rigorous selection process that screens seasoned Islamic Bankers from within and outside Nigeria. Before his new appointment Hassan was the executive director of the bank in charge of operations and IT. Islamic Development Bank (IDB) Jeddah, is a shareholder of the bank, the bank also has partnership with Islamic Bank Bangladesh (IBBL) for Technical and Management Assistance.
The bank also declared profit before tax of N794.2 million (for the year ended December 2015, against N126.8 million realized in the year 2014), in its 4th full year of operation despite the challenging environment, as the first non interest bank in traditionally conventional banking environment. In the last three years, even conventional banks have witnessed declined in their profit expectations. The result has demonstrated continued growth and operational efficiency of the Bank and its model of doing business. It has continued to attract new customers from different religious background since its establishment to date. The Bank hope to be present in other sub Saharan African countries in the next five years.