Beyond interest: Haruna Musa’s bold play to put Jaiz Bank in the top 10
For years, many skeptics saw non-interest banking as a contradiction in terms. Where would a bank – or any financial institution, for that matter – find its profits if it did not charge interest for its labour?
To some, it seemed less like finance and more like an experiment doomed to fail. The model was further complicated by religious undertones, leaving many to question whether such a system could be truly inclusive in a multi-faith, secular economy like Nigeria’s.
Yet, in the face of these doubts, Haruna Musa has emerged as one of the most persuasive orchestrators of a new, positive narrative for non-interest banking in Nigeria. His leadership at Jaiz Bank Plc, the country’s pioneer non-interest bank, has already begun to redefine what ethical finance can mean – not only for Nigeria but for Africa.
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A journey built on depth and diversity
Appointed managing director and chief executive officer of Jaiz Bank on November 21, 2023, Musa brought with him more than 28 years of rich, multi-sectoral experience across Nigeria and Africa. His career trajectory has been marked by steady progression, resilience, and a remarkable ability to turn challenges into opportunities.
His academic journey mirrors his professional breadth. An alumnus of Ahmadu Bello University, Zaria, Bayero University, Kano, and Cranfield University, United Kingdom, he later earned a doctorate in Islamic Banking and Finance from Universiti Utara in Malaysia – demonstrating his deep intellectual grounding in the very field he now leads.
Musa also undertook advanced management programmes in the United States and the United Kingdom, sharpening his leadership edge, and is an honorary member of the Chartered Institute of Bankers of Nigeria (CIBN).
“Whether opening a minor’s account, financing a home through Ijara, supporting small and medium enterprises (SMEs), or exploring green financing like electric vehicles, Jaiz seeks to grow with its customers through every stage of life.”
Before Jaiz, he spent nearly three decades at Guarantee Trust Bank (GTBank), where he held several strategic roles. He served as executive director and head of the Northeast & Public Sector, Abuja Divisions, sat on the Board of GTBank Côte d’Ivoire as a non-executive director, and chaired the Board Audit Committee from 2015. Over his tenure, he frequently helped steer the bank from periods of challenge into consistent profitability, earning numerous commendations for his selfless and meritorious service.
These experiences were not mere bullet points on a résumé – they were forging grounds, preparing him to take on the immense task of leading Jaiz Bank into a new era.
Professional philosophy: More than banking
“What drives me at the core is simple,” Musa says with characteristic modesty. “Integrity, discipline, and a strong commitment to inclusive growth.” Beyond his impressive résumé, Musa is deeply invested in values. He emphasises ethical leadership, family values, and financial solutions that empower individuals and communities. This mindset is not only central to his vision for Jaiz Bank but also to his broader outlook on life.
The board of Jaiz Bank recognised this rare blend of expertise and values when it headhunted him from GTBank. The mandate was unambiguous: restructure, re-engineer, and reposition Jaiz Bank for stronger financial performance and enhanced governance.
Leading a transformation
“When I assumed leadership at Jaiz Bank,” Musa recalls, “I met a strong foundation as Nigeria’s pioneer non-interest bank. But I also recognised the urgent need to accelerate growth, strengthen governance, and position the institution for long-term sustainability. Leading that transformation journey remains one of my proudest milestones.”
The results have been dramatic. When Musa took over in late November 2023, Jaiz’s annual profit hovered around ₦6.4 billion. By December 31, just a month later, profits had risen to ₦11.2 billion. By the end of 2024, following a full year of reforms, nearly all performance indices had doubled. Profits leapt from ₦11.4 billion to ₦24.6 billion, while the bank’s total assets crossed the ₦1 trillion mark – a 100 per cent expansion in its balance sheet.
Under Musa, Jaiz has also accelerated its digital transformation, expanding mobile and agency banking to reach underserved communities nationwide. “We prioritised financing in critical growth areas: retail, SMEs, and agriculture,” he notes. “With Nigeria’s population above 200 million, retail banking is vast. SMEs, which employ nearly 70 percent of Nigerians, are the backbone of our economy. And agriculture – contributing significantly to gross domestic product (GDP) – remains indispensable.”
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The ethical difference
For Musa, non-interest banking is about more than financial performance; it is about purpose and principle. “Non-interest banking, often misunderstood as being exclusively for Muslims, is in fact for everyone who values ethical finance,” he insists. “It is a system rooted in integrity and transparency. It is about responsibility, fairness, and creating real economic value.”
The distinction between conventional banking and non-interest banking, he argues, lies in this unwavering ethical foundation. Unlike conventional models where interest rates can change with little notice, non-interest banking ensures that once terms are agreed, they remain fixed until the contract is fulfilled. “That creates trust, stability, and fairness,” Musa explains.
Jaiz also serves as the knowledge base of Nigeria’s non-interest banking industry. Many staff and members of Sharia Advisory Committees at other banks began their training at Jaiz. “It’s almost impossible to walk into another non-interest bank in Nigeria without finding an ex-Jaiz staff member contributing to its success,” Musa observes with pride.
Rebranding with purpose
Recognising the need to communicate its evolving vision, Jaiz recently embarked on a major rebranding initiative under Musa’s leadership. “The rebrand was more than changing logos or colours,” he says. “It was about reaffirming our ethical foundation while projecting innovation, maturity, and inclusiveness.”
The results have been striking. Customer engagement has surged, and Jaiz has climbed social media rankings among Nigerian banks – from fifth to second place in some indices. The bank has also adopted a bold ambition: to be among Nigeria’s top 10 banks within the next five years. The new tagline, “With you for life”, captures this commitment. Whether opening a minor’s account, financing a home through Ijara, supporting small and medium enterprises (SMEs), or exploring green financing like electric vehicles, Jaiz seeks to grow with its customers through every stage of life.
Non-interest banking as Nigeria’s future
Musa sees non-interest banking not as an alternative but as the financial model of the future. He cites the Nigerian Minister of Finance, who described the model as central to the country’s long-term sustainability. “Unlike conventional banking, non-interest banking is fundamentally asset-based and tied to real economic development,” Musa explains.
A prime example is the Sukuk initiative, which transparently funds infrastructure across Nigeria. “Every naira from Sukuk is traceable to specific projects,” he says. “If you travel through Abuja, Lagos, or across the East, you will see major federal projects financed through this model.”
Looking beyond Nigeria
When asked about legacy, Musa does not dwell on personal glory. Instead, he speaks of collective achievement. “Legacy, to me, is not about one man. It’s about the management, the staff, and the board working together. But personally, I would be proud to see Jaiz Bank expand beyond Nigeria – branches in Ghana, Côte d’Ivoire, and across Africa. I would love to see Jaiz remain the leading training ground for talent in non-interest banking and among the top 10 banks in Nigeria – not just in our niche, but across the entire financial sector.”
A new narrative for finance
From sceptics who once dismissed non-interest banking as unsustainable to its current recognition as a driver of transparency, ethics, and growth, Musa’s journey embodies a changing narrative. By marrying strong financial performance with ethical principles, he has shown that banking can be both profitable and principled.
His story is not just about Jaiz Bank but about the potential of finance itself to shape inclusive growth and sustainable futures. As Nigeria continues to grapple with economic challenges, the leadership of figures like Haruna Musa suggests a future where banking is not just about numbers but about values, vision, and impact.
