The pioneer non-interest bank in Nigeria, Jaiz Bank, has signed an agreement with the International Islamic Liquidity Management Corporation (IILM) for its onboarding as an IILM primary dealer.
The signing ceremony took place during the CBN–IILM Liquidity Management Capacity Building Conference in Abuja.
Speaking at the event, Jaiz Bank Chief Executive Officer Dr Haruna Musa described the development as a historic milestone.
“This milestone is historic, as Jaiz Bank becomes the first financial institution in Africa to be admitted into the IILM’s global network of primary dealers,” he said.
He added that the onboarding “positions Jaiz Bank to access world-class liquidity management instruments with strong credit quality,” while also strengthening the bank’s balance sheet resilience and risk management capacity.
According to Dr Haruna, the agreement will also “enhance its regional and international visibility within the Islamic finance ecosystem” and “strengthen its long-term collaboration with the CBN, IILM, ICD, and other global Islamic finance institutions.”
He noted that the achievement aligns fully with the strategic ambitions of the bank.
“This achievement aligns fully with the board and management’s strategic aspiration to elevate Jaiz Bank into a leading institution in Africa’s Islamic finance landscape, while supporting the bank’s growth trajectory and capital-market activities.”
Dr Haruna expressed appreciation to the Central Bank of Nigeria, the IILM management, and the board and staff of Jaiz Bank for their support.
The IILM is an international body that issues high-quality, short-term, Shariah-compliant liquidity instruments widely recognised by regulators and central banks around the world.