Jaiz Bank has signed a landmark agreement with the International Islamic Liquidity Management Corporation to become the first primary dealer for the organisation in Africa.
The agreement was formalised during the CBN and IILM Liquidity Management Capacity Building Conference held recently in Abuja.
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Speaking at the ceremony, the Managing Director and Chief Executive Officer of Jaiz Bank, Dr Haruna Musa, described the development as a historic step that brings the Nigerian lender into the IILM’s global network of primary dealers. He said the onboarding would give the Bank access to top-tier Shariah-compliant liquidity instruments and strengthen its balance-sheet stability.
Dr Musa noted that the partnership would improve the Bank’s risk-management capacity and boost its visibility across regional and international Islamic finance markets. He added that it also supports ongoing collaboration with the Central Bank of Nigeria, the Islamic Corporation for the Development of the Private Sector, and other global institutions in the sector.
According to him, the achievement reflects the Bank’s strategic ambition to become a leading player in Africa’s Islamic finance industry while expanding its capital-market operations.
He expressed appreciation to the Central Bank of Nigeria, the IILM leadership, and the board and staff of Jaiz Bank for their contributions to the milestone.
The IILM is an international organisation responsible for issuing high-quality, short-term, Shariah-compliant liquidity instruments widely recognised by financial regulators and central banks across the world.
