Jaiz Bank, Nigeria’s pioneer Non-Interest bank, has signed an agreement with the International Islamic Liquidity Management Corporation for its onboarding as an IILM Primary Dealer. The deal was sealed during the CBN–IILM Liquidity Management Capacity Building Conference held recently in Abuja.
Speaking at the ceremony, Jaiz Bank Managing Director and Chief Executive Officer, Dr. Haruna Musa, described the development as an important step for the institution. He said, “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.”
According to him, joining this network opens new opportunities for the Bank. “The onboarding positions Jaiz Bank to access world-class liquidity management instruments with strong credit quality,” Dr. Haruna explained. He noted that the agreement is expected to boost the Bank’s balance sheet resilience and enhance its capacity to manage risks.
Dr. Haruna added that the move would “Enhance its regional and international visibility within the Islamic finance ecosystem,” while also helping to “Strengthen its long-term collaboration with the CBN, IILM, ICD, and other global Islamic finance institutions.”
He stressed that the recognition aligns with the Bank’s strategic ambition. “This achievement aligns fully with the board and management 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,” he said.
The MD/CEO expressed appreciation to the Central Bank of Nigeria, IILM management, and the board and staff of Jaiz Bank for their support. The IILM is an international body that provides high-quality, short-term Shariah-compliant liquidity instruments recognised by regulators and central banks worldwide.
