In a landmark move for Africa's Islamic finance sector, Jaiz Bank Plc has secured a historic position as the continent's first primary dealer for the International Islamic Liquidity Management Corporation (IILM).
A Historic Signing Ceremony in Abuja
The agreement was formally signed during the recent CBN–IILM Liquidity Management Capacity Building Conference in Abuja. This strategic partnership marks a significant elevation for Nigeria's premier non-interest bank on the global stage.
Dr. Haruna Musa, the Managing Director and Chief Executive Officer of Jaiz Bank, presided over the signing. He described the achievement as a historic milestone for the institution and for Islamic banking in Africa.
Strategic Benefits for Jaiz Bank
Dr. Musa outlined the immediate and long-term advantages of this new status. Access to world-class, Shariah-compliant liquidity instruments issued by the IILM is a primary benefit. These instruments are renowned for their strong credit quality and recognition by global regulators and central banks.
He further explained that this onboarding will significantly deepen the bank's balance sheet resilience and enhance its risk management capacity. The move is a direct alignment with the strategic goals set by the bank's board and management to position Jaiz Bank as a leading force in Africa's Islamic finance landscape.
Elevating Regional and Global Visibility
Beyond internal strengthening, the agreement is set to boost Jaiz Bank's profile internationally. Dr. Musa noted that it will "enhance its regional and international visibility within the Islamic finance ecosystem."
This new role is also expected to strengthen the bank's long-term collaboration with key institutions, including the Central Bank of Nigeria (CBN), the IILM itself, the Islamic Corporation for the Development of the Private Sector (ICD), and other global Islamic finance bodies. The CEO expressed gratitude to the CBN, IILM management, and Jaiz Bank's board and staff for their support in reaching this achievement.
The IILM is a critical international organization that specializes in issuing high-quality, short-term financial instruments that comply with Islamic Shariah principles. Its instruments are widely accepted and used by central banks and financial institutions across the world for effective liquidity management.
