BY COBHAM NSA – Still pushing to maintain its status as Nigeria’s pioneer Non-Interest bank, Jaiz Bank has signed a deal with the International Islamic Liquidity Management Corporation (IILM) to blaze the trail as an IILM Primary Dealer.
The signing ceremony, held during the Central Bank of Nigeria (CBN)–IILM Liquidity Management Capacity Building Conference in Abuja, recently, makes Jaiz Bank the 16th institution in the IILM’s global network.
Managing Director and Chief Executive Officer of Jaiz Bank,
Dr. Haruna Musa, who spoke at the occasion 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.”
He said: “The onboarding positions Jaiz Bank to access world-class liquidity management instruments with strong credit quality.”
According to Dr Haruna, the agreement would deepen the Bank’s balance sheet resilience and risk management capacity while also enhancing its regional and international visibility within the Islamic finance ecosystem.”
Furthermore, he said the latest development would also “strengthen its (Jaiz Bank) long-term collaboration with the CBN, IILM, ICD, and other global Islamic finance institutions.”
“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”, Dr. Haruna assured
He also appreciated the CBN, IILM management as well as the board and staff of Jaiz bank for their support in pushing the institution to greater heights of glory.
The IILM is a key international body that issues high-quality, short-term Shariah-compliant liquidity instruments widely recognised by global regulators and central banks.
The IILM primary dealership enables Jaiz bank to participate directly in the primary issuance and secondary market trading of IILM’s short-term Sukuk (Islamic liquidity instruments), which helps in the management of liquidity risk in the Islamic banking sector.
This strategic engagement follows a period of strong financial performance for Jaiz Bank. By 2024 financial year ending, the bank’s total assets surpassed the ₦1 trillion mark, reaching ₦1.08 trillion.
The management also reported a pre-tax profit of ₦24.44 billion, a 121% increase from the previous year.
