Jaiz Bank becomes Africa’s first IILM Primary Dealer

Jaiz Bank Plc, Nigeria’s pioneer non-interest financial institution, has signed a landmark agreement with the International Islamic Liquidity Management Corporation (IILM), becoming the first primary dealer for IILM instruments in Africa.

The agreement was formalised at the recent CBN–IILM Liquidity Management Capacity Building Conference held in Abuja.

Speaking at the ceremony, the Managing Director/Chief Executive Officer of Jaiz Bank, Dr Haruna Musa, described the development as a “historic milestone” for both the bank and the continent.

“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.

Dr Musa explained that the partnership places the bank in a stronger position to access world-class, high-quality liquidity management instruments, thereby enhancing its balance sheet resilience and risk-management capabilities.

He noted that the onboarding will also boost Jaiz Bank’s regional and international visibility within the Islamic finance ecosystem, while deepening its collaboration with the Central Bank of Nigeria (CBN), IILM, the Islamic Corporation for the Development of the Private Sector (ICD), and other global Islamic finance bodies.

“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,” he added.

Dr Musa extended appreciation to the CBN, the management of IILM, and the board and staff of Jaiz Bank for their support throughout the process.

The IILM is an international institution that provides high-quality, short-term, Shariah-compliant liquidity instruments widely recognised by central banks and financial regulators across the world.