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By Maduka Nweke
JAIZ Bank Plc has made history as the first African financial institution to sign an agreement with the International Islamic Liquidity Management Corporation (IILM), positioning itself as the continent’s official dealer for the global Islamic liquidity management body.
The key partnership underscores JAIZ Bank’s commitment to advancing Islamic finance in Africa while providing clients with access to innovative liquidity management solutions previously unavailable on the continent.
Speaking on the development, JAIZ Bank’s Managing Director, Mr. Sulaiman Barau, described the agreement as “a significant milestone that reinforces our position as a pioneer in Islamic finance in Africa.”
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He added, “Through this collaboration with IILM, we will be able to offer sophisticated liquidity management tools that enhance financial stability, attract investment, and support the growth of the Islamic financial sector across the continent.”
The IILM, established in 2002, provides short-term Shariah-compliant liquidity instruments to central banks and financial institutions worldwide. Its mandate is to strengthen global Islamic financial markets and ensure efficient liquidity management.
By becoming the first African dealer, JAIZ Bank gains exclusive access to these instruments, enabling it to provide enhanced services to other financial institutions, investors, and corporate clients across Nigeria and beyond. The bank emphasized that the partnership will not only improve liquidity management within the Nigerian banking sector but also elevate Africa’s profile in the global Islamic finance ecosystem. “JAIZ Bank is proud to bridge the gap between African markets and global Islamic liquidity solutions. This is a historic step that demonstrates our commitment to innovation, compliance, and financial inclusion,” Barau said.
With this agreement, JAIZ Bank continues to solidify its reputation as a trailblazer, setting new standards for Islamic banking in Africa and creating opportunities for sustainable growth across the continent.
