Jaiz Bank leads Africa as first IILM primary dealer

Barbara Bako, Abuja.

Jaiz Bank has made history as the first financial institution in Africa to be admitted into the International Islamic Liquidity Management Corporation’s (IILM) global network of primary dealers.…

The agreement was signed during the CBN–IILM Liquidity Management Capacity Building Conference held recently in Abuja.

Speaking at the ceremony, Jaiz Bank Managing Director/Chief Executive Officer, Dr. Haruna Musa, described the development as a major milestone for the institution.

“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 noted that the onboarding would allow the Bank to “access world-class liquidity management instruments with strong credit quality.”

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He added that the partnership would further strengthen the Bank’s balance sheet resilience and risk management capacity.

According to him, the agreement would also “Enhance its regional and international visibility within the Islamic finance ecosystem,” and “Strengthen its long-term collaboration with the CBN, IILM, ICD, and other global Islamic finance institutions.”

He emphasised that “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. Musa expressed appreciation to the Central Bank of Nigeria, the IILM management, and the board and staff of Jaiz Bank for their support.

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