Jaiz Bank Becomes Africa’s First IILM Primary Dealer
By Patience Ikpeme
In a major boost to Nigeria’s profile in the global non-interest finance landscape, Jaiz Bank has achieved a historic milestone by becoming the first financial institution in Africa to be admitted as a Primary Dealer by the International Islamic Liquidity Management Corporation (IILM).
The formal agreement was sealed at a signing ceremony held recently during the CBN–IILM Liquidity Management Capacity Building Conference in Abuja.
The IILM, a crucial international organization, issues sophisticated, short-term Shariah-compliant liquidity instruments that are broadly accepted by central banks and regulators worldwide.
Dr. Haruna Musa, the Managing Director/Chief Executive Officer of Jaiz Bank, articulated the significance of the achievement for the bank and the entire 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,” Dr. Musa declared.
He detailed the benefits that the new status would bring to the institution. Dr. Musa pointed out that the onboarding enables Jaiz Bank to “access world-class liquidity management instruments with strong credit quality”.
Furthermore, the MD/CEO explained that this collaboration would strengthen the bank’s capacity for risk management and enhance the resilience of its balance sheet.
Dr. Haruna added that the pact extends beyond internal financial strengthening, as it is expected to significantly elevate the bank’s stature internationally. The agreement will “Enhance its regional and international visibility within the Islamic finance ecosystem,” while simultaneously building “long-term collaboration with the CBN, IILM, ICD, and other global Islamic finance institutions”.
This success, Dr. Musa said, is central to the strategic direction established by the bank’s leadership. He stated that the accomplishment “aligns fully with the board and management strategic aspiration to elevate Jaiz Bank into a leading institution in Africa’s Islamic finance landscape,” a move that is expected to support the bank’s capital-market activities and overall growth trajectory.
In closing, Dr. Haruna extended his profound appreciation to the Central Bank of Nigeria, the IILM management, and the dedicated board and staff of Jaiz Bank for their roles in making this landmark achievement possible.
