Jaiz Bank has become the first financial institution in Africa to join the global network of Primary Dealers of the International Islamic Liquidity Management Corporation (IILM).
The landmark agreement was signed during the CBN–IILM Liquidity Management Capacity Building Conference held recently in Abuja.
In a statement on Sunday, Jaiz Bank Managing Director and Chief Executive Officer, Dr. Haruna Musa, described the development as a historic milestone. “This achievement marks Jaiz Bank as the first African financial institution to be admitted into the IILM’s global network of primary dealers,” he said.
Primary dealers act as key intermediaries in financial markets, purchasing and selling liquidity instruments directly from the IILM. Their role helps maintain an active and stable market, supports the implementation of monetary policy, ensures liquidity, and provides vital market intelligence to the corporation.
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Dr. Haruna noted that joining the network would give the bank access to some of the most reputable liquidity management instruments available in the global Islamic finance space. “The onboarding positions Jaiz Bank to access world-class liquidity management instruments with strong credit quality,” he said.
He added that the partnership would strengthen the bank’s financial buffers. According to him, the agreement would deepen Jaiz Bank’s balance sheet resilience and improve its risk management capacity.
Dr. Haruna further stated that the new status would “enhance its regional and international visibility within the Islamic finance ecosystem,” while also helping to “strengthen its long-term collaboration with the CBN, IILM, ICD, and other global Islamic finance institutions.”
He said the achievement reflects the bank’s long-term vision. “This accomplishment 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.”
The Jaiz Bank chief also expressed appreciation to the Central Bank of Nigeria, the IILM leadership, and the bank’s board and staff for their support in achieving the feat.
The IILM is an international organisation that issues high-quality, short-term, Shariah-compliant liquidity instruments that are widely accepted by regulators and central banks across the world.
