Jaiz Bank Becomes Africa’s First IILM Primary Dealer, Secures Access to Global Islamic Liquidity Instruments

L–R: CEO of IILM, Mohamad Safri Shahul Hamid, and Jaiz Bank MD/CEO, Dr. Haruna Musa, during the CBN–IILM Liquidity Management Capacity Building Conference held recently in Abuja.

Jaiz Bank Plc has recorded another major milestone in its growth trajectory with the signing of a landmark agreement that formally admits the institution into the International Islamic Liquidity Management Corporation’s (IILM) global network of primary dealers—making it the first financial institution in Africa to attain the status.

The historic signing took place at the CBN–IILM Liquidity Management Capacity Building Conference held recently in Abuja.

Speaking at the ceremony, the Managing Director/Chief Executive Officer of Jaiz Bank, Dr. Haruna Musa, described the development as a turning point for the Bank and a breakthrough for the continent’s Islamic finance sector.

“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 said. “The onboarding positions Jaiz Bank to access world-class liquidity management instruments with strong credit quality.”

According to him, the agreement enhances the Bank’s liquidity strength, improves its balance sheet resilience, and expands its risk management capacity—key ingredients for sustained institutional stability and competitiveness.

Dr. Musa added that the partnership will significantly boost Jaiz Bank’s regional and international visibility within the Islamic finance ecosystem, while reinforcing long-term relationships with the Central Bank of Nigeria (CBN), IILM, the Islamic Corporation for the Development of the Private Sector (ICD), and other global institutions.

“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 stated.

He expressed gratitude to the CBN, IILM management, as well as the Board and staff of Jaiz Bank for their support in achieving what he described as a defining chapter in the Bank’s evolution.

The IILM remains a globally recognized institution renowned for issuing high-quality, short-term, Shariah-compliant liquidity instruments endorsed by central banks and financial regulators worldwide. Jaiz Bank’s onboarding marks a significant step in strengthening Nigeria’s presence in global Islamic financial markets.

Jaiz Bank has become the first African financial institution to join the IILM’s global network of primary dealers, unlocking access to world-class Islamic liquidity instruments and strengthening Nigeria’s presence in global non-interest finance.

Jaiz Bank becomes Africa’s first IILM Primary Dealer, gaining access to high-quality Islamic liquidity instruments and boosting its global visibility and financial stability.