Categories: BusinessLatest

Jaiz Bank Plc Receives $25m Financing From Islamic Development Bank

Jaiz Bank Plc, Nigeria’s foremost non-interest bank, has received a $25 million shariah-compliant Line of Financing (LOF) from the Islamic Development Bank (IsDB) to support small and medium scale enterprises (SMEs) in Nigeria.
The LOF was signed by Ayman Sejiny, Chief Executive of the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of IsDB Group, and Mr Hassan Usman, the Managing Director and Chief Executive of Jaiz Bank.
According to the LOF agreement, this will be done to support the SMEs in Nigeria, including those adversely affected by the COVID-19 outbreak.
The contract details indicate that out of the sum of $25 million funds provided, $10 million is allocated under the ICD’s $250 million COVID-19 support package to help the private sector affected by the pandemic by leveraging on the expertise of the banking system of its member countries.
ICD’s line of financing facility will help to expand Jaiz Bank’s customer base by the provision of Shariah-compliant financing in response to a growing demand for Islamic finance to support, among others, COVID-19 affected projects and industries, the statement reads.
Speaking to the agreement, Mr Ayman Sejiny, said, “Continuous cooperation between ICD and Jaiz Bank, the pioneer in Islamic banking in Nigeria, will result in easier access by SMEs to Shariah-compliant financing that will meet their funding needs, as well as assist in keeping businesses open and preserving jobs, which is in line with ICD’s commitments to help the Nigerian economy to overcome the adverse impact of the COVID-19 pandemic and strengthen financial inclusion.
“We have no doubt that this line of financing facility will provide much-needed support to private sector businesses including those which have been affected by the pandemic.”
The IsDB Group Strategic Preparedness and Response Facility is part of efforts by the lender to cope with the COVID-19 crisis and to overcome it with a concrete, actionable blueprint.
ICD’s geographical outreach across 55 member countries, along with its network of over 100 financial institutions and 5 regional offices and their local linkages, has doubled its collective capabilities and potential to efficiently mitigate the pandemic’s short-term fallout.
Omotayo Araoye

Follow us on:

AriseNews

Recent Posts

German Consulate Hosts Unity Day In Lagos as Diplomatic Ties Bloom

The 34th anniversary of German Unity celebrated in Lagos, was hosted by Consul General Weert…

31 mins ago

Matt Gaetz To Exit Congress Following Withdrawal As DOJ Nominee Amid Controversy

Matt Gaetz has said he will not return to Congress after withdrawing as Trump’s DOJ…

3 hours ago

Tinubu Seeks Senate Approval For Oluyede As Chief Of Army Staff

President Tinubu has sought Senate confirmation of Olufemi Oluyede as Chief of Army Staff, citing…

3 hours ago

Netanyahu Risks Arrest in UK as ICC Issues Warrant Against Him For War Crimes

Israeli PM Netanyahu faces potential arrest in the UK as Downing Street pledges to fulfill…

6 hours ago

Second Australian Teen Dies from Suspected Methanol Poisoning in Laos

A second Australian teenager has died of suspected methanol poisoning in Laos, bringing to six…

6 hours ago

Simon Ekpa Arrested, Denies Being IPOB Leader + Atiku Says Tinubu’s Loans Are Bone-Crushing – Trending With Ojy Okpe

https://www.youtube.com/watch?v=mFlFl1mPGC8 The arrest of self-proclaimed Prime minister of the Biafra Republic, Simon Ekpa who was…

7 hours ago