Jaiz Bank Plc has become the first financial institution in Africa to join the global network of primary dealers under the International Islamic Liquidity Management Corporation (IILM). The agreement was formalised during a liquidity management capacity-building conference organised by the Central Bank of Nigeria (CBN) and IILM in Abuja.

IILM is an international organisation that issues high-quality, short-term, Shariah-compliant liquidity instruments widely accepted by regulators and central banks around the world.

Dr. Haruna Musa, Managing Director of Jaiz Bank, described the development as historic. “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.

Primary dealers act as key intermediaries in financial markets, buying and selling liquidity instruments directly from IILM, maintaining active and stable markets, supporting monetary policy implementation, ensuring liquidity, and providing market intelligence.

Dr. Musa highlighted the benefits of joining the network, including access to world-class liquidity management instruments with strong credit quality, strengthened financial buffers, enhanced balance sheet resilience, and improved risk management.

He also noted that the partnership would increase Jaiz Bank’s regional and international visibility within the Islamic finance ecosystem and strengthen long-term collaborations with the CBN, IILM, ICD, and other global Islamic finance institutions.

“This accomplishment aligns fully with our 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,” Dr. Musa added.

He expressed gratitude to the CBN, IILM leadership, and Jaiz Bank’s board and staff for their support in achieving the milestone.