Nigeria’s premier non-interest bank, Jaiz Bank Plc has announced the signing of a formal agreement to secure a $25 million shariah-compliant line of financing (LOF) from Islamic Corporation for the Development of the Private Sector (ICD).
The funds will enable the lender to support the growth of small and medium scale enterprises (SMEs) in Nigeria.
According to Jaiz Bank, the formal agreement to access the funds from ICD took place on September 2 during the just concluded Islamic Corporation for the Development (IsDB) annual meeting in Uzbekistan.
The signing ceremony could not hold in February 2021 due to COVID-19 restrictions, the lender said in a statement to the Nigeria Exchange Group (NGX) on Wednesday.
“Continuous cooperation between ICD and Jaiz Bank 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,” Ayman Sejiny, the CEO of ICD, said.