Abuja, Nigeria – The International Islamic Liquidity Management Corporation (IILM) is pleased to announce the onboarding of Jaiz Bank Plc, marking a historic milestone as the IILM’s first Primary Dealer from Nigeria and the first from the African continent.

Jaiz Bank, Nigeria’s first and leading fully fledged non-interest (Islamic) bank, becomes the fourth institution to join the IILM’s Primary Dealer network this year, further strengthening the organisation’s global distribution capabilities and market reach. This brings the total number of Primary Dealers in the IILM’s network to 16.

The appointment reinforces the IILM’s commitment to supporting the development of robust Islamic liquidity management tools across emerging and frontier markets. Jaiz Bank’s entry also underscores the growing demand for high-quality global Shari’ah-compliant liquidity instruments in Africa’s fast-expanding Islamic finance landscape.

Commenting on this milestone, Mohamad Safri Shahul Hamid, Chief Executive Officer of the IILM, said: “The admission of Jaiz Bank as the IILM’s first Primary Dealer from Nigeria and the first from the African continent, marks a landmark moment for the organisation. It represents a major step forward in the IILM’s strategic ambition to broaden its global presence and deepen its engagement with high-potential markets. This development substantially enhances the reach and distribution of the IILM’s short-term Ṣukūk, deepening our footprint across a region with immense growth potential.

As a Primary Dealer, Jaiz Bank will play a pivotal role in enabling African and regional institutions to access high-quality, USD-denominated Shari’ah-compliant liquidity instruments. This will support stronger balance sheet resilience, more efficient liquidity management, and the continued development of Islamic banking activities across the continent.

Jaiz Bank’s participation is also expected to broaden the IILM’s investor base, enhance the distribution of our highly rated cross-border instruments, and contribute to greater depth and liquidity in the secondary market. These advancements will help improve liquidity flows, promote financial inclusion, and ultimately strengthen the foundations of Islamic finance across Africa.

We are delighted to welcome Jaiz Bank to the Primary Dealer network and look forward to working collaboratively to deepen market liquidity and support the next phase of growth for Islamic finance in Nigeria and the wider region.”

In his remarks, Dr. Haruna Musa, Managing Director of Jaiz Bank, Nigeria’s pioneer non-interest bank, said: “We are honoured to join the IILM’s global Primary Dealer network as its first representative from Nigeria and the African continent. This partnership opens new horizons for our clients and for the broader Islamic finance community in our region. Through the IILM’s highly rated short-term Sukūk, we will be able to offer stronger liquidity solutions to financial institutions in Nigeria and neighbouring markets.”  

Dr. Haruna further stated: “We are pleased to embark on this journey with the IILM to support the deepening of market access, enhance liquidity, and contribute meaningfully to the growth of Africa’s fast-growing Islamic finance market, as well as across the region.”

Nigeria is home to one of the fastest-growing Islamic finance markets in Africa. With rising investor appetite, deepening regulatory support from the Central Bank of Nigeria, and increasing participation from domestic financial institutions, the country is well positioned to expand its footprint in global Islamic liquidity and investment activities. The onboarding of Jaiz Bank as a Primary Dealer further cements Nigeria’s role as a key contributor to the development of the international Islamic finance ecosystem.

About the IILM

The International Islamic Liquidity Management Corporation (IILM) is an international organisation established on 25 October 2010 by central banks, monetary authorities and multilateral organisations to develop and issue short-term Shari’ah-compliant financial instruments to facilitate effective cross-border liquidity management for institutions that offer Islamic financial services (IIFS).

The current members of the IILM Governing Board are the central banks and monetary agencies of Indonesia, Kuwait, Malaysia, Mauritius, Nigeria, Qatar, Türkiye, the United Arab Emirates, as well as the multilateral Islamic Corporation for the Development of the Private Sector.

Membership of the IILM is open to central banks, monetary authorities, financial regulatory authorities or government ministries or agencies that have regulatory oversight of finance or trade and commerce, and multilateral organisations.

The IILM is hosted by Malaysia and headquartered in Kuala Lumpur.

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