Line of financing agreement signed between Islamic Corporation for Development of Private Sector and Nigerian Banks
The Islamic Corporation for the Development of the Private sector (ICD) and Jaiz Bank, SunTrust Bank and Wema Bank signed a Line of financing agreements for a USD 20 million, USD 10 Million and USD 20 Million respectively.
The USD 50 million Line of financing facility will be extended by the above Nigerian Banks to the SMEs covering various sectors such as industrial, communication, technology, health, manufacturing, agricultural sectors, etc.
In this occasion ICD Management commented:” The small and medium sized enterprises (SMEs) have a crucial role to play in a country’s growth and development, and ICD has big plans for them. This is an important niche in all the member countries, especially in Africa. ICD is now focusing on increasing access to funding to the private sector by channeling the funds to established financial institutions in its member countries”.
Previously ICD extended a total of USD 120 million Line of Financing facility for the development of Small and Medium Enterprises in Nigeria which demonstrates ICD’s firm commitment to develop the private sector in its member countries.
Note to Editors
ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of non interest banking. ICD also provides technical assistance to Governments and private organizations in the establishment, expansion and modernization of private enterprises. For more information, visit www.icd-idb.org
About Jaiz Bank
Jaiz Bank PLC is a national bank and a quoted public company owned by over 26,000 shareholders spread over the six geo-political zones of Nigeria. The Bank’s balance sheet has grown from N12 billion in 2012 to about N62 billion, with asset financing of over N30 billion.
Its customer base has grown to over 230, 000 cutting across all strata of the society. Its product offerings have grown substantially ranging from friendly retail to commercial and corporate products.
It have also grown our branch network from 3 branches in 2012 to 30 branches, spread across the country. Jaiz are building more branches to satisfy the yearnings of millions of people who are desirous of this model of banking. The Bank was created out of the former Jaiz International Plc which was set up in 2003/2004 as a Special Purpose Vehicle (SPV) to establish Nigeria’s first full-fledged Non-Interest Bank. It obtained a Regional Operating Licence to operate as a Non-Interest Bank from the Central Bank of Nigeria on the 11th of November 2011 and began full operations as the first Non-Interest Bank in Nigeria on the 6th of January, 2012 with 3 branches located in Abuja FCT, Kaduna and Kano. The Regional Licence allowed the Bank to operate geographically in a third of the country. Also, based on recommendations from Islamic Development Bank (IDB), which is also a shareholder of the bank, Jaiz Bank PLC had partnered with Islamic Bank of Bangladesh (IBBL) for Technical and Management Assistance. For more information, visit www.jaizbankplc.com
About Sun Trust
SunTrust Bank, inspired by the future, is a privately held Commercial Bank licensed by the Central Bank of Nigeria under the BOFIA.
SunTrust Bank is poised to create value for its customers by leveraging on its competencies and a team of highly motivated staff, we work tirelessly to develop & provide a broad range of unique financial services and products to consumers, small business, corporations, governments and institutions with that will positively impact their business.
SunTrust strive to create the best outcomes for its clients and customers with financial ingenuity that leads to solutions that are simple, creative and responsible. The Bank focuses its lending activities on SME Finance, Retail/Consumer Banking, medium to large Corporate Finance and explores other specialized Development/infrastructure financing activities.
SunTrust Bank is committed to meeting the financial service needs of the communities it serves in a friendly, professional manner, while improving shareholder value. The bank strive to earn a superior return while maintaining an uncompromising commitment to the principles of honesty and integrity. Its commitments to its shareholders, customers and employees will enable the Company maintain a level of profitability necessary to remain independent for the benefit of the communities we serve. For more information, visit www.suntrustng.com.
Established in 1945, WEMA is Nigeria’s longest surviving indigenous bank. Wema Bank offers a range of retail and SME banking, corporate banking, treasury, trade services and financial advisory to its ever-expanding clients. In 2009, the Bank underwent a strategic repositioning exercise which culminated in a decision to operate as a commercial Bank with regional authorization in South-South Nigeria, South-West Nigeria, Lagos and Abuja in 2011. However, in 2015, the bank was granted a national banking licence by the Central Bank of Nigeria. Wema Bank offers a range of retail and SME banking, corporate banking, treasury, trade services and financial advisory services to its numerous customers. The Bank operates a network of over 140 branches and service stations across Nigeria, backed by a robust ICT platform. For more information, visit www.wemabank.com