Abuja, Nigeria – 6 December 2025.
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. With this addition, the network now comprises 16 Primary Dealers worldwide.
The appointment reflects the IILM’s commitment to fostering 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 rapidly expanding Islamic finance industry.
Commenting on the milestone, Mohamad Safri Shahul Hamid, Chief Executive Officer of the IILM, stated:
“The admission of Jaiz Bank as the IILM’s first Primary Dealer from Nigeria and 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, strengthening our footprint in 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 expected to help broaden the IILM’s investor base, enhance the distribution of its highly rated cross-border instruments, and contribute to greater depth and liquidity in the secondary market. These developments will support more efficient liquidity flows, promote financial inclusion, and ultimately reinforce the foundations of Islamic finance across Africa.
In his remarks, Dr. Haruna Musa, Managing Director of Jaiz 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.”
He added: “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 and the wider region.”
Nigeria is home to one of Africa’s most dynamic Islamic finance markets. With rising investor appetite, strong 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 strengthens Nigeria’s role in shaping the development of the international Islamic finance ecosystem.
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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, enabling effective cross-border liquidity management for institutions offering Islamic financial services (IIFS).
Its Governing Board comprises the central banks and monetary agencies of Indonesia, Kuwait, Malaysia, Mauritius, Nigeria, Qatar, Türkiye, and the United Arab Emirates, along with the Islamic Corporation for the Development of the Private Sector.
Membership is open to central banks, monetary authorities, financial regulatory bodies, relevant ministries or government agencies, and multilateral organisations.
The IILM is headquartered in Kuala Lumpur, Malaysia.
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