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Jaiz Bank explains $25m financing from Islamic Corporation.

Jaiz Bank Plc, Nigeria’s premier non-interest bank has confirmed a report that it secured a $25 million line of financing from the Islamic Corporation for the Development of the private sector (ICD) in February 2021 for onward disbursement to eligible small and medium enterprises in Nigeria.

In a notice at the Nigerian Exchange signed by Rukayat Dahiru Mrs, Company Secretary, the bank in a reaction to an online publication titled ‘Jaiz Bank gets $25m Shariah-complaint facility from Islamic Corporation’, said it had been in partnership with the ICD since 2018 when it was granted a $20m line of finance (LOF) to support small and medium enterprises in Nigeria.

“The bank having fully repaid the LOF secured additional $25 million LOF from ICD in February 2021 for onward disbursement to eligible SMEs in Nigeria,” it said.

The notice said the signing ceremony for the deal could not hold in February 2021 due to COVID-19  restriction, however, the formal agreement was signed on September 2, 2021 during the just concluded Islamic Development Bank (IsDB) annual meeting in Tashkent, Uzbekistan in which the Chief Executives of both organizations were in attendance, and they took the opportunity to formalise the agreement.

“The ICD is a multilateral development financial institution and a member of the IsDB Group. ICD was established in November 199 to support the economic development of its member countries through the provision of finance for private sector projects, and promotion of competition/entrepreneurship, while encouraging cross border investments,” the notice said.

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