A $20 million Memorandum of Understanding (MoU) was inked between Jaiz Bank, Nigeria’s first non-interest bank, and the Islamic Corporation for the Development of the Private Sector.
At the 2024 Islamic Development Bank (IsDB) annual meetings in Saudi Arabia, an agreement signing ceremony was held.
The deal is intended to increase Jaiz Bank‘s capital basis, according to Haruna Musa, Managing Director and Chief Executive, who signed it on the bank’s behalf.
During the IsDB’s 2023 annual meetings, the Bank, the Nigerian government, and the International Trade Financing Corporation (ITFC) signed a $1 billion framework agreement. Remember that.
The MD of the Bank stated: “With the $20 million Tier 1 capital infusion into Jaiz Bank, we will be contributing stock to significantly boost our activities in Nigeria.
“We will be having additional N10.4 billion which will now propel Jaiz Bank’s capital base to about N29 billion, therefore surpassing the capital requirement by the CBN,” Musa said. “After the CBN announced for recapitalization, Jaiz Bank qualified capital base is about N18.7 billion and the requirements by the CBN are N20 billion for our categorization which is the non-interest Banks.”
