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Jaiz Bank Plc has secured a $25 million shariah-compliant line of financing (LOF) from Islamic Corporation for the Development (IsDB) of the private sector to support small and medium scale enterprises in Nigeria.
Ayman Sejiny, the Chief Executive of the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of IsDB Group, and Hassan Usman, the Managing Director and Chief Executive of Jaiz Bank, signed the $25 million LOF agreement to support the SMEs in Nigeria,a statement said.
Of the total sum of US$25 million funds provided, US$10 million is allocated under the ICD’s US$ 250 million COVID-19 support package to help the private sector affected by the pandemic by leveraging on the expertise of the banking system of its member countries.
According to the statement,ICD’s line of financing facility will help expand Jaiz Bank’s customer base by the provision of Shariah-compliant financing in response to a growing demand for Islamic finance to support, among others, COVID-19 affected projects and industries, the statement reads.
Ayman Sejiny, was quoted to have said that:“Continuous cooperation between ICD and Jaiz Bank, the pioneer in Islamic banking in Nigeria, will result in easier access by SMEs to Shariah-compliant financing that will meet their funding needs, as well as assist in keeping businesses open and preserving jobs, which is in line with ICD’s commitments to help the Nigerian economy to overcome the adverse impact of the COVID-19 pandemic and strengthen financial inclusion.
“We have no doubt that this line of financing facility will provide much-needed support to private sector businesses including those which have been affected by the pandemic.”
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