The International Islamic Liquidity Management Corporation ( IILM ) has onboarded Jaiz Bank as its first primary dealer from Nigeria and the first from the African continent.

Jaiz Bank, Nigeria’s first and leading full-fledged non-interest ( Islamic ) bank, becomes the fourth institution to join the IILM’s primary dealer network this year, further strengthening the organization’s global distribution capabilities and market reach. This brings the total number of primary dealers in the IILM’s network to 16.

The appointment reinforces the IILM’s commitment to supporting the development of robust Islamic liquidity management tools across emerging and frontier markets. Jaiz Bank’s entry also underscores the growing demand for high-quality global Shariah-compliant liquidity instruments in Africa’s fast-expanding Islamic finance landscape.

Commenting on this milestone, IILM chief executive officer Mohamad Safri Shahul Hamid says: “The admission of Jaiz Bank as the IILM’s first primary dealer from Nigeria and the first from the African continent marks a landmark moment for the organization. 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 sukuk, deepening our footprint across 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 Shariah-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 also expected to broaden the IILM’s investor base, enhance the distribution of our highly rated cross-border instruments, and contribute to greater depth and liquidity in the secondary market. These advancements will help improve liquidity flows, promote financial inclusion, and ultimately strengthen the foundations of Islamic finance across Africa.

In his remarks, Jaiz Bank managing director Haruna Musa says: “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 sukuk, we will be able to offer stronger liquidity solutions to financial institutions in Nigeria and neighbouring markets.”

Nigeria is home to one of the fastest-growing Islamic finance markets in Africa. With rising investor appetite, deepening 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 cements Nigeria’s role as a key contributor to the development of the international Islamic finance ecosystem, the IILM says.