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Jaiz Bank, Wema Bank and SunTrust Bank on Tuesday signed a Memorandum of Understanding (MoU) and secured a $50 million from Islamic Corporation for the Development of the Private Sector (ICD) for lending to small and medium scale business on profit sharing basis instead of the normal banking interest-based system.
The signing ceremony was held in Lagos on the occasion of the third Africa Islamic Finance forum. Under the terms of the MOU, SunTrust bank will get a financing of $10 million for lending purposes, Jaiz bank $20 million and Wema bank $20 million.
ICD is a multilateral organization and a member of the Islamic Development Bank (IsDB) Group. Its authorized capital stands at $2.0 billion, of which $1.0 billion is available for subscription with its shareholders consist of the IDB, 52-member countries, and five public financial institutions.
The mandate of ICD is to support the economic development of its member countries through provision of finance and equity investments to private sector projects in accordance with the principles of Islamic finance. The signing agreement was witnessed by Aliyu Ahmed who represented the Minister of Finance, Mrs. Kemi Adeosun.
Photo Caption: Jaiz Bank Logo
