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Sterling Bank Plc says it has attracted a $15 million facility from the Islamic Corporation for the Development of the Private Sector, a multilateral development financial institution and a part of the Islamic Development Bank Group.
In a statement on Monday, the lender said the development was in recognition of its contribution to the growth of Islamic banking in Nigeria and Africa. Sterling Bank had in 2014 and 2015 also received a line of $25 million from the International Islamic Finance Trade Corporation and $30 million from the ICD, respectively.
Both institutions are members of the Islamic Development Bank Group. In a related development, the lender said the Central Bank of Nigeria had approved an array of innovative non-interest financial instruments in 2016 which would keep the franchise ahead of industry performance.
