The Islamic Corporation for the Development of the Private Sector (ICD), the private arm of Islamic Development Bank Group (IDBG), and Suntrust Bank Nigeria Limited (SBN), signed an agreement to establish a new Non-interest banking window in SBN in Nigeria.

The two institutions are determined to collaborate and facilitate information and expertise exchange in order to develop effective cooperation to finalize the project and establish a window that incorporates non-interest banking products and services in Nigeria.

On this occasion, Mr. Khaled Al-Aboodi, stated: “We look forward to strengthening mutual efforts in establishing the non-interest window and move a step forward in achieving one of ICD’s main objectives to promote Islamic finance in our member countries”.

Mr. Muhammad Jibrin, CEO of SBN said: “we realize the many benefits of our close collaboration. By establishing the new window, we will diversify our banking offer and will attract investors not only from Nigeria but also from the Islamic Development Bank Group member countries, and we consider ICD as our strategic partner in those countries.”

About the Islamic Corporation for the Development of the Private Sector (ICD)                    

ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments, which are in accordance with the principles of Shari’a. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information, visit www.icd-ps.org

About Suntrust Bank Nigeria Limited

SunTrust Bank is Nigeria’s first Financial Technology Commercial Bank. Its Financial Technology (FinTech) business model is based on limited physical branches and digital banking via various channels. SunTrust Bank grew from being one of the strongest Mortgage Banks in Nigeria into a full Commercial Bank obtaining a license from the Central Bank of Nigeria in August 2016.