ISLAMIC BANK, SUNTRUST BANK NIGERIA DEAL FOR NON-INTEREST BANKING WINDOW

JEDDAH, Saudi Arabia – 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.”