Modupe Gbadeyanka
By Modupe Gbadeyanka
An agreement has been signed between Suntrust Bank Nigeria Limited (SBN) and the Islamic Corporation for the Development of the Private Sector (ICD), the private arm of Islamic Development Bank Group (IDBG), on the establishment of a new non-interest banking window in SBN in Nigeria.
According to Mr Khaled Al-Aboodi, “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.”
CEO of SBN, Mr Muhammad Jibrin, stated that, “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.”
Business Post gathered that 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.
