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Finance | Islamic Finance

Islamic Finance Market Weekly Review September 19th-23rd, 2022

Sep 26, 2022   •   by Opeyemi Aranseoluwa   •   Source: WebTV   •   eye-icon 226 views

For September 19 to September 23, 2022, there were some key developments in the Global, Regional and Nigerian Islamic Finance Market.


Some of the key developments include: 

 

Jaiz Bank Plc Appoints Dr. Sirajo Salisu as MD/CEO

Jaiz Bank notified the Nigerian Exchange Limited (NGX) and the General Public that the Central Bank of Nigeria had approved the appointment of Dr. Sirajo Salisu as the Managing Director/CEO of the Bank. His appointment would take effect from October 16, 2022, following the retirement of the incumbent MD, Mallam Hassan Usman.

 

Before this appointment, Dr. Sirajo was the Executive Director of Business Development North. He is a Certified Risk Manager (CRM), Fellow Institute of Credit Administration (FICA) and Honorary Senior Member Chartered Institute of Bankers of Nigeria (CIBN).

 

ICIEC Has Disbursed $66.13bn in Trade Since Inception

Since its inception, the Islamic Corporation for the Insurance of Investment and Export Credit, ICIEC, has disbursed $66.13bn in trade.  The CEO of ICIEC, Oussama Kaissi, disclosed this at a recent international summit in Istanbul, Turkey.

 

According to him, ICIEC also supported Foreign Direct Investments, FDI to the tune of $17.18bn. Based on its role of providing political and commercial risk insurance and reinsurance, it reported that businesses in 2021 were covered to the tune of $9.79bn.

 

ITFC Supported Trade Finance for IsDB Member Countries with $1.5bn in 2021

The International Islamic Trade Finance Corporation, ITFC, an autonomous entity within the Islamic Development Bank Group, announced last week that it rolled out US$1.5bn to support trade finance for IsDB member countries in 2021.

 

Engr Hani Salem Sonbol, CEO of ITFC, revealed this in the latest statement on the organization's activities, especially its current 10-year strategy implementation plan.

 

How Non-Interest Finance Can Address Nigeria's Socio-Economic Challenges

Beyond road infrastructure financing, human capital development, financial inclusion, and information and communication technology are other critical areas in non-interest finance that can address Nigeria's socio-economic challenges. Mr. Mohammed Mustapha Bintube, Chairman/CEO of Buraq Capital Limited and the pioneer MD of Jaiz Bank Plc, made this point while discussing "Emerging Trends in Islamic Finance and Implications for the Nigerian Economy."

 

He said the activities in the non-interest finance market, from banking to insurance, have developed a robust ecosystem that has catalyzed socio-economic activities and created jobs in the country.

 

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