The Nigerian government has secured Shariah-compliant financing for its Special Agro-Industrial Processing Zone (SAPZ) to Boost food security, underscoring the West African nation’s openness to utilizing Islamic financial instruments to support its economic endeavours.

According to the Islamic Development Bank, IsDB provides the US$150m line of financing. “The project can be crucial in pushing Nigeria’s economic recovery in the post-pandemic period.

Jaiz Bank Receives Approval from Shareholders to Raise N150bn Sukuk.

Last week, shareholders of Nigeria-based Jaiz Bank Plc (Jaiz Bank) gave unanimous approval to the bank’s Board of Directors to raise NGN 150bn (US$353.6m) through the issuance of Sukuk or Equity from the Nigerian capital market.

This was part of the decisions taken at the bank’s 10th Annual General Meeting in Abuja, Nigeria. 

AAOIFI Embarks on Digital Transformation and Automation Journey.

The Accounting and Auditing Organization for Islamic Finance Institutions, AAOIFI, has taken the initiative to leverage various technologies, applications and services to fully digitalize and automate its internal and external operations and processes.

This digital transformation exercise is part of AAOIFI’s push to achieve operational efficiency and optimum resource utilization for an enhanced value offering.

 It also plans to fully automate its operations as an organization within the following year.

Saudi Arabia will sell US$14.4bn worth of Sukuk in 2022.

According to Islamic market.com, Sukuk sales in the domestic market of the Kingdom of Saudi Arabia increased by 185% in 2022, compared to 2021, reaching US$14.4bn, or more than half of all domestic Sukuk sales worldwide, with the Saudi government alone selling more than 60% of it.