ICD, SunTrust Bank Sign Agreement on Non-interest Banking

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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) have signed an agreement to establish a new non-interest banking window in the Nigerian commercial bank.

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

The CEO of SBN, Mr. Muhammad Jibrin said: “We realised 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.”

The ICD is a multilateral organisation 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 Sharia.

On the other hand, SunTrust Bank recently commenced operation in Nigeria. 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.