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Islamic Development Bank

More than six years after Nigeria’s former CBN governor, Lamido Sanusi, touted Islamic banking in Nigeria, Islamic Development Bank, the biggest corporation promoting the banking model has finally opened for business in Nigeria.

The bank was declared open yesterday by the Minister of Finance, Ms. Kemi Adeosun. IsDB now has a Country Gateway Office, GCO in Abuja.

The official opening ceremony is to take place in Abuja. Abdullah Kiliaki, the Director of the CGO said “One of the goals of IsDB’s 10 year strategy is to increase its operations in its member countries. The inauguration of the CGO is an important milestone in forging stronger partnership with the government and people of Nigeria”

Nigeria signified its membership of the banking group when in 2005 Nigeria paid for its membership subscription with about USD3,4 million.

The IsDB was established by the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in Dhul Q’adah 1393H, corresponding to December 1973.

IsDB has about 56 countries who are mainly participating countries and subscribed members to the association. It is main aim is to support developmental projects with Islamic finance with focus on providing capital for businesses in member countries that are compliant to its rules.

Nigeria already has several companies such as Lotus Capital and others who are providing Islamic finance to companies and individuals. The presence of IsDB in the country will further see a boost in funding to such banks and investment funds.

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