Suntrust Bank, ICD to Introduce Noninterest Product

Nigeria’s first financial technology commercial bank, Suntrust Bank Nigeria Limited (SBN), has finalised deal with Islamic Corporation for the Development of the Private Sector, (ICD ) to woo customers with a non-interest banking product to be added to its array of offerings in the market.

The decision was reached just as ICD, which is a private arm of Islamic Development Bank Group (IDBG) and the fintech bank inked an agreement to establish a new non-interest banking window via SBN in Nigeria.

The Chief Executive Officer of ICD, Mr. Khaled Al-Aboodi noted that in line with ICD’s mandate to support economic development and promote the development of the private sector in its member countries by providing financial facilities and investments, the two institutions were determined to collaborate and facilitate information and expertise exchange in order to develop effective cooperation to implement the project and establish a window that incorporates non-interest banking products and services in Nigeria.

“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”, he stated.

Chief Executive Officer of SBN, Mr. Muhammad Jibrin, added , “We realise 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.”