Sterling Bank Obtains $15m Islamic Finance Facility

Sterling Bank Plc has attracted a $15 million facility from the Islamic Corporation for the Development of the Private Sector (ICD). The bank said the feat was in recognition of its contribution to the growth of Islamic banking in Nigeria and Africa barely four years after it commenced operations and its ability to use non-interest banking contracts to structure transactions in the most unique manner.

The facility was secured by the non-interest banking unit of the bank.

The ICD is a multilateral development financial institution and a part of the Islamic Development Bank (IsDB) Group.

The bank had in 2014 and 2015 also received a line of US$25 million from the International Islamic Finance Trade Corporation (ITFC) and US$30 million from the ICD. Both institutions are members of the Islamic Development Bank (IDB) Group. In the same vein, the Central Bank of Nigeria (CBN) has approved an array of innovative non-interest financial instruments in 2016 which will keep the franchise ahead of industry performance. ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies and encouraging cross border investments.