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Africa Finance Corporation (AFC), a pan-African development finance institution, has issued its maiden Sukuk as the first Sukuk to be issued by an African supranational entity. The initial target of US$100 million was more than twice oversubscribed, resulting in the transaction being upsized to US$150 million and a final order book of approximately US$230 million. The privately placed Murabaha Sukuk has a three year tenor and will mature on 24 January 2020. Emirates NBD Capital, MUFG and RMB acted as Joint Bookrunners and Joint Lead Managers with Emirates NBD Capital also acting as the Sole Global Coordinator. Andrew Alli, President and CEO of AFC, said this Sukuk represents a milestone for AFC and helps to diversify its portfolio to continue delivering real impact across the continent.

Nigeria-based Jaiz International Bank has won three awards at the 6th Global Islamic Microfinance Forum (GIMF) organised by Centre of Islamic Banking and Economics in Nairobi, Kenya. The organisation and its associated institutions, Jaiz Charity and Development Foundation, Jaiz Takaful Insurance, Jaiz Zakat and Waqf Trust Fund won the awards. The awards are Lifetime Achievement Award bestowed on the Chairman of Jaiz Foundation, Alhaji Umar Abdul-Mutallab, CON; Best Corporate Social Responsibility Award to Ambassador Adamu Babangida Ibrahim, Director General/CEO, Jaiz Charity and Development Foundation and The Best Rising Islamic Microfinance Personality Award was awarded to the Managing Director of Jaiz Takaful Insurance, Mr. Momodou Musa Joof.

Africa Finance Corporation (AFC) has announced its acceptance of a US$50 million 15 year line of financing, with a 13 year six month repayment period, from the Islamic Development Bank (IDB). The funds will be used to finance projects located across the numerous African IDB member countries. The projects will be structured in a way that is compliant with Islamic Finance, focusing particularly on infrastructural and agricultural projects that promote the economic and social development of the communities concerned. AFC’s agreement with the IDB also establishes an intercontinental relationship, which may lead to further collaboration between African and Middle Eastern institutions in the future.

Nigeria’s Jaiz Bank has doled out N500 million to charity through its Jaiz Foundation. Mallam Ismail Adamu, the Group Head, Public Sector of the bank said that the bank had a capital base of N42 billion as of June, 2015 and a customer base of 139,977 with 73 per cent of them Christians. Adamu, who represented the bank’s Managing Director, Muhammad Nurul-Islam, said that the bank in 2014 made a profit of N157 million. He said that the bank renders several services ranging from Deposit, Mobile banking, Automated Teller Machine (ATM), Internet banking and other Islamic services, while all haram (Illegal) money’s are given out to charity through Jaiz Foundation.

Jaiz Bank Plc has increased its branch network to fourteen with the opening of the Kano Kabuga branch within Bayero University. A statement from the Head, Corporate Communications of Jaiz Bank, Idris Salihu said more branches would come on board before the end of the year. Salihu also stated that the bank has raised its capital base from the initial N5 billion it started with in 2012 to over N11 billion and is currently working on increasing it by way of right issue. The Bank commenced operations with three branches in Abuja, Kaduna and Kano states in January, 2012 and soon added branches in Gombe, Maiduguri, Katsina and Gusau (Zamfara state), Bauchi. It has three branches in Abuja and four in Kano with the addition of Kabuga branch.

Jaiz Bank is now targeting a national license from the Central Bank of Nigeria (CBN) after having grown its capital base from N5 billion when it started operations last year to about N10 billion. The capital increase will enable the bank to apply for National Banking license from the CBN and thus position it to operate in all the States of the Federation. Besides, Jaiz bank has joined other commercial banks in the country in the processing of foreign exchange transactions. The bank will commence bidding for its BDC customers from all branches by the first week of September 2013. Moreover, it also commenced over the counter transactions of PTA and BTA sales at all its 10 branches.