IslamicFinance.de

According to Muhammad Jidda, Head Shari’ah Audit and Product Development, SunTrust Bank Nigeria, Fintech is a viable platform that can be leveraged to boost Islamic Finance in Nigeria. According to him, the pathway is harnessing the various spheres of Fintech and Digital banking to grow the market with innovative products and offerings. Providing further insight he said the Covid 19 pandemic made it imperative to deploy a digital technology strategy for financial services, and fintech was the way to go. He noted that through Fintech a lot of awareness and sensitization can be created on Islamic Finance, through the digital and mobile platforms across the country, which could have a wider reach to people in the rural communities.

SunTrust Bank #Nigeria has signed an agreement with the Islamic Corporation for the Development of the Private Sector (ICD) to establish a new non-interest banking window. The two institutions said they were determined to collaborate in order to establish a window that incorporates non-interest banking products and services in Nigeria. The CEO of SunTrust Bank, Mr Muhammad Jibrin, noted that the new offering is expected to attract investors from within and outside the country. On his part, Mr. Khaled Al-Aboodi of the ICD said he was looking forward to strengthening mutual efforts in establishing the non-interest window and promoting Islamic finance.