The Islamic Society for the Development of the Private Sector has signed an agreement with Sun Trust Bank Nigeria (SBN), the first fully digital bank founded by billionaire Aliko Dangote.

The two institutions will combine their expertise and information to launch a digital Islamic banking service within SBN.

“By opening this new window, we will diversify our banking offer and attract investors not only from Nigeria, but also from member countries of the Islamic Development Bank Group, and we consider that the Islamic Development Corporation is our strategic partner in these country, ”said Muhammad Jibrin, CEO of Sun Trust Bank Nigeria.

The Islamic Development Corporation for the private sector is a multilateral organization, member of the Islamic Development Bank Group (IDB).

Its mandate is to support economic development and promote private sector development in its member countries by providing financing and investment facilities that are consistent with the principles of Shari’a (Islamic law).

Sun Trust Bank Nigeria had already marked African opinions, announcing its official launch, with the ambition to include nearly 40 million people in the financial system. The launch of a compartment entirely dedicated to Islamic fintech, will be presented as an additional innovation, in an African banking universe in full change

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