Last week, delegation from The Gambia met with Jaiz Bank Plc, Nigeria’s foremost non-interest bank, to discuss the fundamentals of funding agribusinesses.
The delegates were educated on different Islamic products and services, as well as how to structure financing in accordance with the dictates of Islamic Banking principles, by AlHuda Center of Islamic Banking and Economics (CIBE), a Consultant of the Islamic Development Bank (IsDB) Project for Islamic Microfinance in The Gambia, namely, “Small Ruminant Production Enhancement Project (SRPEP).”
The Gambia’s Ministry of Agriculture is in charge of implementing the SRPEP Program. Aspects of several finance products, including Murabaha, Service Ijara, Istisna, and Ijara wa Iqtina, were discussed during the knowledge sharing event. Managing Director Hassan Usman welcomed the visitors and told them that Jaiz Bank is ready to “exchange knowledge” with them throughout the visit.
The MD also told the trainees that Jaiz Bank had a long-standing relationship with The Gambia, which he promised will be maintained for the mutual benefit of the two institutions and, by extension, their respective countries. He recommended the trainees to concentrate on agricultural finance because Africa not only has fertile fields to invest in, but the sector is also growing.
Dr. Salisu Sirajo, Jaiz Bank’s Executive Director, Business Development, North, also spoke, advising them to focus on the market prospects rather than the size of the Gambia. Mr. Abdoulie Touray, Head of the Gambian Delegation and CPCU Project Coordinator, stated earlier that they were in Jaiz Bank to strengthen the existing relationship and to gain a better understanding of the workings and challenges of operating and financing businesses under Islamic Banking principles.
