Sterling Bank Obtains $15m ICL Facility

• Sterling Bank Obtains $15m ICL Facility

Sterling Bank Plc says it has attracted a $15m facility from the Islamic Corporation for the Development of the Private Sector, a multilateral development financial institution and a part of the Islamic Development Bank Group.

In a statement on Monday, the lender said the development was in recognition of its contribution to the growth of Islamic banking in Nigeria and Africa.

Sterling Bank had in 2014 and 2015 also received a line of $25m from the International Islamic Finance Trade Corporation and $30m from the ICD, respectively.

Both institutions are members of the Islamic Development Bank Group.

In a related development, the lender said the Central Bank of Nigeria had approved an array of innovative non-interest financial instruments in 2016 which would 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.

Sterling Bank noted that the ICD extended the facility to the bank “in view of its ability to use non interest banking contracts to structure transactions in innovative ways and the judicious use of past facility extended to it, adding that the fund would provide much needed liquidity to finance additional projects for the benefit of the public.”

While assuring that the bank would make good use of the facility extended to it, it also stated that the bank will continue to support the overall objectives of the ICD which is mainly to finance projects and provide a wide range of financial products and services.