The Non-interest banking unit of Sterling Bank Plc has attracted a $15 million facility from the Islamic Corporation for the Development of the Private Sector (ICD), a multilateral development financial institution and a part of the Islamic Development Bank (IsDB) Group.
The facility was granted in recognition of its contribution to the growth of Islamic banking in Nigeria and Africa barely four years after it commenced operations and its ability to use non-interest banking contracts to structure transactions in the most unique manner.
It would be recalled that the Bank in 2014 and 2015 also received a line of US$25 million from the International Islamic Finance Trade Corporation (ITFC) and US$30 million from the ICD.
Both institutions are members of the Islamic Development Bank (IDB) Group.
