SunTrust, ICD Sign Agreement To Establish Non-interest Banking Window

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By Bukola Idowu, Lagos
In a bid to diversify its product offerings, SunTrust Bank Nigeria Limited 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 and facilitate information and expertise exchange in order to develop effective cooperation to finalise the project and establish a window that incorporates non-interest banking products andservices in Nigeria.
Managing director and chief executive officer of SunTrust Bank, Mr Muhammad Jibrin, noted that the new offering is expected to attract investors from within and outside the country.
He said, “We realise the many benefits of our close collaboration by establishing the new window.
“We will diversify our banking offer and will attract investors, not only from Nigeria, but also from the Islamic Development Bank Group member countries, and we consider ICD as our strategic partner in those countries”.
On his part, Mr. Khaled Al-Aboodi of the ICD said, “We look forward to strengthening mutual efforts in establishing the non-interest window and move a step forward in achieving one of ICD’s main objectives to promote Islamic finance in our member countries”.