Nigeria, Dec. 8 -- Nigeria's Jaiz Bank says it has become the first financial institution in Africa to join the International Islamic Liquidity Management Corporation's (IILM) network of primary dealers, after signing an agreement during a CBN-IILM liquidity management conference in Abuja.

The bank disclosed this in a statement by its management on Sunday.

The move gives the non-interest lender access to the IILM's short-term, investment-grade sukuk, which Islamic banks use to manage liquidity in the absence of interest-bearing assets permitted in conventional finance.

Several central banks established the IILM to offer high-quality Shariah-compliant instruments, similar to Treasury bills, which are scarce in many jurisdictions.

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