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Nigeria: All clear for Islamic banking

Posted on 26 April 2011

Non-interest banking, practised mainly by Islamic banks, will soon debut in Nigeria following Central Bank of Nigeria’s release of the operational framework for its operation.
If any group of people was so passionately excited about the appointment of Malam Sanusi Lamido Sanusi as governor of the Central Bank of Nigeria, CBN, it was protagonists of non-interest banking, NIB. Non-interest banking, practised mostly by muslims and otherwise called Islamic banking, discourages interest on loans; instead, it promotes risk-sharing between the bank and its customers. It also discourages excessive speculation……………………………………….Full Article: Source

 
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