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Islamic Finance Briefing - Categorized | Banking, Compliance, Tax, Legal, Regulatory more

Row over CBN ‘Sharia’ clause in banking rule

Posted on 23 May 2011

A major legal battle in the banking sector is on the way, no thanks to the new guideline on Non-Interest Financial Institutions (NIFI) by the Central Bank of Nigeria (CBN).
The guideline, which became operational on January 13, 2011, and signed by the Acting Director, Financial Policy and Regulation Department of the apex bank, Chris.O. Chukwu, introduced religion into Nigerian banking, contrary to the Banks and Other Financial Institutions Act 1991 (as amended)……………………………………….Full Article: Source

 
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