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CBN stirs fresh dust over Islamic banking

Posted on 27 June 2011

The plan by the Central Bank of Nigeria (CBN) for Islamic banking in the country notwithstanding the opposition in some quarters has taken a new dimension with the pronouncement of N10 billion capital base requirement for any Islamic bank applying for licence to operate nationwide even as it further announced N5 billion capital requirement for an Islamic banking licence for regional operations.
The CBN explained that it has the power to license Islamic banks in the country as stated in the CBN Act and Bank and Other Financial Institutions (BOFIA), duly passed into law by the National Assembly………………………………………..Full Article: Source

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