Despite the modest progress made in the institutionalisation of non-interest banking in the country, the Central Bank of Nigeria (CBN) has disclosed that the absence of Islamic insurance to protect investments of such banks against unforeseen hazards could impair the growth of the Islamic banking industry.
Governor of the apex bank, Mallam Sanusi Lamido Sanusi, delivering a keynote address, on Wednesday in Yola, the Adamawa State capital, at the 16th CBN seminar for Finance Correspondents and Business Editors, listed the odds against the new banking model to include limited knowledge of accounting and auditing standards pertinent to Islamic financial institutions……………………………………….Full Article: Source