20.01.2011 - Nigeria: CBN gives fresh conditions for Islamic banking
From Allafrica.com: The Central Bank of Nigeria (CBN) has directed that all Non-Interest Financial Institutions (NIFIs) desiring to operate in the country to carry out an internal Shariah audit on a periodic basis, to examine and evaluate the extent of compliance with Shariah rules. In a circular titled: "Framework for the Regulation and Supervision of Institutions Offering Non-Interest Financial Services in Nigeria," the CBN said all licensed NIFIs shall have an internal Shariah compliance review mechanism and a Shariah Advisory Committee (SAC) as part of their governance structure..............................................Full Article: Source
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