| The Central Bank of Nigeria (CBN) plans to issue its first sovereign sukuk within the next 18 months in a move aimed at boosting Islamic banking in Nigeria’s economy, its governor, Sanuis Lamido Sanusi said on Monday.
Sukuk is an Islamic financial certificate, similar to a bond in Western finance, that complies with Sharia, Islamic religious law. Because the traditional Western interest paying bond structure is not permissible, the issuer of a sukuk sells an investor group the certificate, which then rents it back to the issuer for a predetermined rental fee..............................................Full Article: Source
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