30.06.2011 - CBN and Islamic banking: Matters arising
The approval given by the Central Bank of Nigeria (CBN) for the operation of Islamic banking in the country is generating disquiet in the polity. Reasons for this are not difficult to fathom. Until now, Islamic banking, also known as Sharia banking, was a little known non-interest mode of banking alien to the conventional banking system widely accepted in the country. Besides, its operation and framework are strictly based on Islamic law of economics with its peculiar rules and regulations that forbid financial speculation and other risk-taking common with conventional banking..............................................Full Article: Source
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