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Islamic banking gaining foothold in Nigeria

Posted on 31 January 2011

From Arabnews.com: The banking sector in Nigeria, Africa‚Äôs most populous country, has hardly had time to digest the “Guidelines on Shariah Governance for Non-interest Financial Institutions in Nigeria” and the “Framework for the Regulation and Supervision of Institutions Offering Non-interest Financial Services in Nigeria” published by the Central Bank of Nigeria (CBN) on Dec. 31, 2010 and Jan. 12 2011.

The regulator has already been forced to defend its action of introducing Islamic banking into the country. The objective of the framework, according to the Nigerian banking regulator, is to provide minimum standards for the operation of institutions offering non-interest banking and financial services in Nigeria…………………………………….Full Article: Source

 
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