IslamicFinance.de

The Central Bank of Nigeria is going to re-issue guidelines on non interest banking. The purpose of this is to cater for other variants of profit and loss sharing banking. The statement came from Sanusi Lamido Sanusi, CBN Governor.

Nigeria plans to license at least two Islamic financial institutions by the end of the year and is getting assistance from Malaysia to expand its sharia-compliant industry, in a nation where 70 percent of people have no access to regular banking services.
Central Bank of Nigeria governor Lamido Sanusi said this month that as many as three non-Islamic banks had expressed interest in opening sharia-compliant “windows”.

Maje T. Sanusi reported in the Triumph Newspaper on 24 Marcht about the Micro-Finance Investors Forum organized by the Central Bank of Nigeria (CBN) and held in Kano. The Principal of Oasis Associates, Malam Ahmad Dogara has called for Islamic Micro financing in the Nigeria’s banking system.

According to Les Afriques the Central Bank of Nigeria is circulating a draft of their regulation for Sharia compliant financial institutions.