IslamicFinance.de

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.

The InNyx Centre for Microfinance Development (ICMD) is a UK non-profit making organisation and our main activity is the promotion and development of microfinance banks in Sub-Saharan Africa. The ICMD has recently completed a scoping study for the establishment of a Greenfield microfinance "Sharia compliant" banking institution and is looking for strategic investors currently.

Mustafa Abubakar reported in Daily Trust / Allafrica on 28 January that, The Kwara Commercial Micro Finance Bank is to offering Shari'ah compliant services and was officially commissioned in Ilorin on 27 January.

The bank will also offer other conventional banking services such as Micro loan, pay plus, small business loan and agricultural loan. The director of the bank Olayinka Blackshear said the state Governor Dr. Bukola Saraki in partnership with other interests took the initiative to facilitate the incorporation of the bank, in a bid to boost grassroots economy.

Chris Agabi reported on 16 January on allAfrica about the discussions held at the Lotus Capital Seminar series. Professor Mohamed L. Bashar, an Islamic finance and economics lecturer and a board member, Lotus Capital Limited has advocated for a defined regulatory framework to support the growth of Islamic finance in Nigeria, while the guest speaker Professor Monzer Kahf, and Chairman of the Sharia Advisory Board of Lotus Capital, noted that legislation may not necessarily be the biggest impediment but political will - legislation for the conventional financial system does not generally affect Islamic finance.