IslamicFinance.de

According to Imam Abdul-Wahab Saadudeen, the Banking and Other Financial Institutions Act (BOFIA) should be reviewed to enhance Nigeria's Islamic banking industry. He believes the regulatory bodies must take into cognizance the principles of Islamic Finance to create an enabling environment for its growth in Nigeria. The Islamic scholar noted that over the years, the Islamic Banking legal framework has not been reviewed to reflect the developments taking place now. He made a strong call for a competent Sharia Advisory Board to ensure that Islamic Banks and Financial Institutions are not exposed to avoidable systemic risks. He also called for more clarity in Islamic Banking because it seeks to boost financial inclusion, achieve sustainable development and economic prosperity for all Nigerians.