Central Bank releases guidelines on Sharia banking
Conventional banks and other financial institutions can offer or sell Sharia-compliant products and services through subsidiaries or branches. The Central Bank of Nigeria (CBN) said that such non interest subsidiary shall be established in line with the licencing requirements for the establishment of a fully fledged non-interest bank or financial institution.
The guideline covers banks or subsidiary, microfinance banks or subsidiary, development finance institutions, primary mortgage institutions and finance companies registered to offer such services.
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