IslamicFinance.de

The Central Bank of Nigeria (CBN) has directed that all Non-Interest Financial Institutions (NIFIs) desiring to operate in the country to carry out an internal Shariah audit on a periodic basis, to examine and evaluate the extent of compliance with Shariah rules.
The guideline stipulates that a non-interest bank with regional banking authorization shall be entitled to carry on its banking business operations within a minimum of six (6) and a maximum of twelve (12) contiguous states of the federation, lying within not more than two (2) geo-political zones, as well as within the Federal Capital Territory (FCT).