Standard Bank Unit Gets License for Islamic Banking Operations in Nigeria
Stanbic IBTC Bank Plc (IBTCCB) was finally given approval by Nigeria’s central bank to provide Islamic banking services in Africa’s most populous nation.
Nigeria’s 150 million population is divided in an almost even way between Muslims and Christians, providing it with a market for Islamic banking products. The oppinion of Central bank Governor Lamido Sanusi ist that Nigeria wants to be a “hub of Islamic finance” in the region and plans to sell its first sukuk within 18 months.
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