Standard Bank to start sharia services in Nigeria this year
Standard Bank wants to begin haria-compliant banking in Nigeria this year to benefit from the needs of Africa’s largest Muslim population.
The west African country has as competitors Senegal, Egypt and South Africa, all looking to expand in the $1 trillion (R7.1 trillion) Islamic finance industry.
Central bank governor Lamido Sanusi stated in June that Nigeria wanted to be a “hub” for sharia-compliant finance in the region and planned to sell its first sukuk, or Islamic bond, within 18 months.
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