IslamicFinance.de

The Central Bank of Nigeria (CBN) has finalised plans to opt for a centralised approach to regulate Islamic Banking in Nigeria. The CBN will set up an advisory body,known as the Financial Regulation Advisory Council of Experts, that will oversee the industry in Nigeria. The council will be tasked with ensuring all banking products that are designated as Islamic conform to sharia principles. The advisory body will comprise a minimum of five members who will serve renewable two-year terms, and are restricted from working for any other financial institution supervised by the central bank. Moreover, the Council will be guided by the principles of sharia governance issued by the Malaysia-based Islamic Financial Services Board.