IslamicFinance.de

The Islamic Development Bank is set to invest $98 million (N19.5bn) in the educational project which will be implemented in nine Nigerian states. Ahmad Ali, who led the bank executives to host the meeting with the Emir of Kano on Saturday, September 19, in Saudi Arabia, said that this project had been successful in Niger and Chad republics where the Madrasa and Quranic schools were worked upon in such a way that it facilitated the graduates of the schools to enrol in public schools. The establishment of this program will help Nigeria overcome some of its education challenges like illiteracy. He said the board of the bank has approved the investment and is awaiting the final approval from Nigerian authorities.

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.