TVC E,BUSINESS – The Central Bank of Nigeria is empowering financial sector operators to grow Islamic banking in the country.
The apex bank is working with the Islamic Finance Services board to deepen the industry’s regulatory framework.
The CBN, introduced Islamic banking into the financial system years ago, to promote financial inclusion through alternative products.
The apex bank feels Islamic finance practice is growing rapidly across the world and Nigerian operators should be up to speed on contemporary trends.
It has now engaged the services of the Islamic Finance Service Board to actualize this aim.
The Islamic Financial Services Board is a Malaysian based international organization.
It issues guiding principles and standards for stability in the Islamic financial services industry.
Its presence in Nigeria is to help facilitate the country’s implementation of Islamic Financial Services Standards fifteen and sixteen.
The two standards center on the industry’s capital adequacy ratio and the supervisory review process.
The Islamic Financial Services Board rates Islamic Finance practice in Nigeria well.
It says the industry holds great promises for improvement as its awareness and acceptance grows in the country.
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