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Islamic banking: CBN, NDIC finalise regulatory framework
Written by Odidison Omankhanlen, Bauchi Monday, 13 December 2010
The stage is now set for the introduction of Islamic banking in the country.
This follows the conclusion of the regulatory framework and deposit insurance scheme by the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) respectively.
Islamic or non-interest banking is one of the specialist banking segments recognised in the new banking model recently introduced by the CBN, alongside investment banking, mortgage banking, microfinance banking, among others.
Speaking at the two- day workshop for business editors and finance correspondents, organised by the NDIC in Bauchi, at the weekend, the Special Assistant to the CBN Governor on Non-interest Banking, Dr Bashir Aliyu Umar, stated that the apex bank, in line with the new banking model, would formally introduce Islamic banking, adding that there were inherent advantages in the non-interest banking.
Umar pointed out that Islamic banking would bring about the much-needed finance for infrastructural projects in the country, noting that it would also impact positively on the economy.
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- ‘ Cases of rape rise to 84% in Nigeria’
- Dana air crash update: 23 aircrash victims’ families yet to receive compensation
- Mimiko inaugurates new Mother & Child hospital today
- N4.56b pension scam: Female accused hospitalised,trial stalled
- Construction workers hail FG’s decision on Lagos-Ibadan expressway
- Senate adjourns plenary for 1 week, dissolves to Appropriation committee.
- Blackout looms as Egbin power plant breaks down
- FMBN, NEXIM, BOA, IB lose N47bn in 6 months - CBN
- FirstBank wins Nigerian Bank of the Year award
- PDP tackles ACN over Tukur’s comments
- Electricity workers threaten strike over Wamakko
- ‘NDIC prosecuted 55 directors, staff of micro finance banks in 2011’
- Judgment in Oni’s appeal stalled, re-fixed for Jan 8
- Slain banker: Deceased had only 3 wounds -Accused’s father
- Appointments: S/West not marginalised —FCC
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