Nigeria’s Central Bank Centralises Regulation Of Islamic Banking

Nigeria’s Central Bank has become the latest regulator to opt for a centralised approach to Islamic Banking after it issued guidelines for an advisory body that will oversee the industry in the country.

Nigeria has the largest Muslim population in sub-Saharan Africa, virtually half of the country’s 170 million people.

The advisory body, known as the Financial Regulation Advisory Council of Experts, will be tasked with ensuring all banking products that are designated as Islamic conform to sharia principles.

The Central Bank guidelines, published on Friday, set out minimum requirements for the advisory body, which will comprise a minimum of five members including one of its official.

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