L
LequteMan
Guest
Nigeria- The Central Bank of Nigeria in a document released yesterday has set guidelines for an advisory body concerning the oversight and regulation of Non-interest (Islamic) Finance Institutions (NIFIs) in Nigeria.
The body, termed the Financial Regulation Advisory Council of Experts (FRACE) will advise the CBN on matters relating to Islamic commercial jurisprudence for the effective regulation and supervision of NIFIs in Nigeria.
"The FRACE shall be established as an expert advisory organ to advise the CBN on matters of Islamic commercial jurisprudence as they relate to the operations of NIFIs," it said, adding that membership shall be on a part-time basis for a term of two years, which can be renewed after a satisfactory performance.
The FRACE shall comprise a minimum of five (5) members: Special Adviser to the Governor on Non-Interest Banking shall be a member, while the Director, Financial Policy and Regulation Department shall serve as the Secretary
A member is expected to have sound knowledge in the philosophy of Islamic law, read, write and also be able to speak Arabic and English languages and also be exposed in the field of business, economics or finance especially Islamic Finance.
The FRACE is also expected to give expert opinion and assistance on non interest (Islamic) banking and finance matters referred to it by other regulatory agencies in the Nigerian financial system, which shall include but not limited to: the Nigeria Deposit Insurance Corporation (NDIC), the Securities and Exchange Commission (SEC), the National Insurance Commission (NAICOM), the National Pension Office (DMO);
#Nigeria #IslamicBanking
The body, termed the Financial Regulation Advisory Council of Experts (FRACE) will advise the CBN on matters relating to Islamic commercial jurisprudence for the effective regulation and supervision of NIFIs in Nigeria.
"The FRACE shall be established as an expert advisory organ to advise the CBN on matters of Islamic commercial jurisprudence as they relate to the operations of NIFIs," it said, adding that membership shall be on a part-time basis for a term of two years, which can be renewed after a satisfactory performance.
The FRACE shall comprise a minimum of five (5) members: Special Adviser to the Governor on Non-Interest Banking shall be a member, while the Director, Financial Policy and Regulation Department shall serve as the Secretary
A member is expected to have sound knowledge in the philosophy of Islamic law, read, write and also be able to speak Arabic and English languages and also be exposed in the field of business, economics or finance especially Islamic Finance.
The FRACE is also expected to give expert opinion and assistance on non interest (Islamic) banking and finance matters referred to it by other regulatory agencies in the Nigerian financial system, which shall include but not limited to: the Nigeria Deposit Insurance Corporation (NDIC), the Securities and Exchange Commission (SEC), the National Insurance Commission (NAICOM), the National Pension Office (DMO);
#Nigeria #IslamicBanking
