Central Bank of Nigeria Adopts IFSB Standards for Shariah-Compliant Financial Services Sector

The Central Bank of Nigeria (CBN) adopted the Islamic Financial Services Board (IFSB) Standards 4, 15 and 16 on disclosure requirements, capital adequacy computation, and the supervisory review process for non-interest banking in the country, according to Alhaji Ahmed Abdullahi, Director of the Banking Supervision Department of the CBN.   

During a workshop with stakeholders from the non-interest banking sector as well as other financial institutions, Ahmed Abdullahi noted that the adoption of IFSB standards would bolster the capital adequacy and risk-management processes of the sector.

The CBN has issued numerous circulars and recommendations for the governing and supervision of non...