2015-02-20 | FPR/DIR/GUI/NIB/01/002

Guideline on the Governance of Advisory Council of Experts for Non-Interest (Islamic) Financial Institution in Nigeria

The Central Bank of Nigeria (CBN) has issued guidelines for non-interest (Islamic) financial institutions under its purview to establish an "Advisory Committee of Experts" (ACE) to ensure compliance with Islamic commercial jurisprudence principles. The ACE will operate independently, advising on and endorsing policies, reviewing products and services, and providing checks and balances. Licensed NIFIs must appoint qualified ACE members, approved by the CBN, for renewable four-year terms, ensuring they meet integrity and competence standards. The ACE reports to the NIFI's Board and MD/CEO, documenting and disseminating decisions and opinions, while maintaining confidentiality and independence.

Nigeria

Central Bank of Nigeria

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