2015-02-19 | FPR/DIR/GI/NIB/01/002

Guideline on the Governance of Advisory Committees 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. The ACE will operate as an independent body, advising on and endorsing policies, reviewing products and services, and providing checks and balances to ensure compliance with Islamic principles. All licensed NIFIs must establish an ACE, with members appointed by the institution's board and approved by the CBN, serving renewable four-year terms. The ACE will report to the NIFI's board and have access to necessary resources and information to perform its duties effectively.

Nigeria

Central Bank of Nigeria

Show thumbnail