2015-02-20 | FPR/DIR/GUI/NIB/01/001

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

The document outlines the guidelines for the establishment and functioning of the Financial Regulation Advisory Council of Experts (FRACE) in Nigeria. FRACE is an advisory body that ensures compliance with Islamic principles in the operations of Non-Interest (Islamic) Financial Institutions (NIFIs). It advises the Central Bank of Nigeria on matters of Islamic commercial jurisprudence and has duties including endorsing new products, resolving disputes, and providing expert opinions. Members of FRACE are appointed for two-year terms and must possess expertise in Islamic jurisprudence and finance.

Nigeria

Central Bank of Nigeria

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