Regulatory Alerts2015-05-20 | FPR/DIR/CIR/GEN/05/004Circular to all Non Interest (Islamic) Financial Institutions on the Treatment of Hamish Al Jiddiyyah (Earnest Deposit)
The Central Bank of Nigeria issues a circular to standardize the treatment of Hamish Al Jiddiyyah (earnest deposits) by non-interest (Islamic) financial institutions in the country. The bank directs all such institutions to comply with the circular, which outlines the definition, treatment, and retrieval process of Hamish Al Jiddiyyah, aiming to ensure fair treatment of customers and alignment with international best practices. The circular also specifies the procedure for determining actual damages incurred by the institution in the event of a breach of promise by the customer.
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aml
payments
deposits