Regulatory Alerts2022-01-27 | FPR/NIB/PUB/CIR/001/038Compendium of Resolutions of the Financial Regulation Advisory Council of Experts (FRACE) Series 1
The document outlines the resolutions of the Financial Regulation Advisory Council of Experts (FRACE) of the Central Bank of Nigeria, providing guidance on Shariah-compliant practices for non-interest financial institutions (NIFIs). It covers various issues, including administrative charges, commission on turnover, contract modifications, and investment products. The FRACE emphasizes the importance of transparency and consent in contractual agreements to ensure Shariah compliance. The council also addresses the use of reserves, disclosure requirements, and the treatment of non-permissible income. The document concludes with a list of FRACE members and their designations.
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