Regulatory Alerts2026-08-27
Added · Updated
Rules on Shariah Advisory Services for Non-Interest Capital Market Products and Services
Issuers, fund managers, and capital market operators providing Shariah-compliant products must appoint a registered Shariah Adviser and notify the Commission within five business days of the appointment. Individual applicants require a Bachelor's degree in Shariah or CSAA certification, English and Arabic literacy, and either two years of Islamic finance experience or one year plus five relevant courses, alongside evidence of a minimum net worth of ₦500,000. Corporate applicants must employ two sponsored individuals, maintain a minimum paid-up capital of ₦50 million, and secure a fidelity bond representing 20% of paid-up capital. Shariah Advisers are prohibited from serving more than one registered Islamic Fund Management Company offering Islamic products without prior approval but are exempt from appointing compliance officers if solely offering Shariah advisory services.
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