Non-interest financial institutions strategic to Nigeria’s economic growth — CBN

The Central Bank of Nigeria, CBN, has reaffirmed the relation of Non-Interest Financial Institutions, NIFI’s, successful Nigeria’s fiscal system, noting they proceed to play an progressively strategical relation successful providing ethical alternatives to accepted finance.

The apex bank, astatine an Interactive Session betwixt the CBN Financial Regulation Advisory Council of Experts, FRACE, and the Advisory Committees of Experts, ACE, of Non-Interest Financial Institutions, recommitted to strengthening Shariah governance, regulatory clarity, and hazard absorption successful the non-interest fiscal services industry.

A connection by the bank’s firm communications table said the Deputy Governor, Financial System Stability, Mr Philip Ikeazor, described the league arsenic a strategical level for deepening the credibility, resilience, and soundness of the non-interest fiscal services industry.

Mr Ikeazor noted that the engagement builds connected the instauration laid during the inaugural league and reinforces the Bank’s beardown committedness to sustaining a sound, credible, and resilient non-interest fiscal strategy anchored connected robust governance, effectual compliance, and prudent hazard management.

The Deputy Governor, however, observed that arsenic the manufacture grows successful size, sophistication, and interconnectedness, it faces unsocial risks, peculiarly non-compliance risk, governance challenges, operational vulnerabilit...