Waiting for Islamic Banking (by Nigeria Central Bank Governor)
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Lamido Sanusi, the new Central Bank governor said of Islamic banking: “It is important we make sure that people don’t say they are offering Islamic banking while they are actually running conventional banking. You need the knowledge of the modern banking and of Islamic banking in Malaysia, the Arab World, and Pakistan to be on the committee. “The services would be available to Muslims and non-Muslims. It is not a religion, it is a product available to the public. If things are set in place, I would be in support”.
The Central Bank of Nigeria (CBN) terms Islamic banking, “non-interest banking”. According to the CBN, a non-interest bank means a bank which transacts banking business, engages in trading, investments and commercial activities, as well as the provision of financial products and services, in accordance with the principles and rules of Islamic commercial jurisprudence.
