CBN Predicts Growth in Shariah-Compliant Banks in Nigeria

The Central Bank of Nigeria (CBN) announced the anticipated increase of shariah-compliant banks, citing their positive impact on the nation’s economy and citizens.
CBN Governor Mr. Olayemi Michael Cardoso, represented by Director of Legal Services Mr. Kofo Salam-Alada, made this statement on Sunday in Abuja during a reception honoring Dr. Umar A. Oseni, Secretary-General of the Organisation of Islamic Cooperation Arbitration Centre (OIC-AC).
Salam-Alada noted that initial skepticism surrounded the introduction of shariah banking, but those with a pragmatic outlook supported its development. He emphasized that the initiative was never aimed at Islamizing Nigeria or its financial sector.
Salam-Alada highlighted the contributions of banks like Jaiz, Tajj, and Alternate Bank, noting their widespread influence on businesses across Nigeria. He mentioned ongoing and future projects funded by Sukkuk, aiming to extend financial services to the grassroots.
Dr. Oseni responded by outlining the OIC Arbitration Centre’s role in resolving investment, commercial, and financial disputes among its 57 member countries globally.
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