CBN Announces Increase in Shariah-Compliant Banks


The Central Bank of Nigeria (CBN) has stated that additional Shariah-compliant banks will be established as a result of the benefits the sector has provided to the country’s economy and inhabitants. This was revealed by Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), at a reception hosted by his (Oseni) mentees, led by Hajia Rahmah Aderinoye, in honour of the recently appointed Secretary-General of the Organisation of Islamic Cooperation Arbitration Centre (OIC-AC), Dr Umar Oseni.

Cardoso, who was represented at the occasion by the CBN’s Director of Legal Services, Kofo Salam-Alada, stated that those who believed that introducing Shariah-compliant banks would Islamise Nigeria or introduce Islamic funding into the country’s economy had not seen and understood the benefits.

“Several years ago, the Central Bank of Nigeria (CBN) began a quest to introduce Islamic banking and financing in Nigeria. It occurred when a young man was named Governor of the CBN. However, most people were unaware that a church pastor was the first individual to pioneer the expedition. He was a part-time pastor when this journey began. So there was never an attempt to Islamize Nigeria or its financing. When the Prince (Emir Sanusi) arrived, he continued his voyage.

And that trip saw some of us, including one of you here today, sign transaction agreements that began the partnership with one institution that Dr. Umar Oseni led for nearly eight years,” Salam-Alada remarked.

Salam-Alada went on to say that the banks have already contacted not only states but everyone in Nigeria who does business with them in some capacity.



“I’m not advertising, but I can say we’re proud of Jaiz, Taj, and Alternate Bank, and I expect many more will follow. We are pleased to drive on roads financed by Sukuk in Nigeria, and more billions will follow.

So many items are on the way, and the Central Bank of Nigeria will not stop until funding reaches the grassroots,” the CBN director said.In his remarks, Oseni stated that the OIC-AC’s primary focus is on investment, commercial matters, and financial dispute resolution.

“The OIC really has 57 member countries worldwide. As you are all aware, it is the world’s second largest organization after the United Nations, and its member countries conduct a lot of trade. As a result, you’ll need a platform to resolve conflicts.”And we will continue with this advocacy globally to ensure that, investors that Nigeria also keys into this project of OIC by actually allowing to have this clause as part of the investment treaties, investment agreements they entered into,” Oseni stated.

Read also:

Islamic Financing Essential to Ending Financial Exclusion in Nigeria – Prof. Alaro

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