Guidelines on Shariah Governance for Non-Interest Financial Institutions in Nigeria

Nigeria

(enacted in 2011)

The Guidelines on Shariah Governance for Non-Interest Financial Institutions (NIFI) in Nigeria requires the establishment of a Shariah advisory committee (SAC) for each NIFI that is regulated by the Central Bank of Nigeria (CBN) and outlines its duties and responsibilities.

 

The Guidelines are organized as follows:

  1. Introduction
  2. Objectives
  3. Scope of Application (applies to full-fledged non-interest microfinance banks)
  4. Establishment of Shariah Advisory Committee (SAC)
  5. Membership of SAC
  6. Restrictions on SAC Membership
  7. Duties and Responsibilities of the SAC
  8. Duties and Responsibilities of NIFIs
  9. Reporting Relationship
  10. Report of the SAC
  11. Independence of the SAC
  12. Competence of Members of the SAC
  13. Confidentiality and Consistency
  14. Internal Shariah Compliance Unit