The Central Bank of Nigeria, has reaffirmed its commitment to strengthening Shariah governance, regulatory clarity, and risk management in the non-interest financial services industry.
 
The pledge was made at the 2nd Annual Interactive Session between the CBN’s Financial Regulation Advisory Council of Experts, FRACE, and the Advisory Committees of Experts of Non-Interest Financial Institutions held recently in Abuja.
 
 
Speaking on behalf of the Deputy Governor for Financial System Stability, Mr. Philip Ikeazor, the Director of Financial Policy and Regulation, Dr. Rita Ijeoma Sike, said the session provides a platform to deepen the credibility and resilience of the sector.
 
Ikeazor noted that Non-Interest Financial Institutions are playing a growing role in financial inclusion and real sector financing, but face unique risks including non-compliance, governance challenges, and emerging tech threats.
 
He explained that FRACE and the mandatory Advisory Committees of Experts in every Non-Interest Financial Institution were established to institutionalize a harmonized governance framework. The session aimed to promote a robust Shariah governance system and create space for dialogue, knowledge-sharing, and collaboration between regulators and industry players.
 
FRACE Deputy Chairman, Prof. Bashir Aliyu Umar, said the engagement would strengthen governance and foster constructive interaction across the sub-sector. 

 

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