18.03.2014New publication: Legal Framework for Islamic Banking and Finance in Nigeria

Legal Framework for Islamic Banking and Finance in Nigeria
The promulgation of Central Bank of Nigeria (CBN) Act and the Banks and Other Financial Institutions Act (BOFIA) was a landmark a development as it attempted to confer some measure of autonomy on the CBN to effectively carry out its core mandate. But the financial system continued to witness rapid reforms and developments which challenged the legal framework of the CBN. Significant of such developments are the transfer of the supervision of specialized banks to the CBN, global war on economic crimes, unprecedented bank failures associated with weak internal controls, reform of banking industry and the entire economy, adoption of Universal Banking in Nigeria (Legal Services Department, CBN, 2011). These developments made a complete review of the existing legal framework necessary.
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