Banking and taxation in the name of God and the law

The Central Bank of Nigeria launched on 21st June 2011 new guidelines for the regulation and supervision of institutions offering non-interest financial services in Nigeria.
It seems that these guidelines are issued pursuant to the non- interest banking regime.
Moreover, the guideline makes sure that there shall be compliance with prescribed Audit, Accounting and Disclosure Requirement such as the Nigerian Accounting Standards Board (NASB) and that where there is a conflict between the local and international standards, the provisions of the local standards issued by NASB shall apply to the extent of the inconsistency.

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