Much ado about Islamic banking
A draft framework for non-interest banking was issued in March 2009 by the Central Bank of Nigeria (CBN). Inspite of this, its position on Islamic banking did not become much of an issue until a few months ago when the final guidelines were released.
D.A. Eke, acting director of banking supervision at the CBN, stated that the objective of the framework is to provide minimum standards for the operation of non-interest banking in Nigeria while serving as an exposure for comments, suggestions and/or inputs by stakeholders. The problem is that suggestions and/or inputs from stakeholders never came.