Central Bank of Nigeria has unveiled guidelines on the establishment of advisory body for non interest financial services like Islamic Finance.
In the document posted on its website on Monday, CBN explained that non-interest financial services like Islamic Finance provide for the establishment of an advisory body at the CBN.
According to the guidelines, the body shall be called the Financial Regulation Advisory Council of Experts (FRACE).
The guidelines stated that “The FRACE shall be established as an expert advisory organ to advise the CBN on matters of Islamic commercial jurisprudence as they relate to the operations of NIFIs. Members of the FRACE shall be appointed on a part- time basis.
“The appointment of members of the FRACE shall be for a term of two years, renewable subject to satisfactory performance. The FRACE shall comprise a minimum of five members. The Special Adviser to the Governor on Non-Interest Banking shall be a member, while the Director, Financial Policy and Regulation Department shall serve as the Secretary.
“A member of the FRACE shall be an individual and not a corporate body or institution. A member shall at a minimum possess required knowledge, expertise and experience in the field of Islamic Jurisprudence with specialization in the field of Islamic Commercial Jurisprudence.”