Islamic Banking On The Rise

The Central Bank of Nigeria, CBN has acceded to rising demand for Islamic financing also known as Islamic banking in Nigeria by increasing the number of Islamic Bank to two. The apex bank recently announced that it has licensed more banks for operations. Two more commercial banks, Blobus Bank and Titan Bank have been given approval to operate, thus increasing the number of commercial banks in the country to 23. The CBN also gave approval for Taj bank to operate as an Islamic financing institution. In 2012, then CBN governor,…

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CBN: More Banks Amid Recapitalisation Row

The Central Bank of Nigeria, CBN has increased the number of deposit money banks in Nigeria to 23. A non-interest/ Islamic bank, was also licensed for operation increasing the number to two. TAJ Bank Limited joins Jaiz Bank a non-interest bank licensed by then CBN Governor Sanusi Lamido Sanusi. The development came on the crest of CBN/MPC meeting in Abuja on Monday. The apex bank had last month said it was considering a fresh recapitalization exercise for all commercial banks in the country. “In the next five years, we intend…

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