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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