NON-INTEREST FINANCE

Ethical finance based on the core principles of fairness and social justice.

DID YOU KNOW

Non-interest finance is a form of finance that incorporates ethical principles and prohibits the receiving and charging of interest

Key Achievements of Regulators within the NIFWG as at December 2014
Name of Organisation EFInA Capacity Building? NIF policies developed? Year policy(ies) developed and implemented
CENTRAL BANK OF NIGERIA (CBN) Yes Yes: guidelines, frameworks and formulation of FRACE. The Guideline was released on June 21, 2011. FRACE was inaugurated in January 10, 2013.
SECURITIES & EXCHANGE COMMISSION (SEC) Yes Yes: Rules on Sukuk issuance in Nigeria 2013
FEDERAL INLAND REVENUE SERVICE (FIRS) Yes Yes: a non-interest banking tax regulation was produced in 2012. 2012
NATIONAL PENSION COMMISSION (PenCom) Yes Yes: guidelines for pension fund investments in non- interest banking in 2012. Guidelines to be released in 2014 Guidelines have not yet been released.
NIGERIA DEPOSIT INSURANCE CORPORATION (NDIC) No Yes: Framework for Non Interest Deposit Insurance in Nigeria. The policy was developed in September 2011 and implemented by December 31, 2012.
NATIONAL INSURANCE COMISSION (NAICOM) Yes Yes: Takaful insurance guidelines 2012 2013
DEBT MANAGEMENT OFFICE (DMO) Yes The DMO Strategic Plan (2013-2017) includes the development and implementation of models for mobilising resources through the issuance of non- interest debt-financing instruments (e.g. Sukuk). Not Applicable
Key Achievements of Market Operators within the NIFWG
Name of Organisation EFInA Capacity Building? NIF products launched? Date products were launched? Number of branches offering NIF products
LOTUS CAPITAL Yes Yes: 10 products Between 2008 to 2016 All branches
CORNERSTONE INSURANCE Yes Yes: 15 products Already introduced to the market and growing in acceptance but not yet launched. 10 existing branches
STANBIC IBTC BANK Yes Yes: 10 products Between 2012 to 2016 185 branches
NIGERIAN STOCK EXCHANGE (NSE) No An Islamic Index introduced through the partnership of the Exchange and Lotus Capital.    
STERLING BANK No Yes: 13 products Between 2014 to 2016 181 branches
JAIZ BANK Yes Yes: 12 products Between Feb 2012 to Nov 2013 All 13 branches
NIGER INSURANCE No Yes: 6 products