The Central Bank of Nigeria, CBN, yesterday announced minimum capital base requirements for Islamic banks.

Critics faulted the central bank on the introduction of Shariah banking, pointing out that Nigeria is a secular state and the CBN Act does not empower the central bank to introduce Shariah banking.

Faulting the central bank on the introduction of Shariah banking, Mr. Eghes Eyieyien, chief executive, Pharez Limited, a Lagos-based consulting firm, said the “CBN cannot use a guideline to change the law, the CBN is not the National Assembly. If Islamic banking must happen, the CBN should send a draft bill to the National Assembly.”

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