CBN Governor, Lamido Sanusi |
Other odds identified by the CBN were a dearth of knowledge, skills and technical capacity to regulate and supervise non-interest banks, lack of Sharia-compliant liquidity management instruments, the absence of which permits the investment of excess liquidity in interest bearing instruments and lack of robust comprehensive legal guidelines, especially at the level of conflict adjudication involving Islamic financial contracts, products or entities.
The challenges in the initiation and implementation of non-interest banking notwithstanding, the apex bank said it had not rested on its oars in embarking on a learning process towards developing a robust regulatory guideline that meets international standards.
In 2008, Mallam Sanusi, who was represented at the event by a CBN board member, Mallam Dairu Mohammed, said some key officers of the apex bank undertook a study tour of Bank Negara, Malaysia, with a view to understudying the Malaysian Islamic banking model and its regulatory and operating practices.
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