Financial Reporting Council of Nigeria (FRC) don talk say dem go begin include Islamic Finance Services inside di country financial reporting system to make money matter clear and better arranged.
Di FRC Chief Executive, Dr. Rabiu Olowo, talk dis one for Lagos during di 7th Africa Islamic Finance Conference. He say di move go follow di Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) standard wey other big Islamic finance countries dey use.
Olowo talk say, “Nigeria money system dey grow fast and our regulation must grow with am. Adding AAOIFI standard no be just law matter, na big step wey go help build trust, bring transparency, and support inclusive economy.”
He explain say di system go join with di normal International Financial Reporting Standard (IFRS) but go focus on how Islamic banks, Sukuk, and Takaful insurance dey do their business.
Vice President Kashim Shettima, wey send im adviser Dr. Tope Fasua to represent am, talk say Islamic finance system dey promote fairness, honesty, and shared prosperity.
Di 14th Emir of Kano and former CBN Governor, Muhammadu Sanusi II, hail di move, talk say Islamic finance dey perfect for building things like roads, light, and water project because e dey based on real asset investment.
Dis development dey follow as National Assembly don approve President Bola Tinubu request to issue $500 million Sovereign Sukuk for di international market.
