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Council of Islamic Financial Services Board admits Nigeria’s Deposit Insurance coy

The Nigeria Deposit Insurance Corporation (NDIC) has been admitted as a full member of the Council of Islamic Financial Services Board (IFSB).A statement by the Head of Communications and Public Affairs of the NDIC, Mr. Mohammed Ibrahim, on Tuesday in Abuja noted that the NDIC joins the Central Bank of Nigeria (CBN) as the other Nigerian institution on the Board of the IFSB, with headquarters in Kuala Lumpur, Malaysia.

The IFSB is an International Standard-setting organisation for the Islamic Financial Services Industry.

It promotes the soundness and stability of the global industry by issuing global prudential standards and guiding principles for Islamic Banking, Islamic Capital Markets and Takaful (Insurance) sectors.

The statement added that IFSB classifies its members into three categories, Full Member, Associate Member and observers.

It explained that as a full member of the Board, the NDIC has voting rights, a status available to the financial sector supervisory authorities of its member countries.

According to the statement, the decision to admit the corporation was taken at the 33rd meeting of the IFSB Council, hosted by the Islamic Development Bank Group (ISDB), Jeddah, Kingdom of Saudi Arabia on Dec. 6. 

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