NDIC joins CBN on Islamic Financial Services Board as full member

The Council of the Islamic Financial Services Board (IFSB) headquartered in Kuala Lumpur, Malaysia, has approved the full membership of the Nigeria Deposit Insurance Corporation (NDIC) of the board.

NDIC, by the approval, joins the Central Bank of Nigeria (CBN) as the other Nigerian institution on the board of the IFSB.

The approval for the full membership of the NDIC was communicated to the Corporation via a mail dated Tuesday, December 6, 2018 which was subsequently posted on the website of the IFSB.

NDIC, in a statement by its Head, Communication and Corporate Affairs, Mr. Ibrahim Kudu, noted that the decision to admit the NDIC was taken at the 33rd meeting of the IFSB Council, hosted by the Islamic Development Bank Group (ISDB) on December 6, 2018 in Jeddah, Kingdom of Saudi Arabia.

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According to the statement, the council meeting was chaired by Dr. Mohammad Y. Al Hashel, the Governor of the Central Bank of Kuwait and Chairman of the IFSB for 2018. The meeting was also attended by the President of the ISDB, Dr. Bandar Mohammed Hajjar, 12 central bank governors and commissioners of regulatory and supervisory authorities, and 10 senior representatives from among the council and full members of the IFSB, representing 19 countries, the statement said.

IFSB is an international standard-setting organisation for the Islamic Financial Services Industry that 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.

According to IFSB, members of the institution are classified into three categories, namely: full member, associate member and those classified as observers.

As a full member of the Board, the NDIC has voting rights – a status which is only available to the financial sector supervisory authorities of its member countries.

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