Suit Planned In Nigeria To Challenge Shariah Banking Rules

On Dec. 31, 2010, the Central  Bank of Nigeria issued Guidelines on Shariah Governance for Non-Interest Financial Institutions.The Guidelines require all non-interest banks and financial institutions to comply with Shariah and to appoint a Shariah Advisory Committee. Nigerian Compass reported yesterday that a lawsuit is planned to challenge the new Guidelines as unconstitutionally excluding non-Muslims from the non-interest banking business. Opponents of the Guidelines also say that introducing religion is inconsistent with the Banking and Other Financial Institutions Act of 1991 that bars banks from using various religious terms in their names.