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The Senior Director of the African Finance Corporation (AFC) Mr. Banji Fehintola spoke on the Proshare WebTV programme "Islamic Finance Weekly". He emphasised the need for Nigerians to understand the value of Islamic banking, which is geared towards deepening financial inclusion and driving economic prosperity. He commended the Federal Government for taking the lead in adopting the Islamic Finance product in the country. He said that Nigeria has taken a great step in terms of issuing Sukuk, and they are planning to issue the third one. He also added that with time the country will see corporate issuances in the Sukuk space.

The Islamic Financial Services Board (IFSB) has launched the 2018 Islamic Financial Services Industry (IFSI) Stability Report. The Secretary-General of the IFSB, Dr. Bello Lawal Danbatta, highlighted some of the key findings of the 2018 Report, particularly the rising domestic systemic significance of Islamic finance in key jurisdictions. The study found that the global IFSI has returned to a robust growth of 8.3%, following two years of growth stagnation. In addition, the IFSI surpassed the $2 trillion mark as of the end of 2017. The report also states that the growth of the industry in 2017 was actively driven by all three sectors of the IFSI, but with a significant contribution by the performance of the Islamic capital markets boosted by Sukuk issuances from sovereign and multilateral institutions.

The Chief Judge of the Federal Capital Territory of Nigeria has ordered a forensic examination of a Jaiz Bank statement. The order was made sequel to an oral application made by Mr Sebastine T. Hon in a law suit filed against the bank and 11 others. Hon alleged that the statement of the bank was manipulated as the account did not reflect its true status. The judge ordered Jaiz Bank to make available the original or certified copy of the bank statements covering the amount available with the garnishees connecting Zamfara State Government.

The 12th IFSB-INCEIF Executive Forum on "Preserving Wealth and Generating Long-term Value through Islamic Finance" will take place on 6 and 7 March 2018 in Kuala Lumpur, Malaysia. The Islamic Financial Services Board (IFSB) and the Global University of Islamic Finance (INCEIF) have announced the speakers of the event. The forum will feature topics such as the role of wealth management from an Islamic perspective, the role of the Takaful sector, Shari’ah-compliant opportunities for retirement planning and wealth management, realising long-term societal development through social contracts and regulator’s role in promoting risk management practices. The forum is ideal for regulators and supervisors of the Islamic financial services industry, scholars and researchers, especially those in the area of Islamic wealth management.

The Central Bank of Nigeria released its guidelines for the operations of Non-Interest Banks (NIBs) in 2011 and
issued its first license to Jaiz Bank. At the same time, two conventional banks, Stanbic IBTC and Sterling Bank, received license to operate Islamic windows. Jaiz Bank commenced operations and remained Nigeria’s only full-fledged non-interest bank. However, Sterling Bank CEO Yemi Adeola recently revealed his plans to seek a license for a stand-alone Non-Interest Bank (NIB). He said the decision was informed by the feasibility studies conducted by the lender, judging from the potential market and financial resources of customers expected to embrace NIB. The number of banks in the country offering non-interest banking products is set to increase. SunTrust Bank Nigeria (SBN) and the Islamic Corporation for Development (ICD) signed an agreement to establish a new non-interest banking window in Nigeria.