{"id":28721,"date":"2018-12-12T11:42:16","date_gmt":"2018-12-12T10:42:16","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=28721"},"modified":"2018-12-12T11:42:16","modified_gmt":"2018-12-12T10:42:16","slug":"islamic-financial-services-board-admits-ndic","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/islamic-financial-services-board-admits-ndic\/","title":{"rendered":"Islamic Financial Services Board Admits NDIC"},"content":{"rendered":"

The Council of the Islamic Financial Services Board (IFSB) which has its headquarters in Kuala Lumpur, Malaysia, has admitted the Nigeria Deposit Insurance Corporation (NDIC) as a full member of the board.<\/span><\/p>\n

This was made known in a statement issued by Mohammed Kudu Ibrahim, head, Communications And Public Affairs, NDIC.<\/span><\/p>\n

\u201c<\/span><\/i>The NDIC joins the Central Bank of Nigeria (CBN) as the other Nigerian institution on the Board of the IFSB\u201d, he said.<\/span><\/p>\n

He stated that the approval for the membership of the NDIC was conveyed to the Corporation via mail dated Tuesday, 6th<\/sup>December, 2018 which was subsequently posted on the website of the IFSB, adding that the decision to admit the NDIC was taken at the\u00a0<\/span>33rd<\/sup>\u00a0meeting of the IFSB Council, hosted by the Islamic Development Bank Group (ISDB), on 6 December 2018 in Jeddah, Kingdom of Saudi Arabia.<\/i><\/span><\/p>\n

\u201cThe Council Meeting was chaired by H.E. Dr. Mohammad Y. Al Hashel, the Governor of the Central Bank of Kuwait and Chairman of the IFSB for 2018, attended by the President of the ISDB, H.E. 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\u201d, he said.<\/span><\/p>\n

IFSB according to him 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.<\/span><\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

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 \u2013 a status which is only available to the financial sector supervisory authorities of its member countries.<\/span><\/p>\n

\u201cThe work of the IFSB complements that of the Basel Committee on Banking Supervision (BCBS), International Organisation of Securities Commission (IOSCO) and International Association of Insurance Supervisors (IAIS), by introducing new, or adapting existing international prudential standards consistent with Islamic Shari\u2019ah principles and recommending same for adoption by the relevant Regulatory Authorities\u201d.<\/span><\/p>\n

\u201cThe IFSB had in March, 2018 invited the NDIC to its membership. The institution is currently developing work plans on standards for the Supervisory Review Process of multiple Islamic Banking products that could further strengthen the capacity of the NDIC to continue the robust supervision and provision of guidelines to operators of Non Interest Banks such as Jaiz Bank; Deposit Money Banks (DMBs) with and Micro-Finance Banks (MFBs) with Non Interest Banking windows\u201d, he added.<\/span><\/p>\n

\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Council of the Islamic Financial Services Board (IFSB) which has its headquarters in Kuala Lumpur, Malaysia, has admitted the Nigeria Deposit Insurance Corporation (NDIC) as a full member of the board. This was made known in a statement issued by Mohammed Kudu Ibrahim, head, Communications And Public Affairs, NDIC. \u201cThe NDIC joins the Central …<\/p>\n","protected":false},"author":6,"featured_media":28722,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[818],"coauthors":[2391],"class_list":["post-28721","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-ndic"],"yoast_head":"\nIslamic Financial Services Board Admits NDIC - National Wire<\/title>\n<meta name=\"description\" content=\"The Council of the Islamic Financial Services Board (IFSB) which has its headquarters in Kuala Lumpur, Malaysia, has admitted the Nigeria Deposit Insurance\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/islamic-financial-services-board-admits-ndic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Islamic Financial Services Board Admits NDIC - National Wire\" \/>\n<meta property=\"og:description\" content=\"The Council of the Islamic Financial Services Board (IFSB) which has its headquarters in Kuala Lumpur, Malaysia, has admitted the Nigeria Deposit Insurance\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/islamic-financial-services-board-admits-ndic\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-12T10:42:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/12\/NDIC.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"387\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Friday Ekeoba\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/islamic-financial-services-board-admits-ndic\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/12\/NDIC.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/12\/NDIC.jpg\",\"width\":700,\"height\":387},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/islamic-financial-services-board-admits-ndic\/#webpage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/islamic-financial-services-board-admits-ndic\/\",\"name\":\"Islamic Financial Services Board Admits NDIC - National Wire\",\"isPartOf\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/islamic-financial-services-board-admits-ndic\/#primaryimage\"},\"datePublished\":\"2018-12-12T10:42:16+00:00\",\"dateModified\":\"2018-12-12T10:42:16+00:00\",\"author\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\"},\"description\":\"The Council of the Islamic Financial Services Board (IFSB) which has its headquarters in Kuala Lumpur, Malaysia, has admitted the Nigeria Deposit Insurance\",\"breadcrumb\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/islamic-financial-services-board-admits-ndic\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nationalwire.com.ng\/sub\/islamic-financial-services-board-admits-ndic\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/islamic-financial-services-board-admits-ndic\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nationalwire.com.ng\/sub\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Islamic Financial Services Board Admits NDIC\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\",\"name\":\"Friday Ekeoba\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Islamic Financial Services Board Admits NDIC - National Wire","description":"The Council of the Islamic Financial Services Board (IFSB) which has its headquarters in Kuala Lumpur, Malaysia, has admitted the Nigeria Deposit Insurance","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nationalwire.com.ng\/sub\/islamic-financial-services-board-admits-ndic\/","og_locale":"en_US","og_type":"article","og_title":"Islamic Financial Services Board Admits NDIC - National Wire","og_description":"The Council of the Islamic Financial Services Board (IFSB) which has its headquarters in Kuala Lumpur, Malaysia, has admitted the Nigeria Deposit Insurance","og_url":"https:\/\/nationalwire.com.ng\/sub\/islamic-financial-services-board-admits-ndic\/","og_site_name":"National Wire","article_published_time":"2018-12-12T10:42:16+00:00","og_image":[{"width":700,"height":387,"url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/12\/NDIC.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"Friday Ekeoba","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/nationalwire.com.ng\/sub\/#website","url":"https:\/\/nationalwire.com.ng\/sub\/","name":"National Wire","description":"About Nigerians, Nigerian Business and Other Stories","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nationalwire.com.ng\/sub\/islamic-financial-services-board-admits-ndic\/#primaryimage","url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/12\/NDIC.jpg","contentUrl":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/12\/NDIC.jpg","width":700,"height":387},{"@type":"WebPage","@id":"https:\/\/nationalwire.com.ng\/sub\/islamic-financial-services-board-admits-ndic\/#webpage","url":"https:\/\/nationalwire.com.ng\/sub\/islamic-financial-services-board-admits-ndic\/","name":"Islamic Financial Services Board Admits NDIC - National Wire","isPartOf":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#website"},"primaryImageOfPage":{"@id":"https:\/\/nationalwire.com.ng\/sub\/islamic-financial-services-board-admits-ndic\/#primaryimage"},"datePublished":"2018-12-12T10:42:16+00:00","dateModified":"2018-12-12T10:42:16+00:00","author":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927"},"description":"The Council of the Islamic Financial Services Board (IFSB) which has its headquarters in Kuala Lumpur, Malaysia, has admitted the Nigeria Deposit Insurance","breadcrumb":{"@id":"https:\/\/nationalwire.com.ng\/sub\/islamic-financial-services-board-admits-ndic\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/nationalwire.com.ng\/sub\/islamic-financial-services-board-admits-ndic\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/nationalwire.com.ng\/sub\/islamic-financial-services-board-admits-ndic\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/nationalwire.com.ng\/sub\/"},{"@type":"ListItem","position":2,"name":"Islamic Financial Services Board Admits NDIC"}]},{"@type":"Person","@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927","name":"Friday Ekeoba","url":"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/"}]}},"_links":{"self":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/28721","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/comments?post=28721"}],"version-history":[{"count":1,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/28721\/revisions"}],"predecessor-version":[{"id":28723,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/28721\/revisions\/28723"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media\/28722"}],"wp:attachment":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media?parent=28721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/categories?post=28721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/tags?post=28721"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/coauthors?post=28721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}