The Nigeria Deposit Insurance Corporation (NDIC) has been formerly admitted as full member of the Islamic Financial Services Board (IFSB).
The NDIC joins the Central Bank of Nigeria (CBN) as the other Nigerian institution on the Board of the IFSB. The approval for the membership of the NDIC was conveyed to the corporation via mail dated Tuesday, 6th December, 2018 which was subsequently posted on the website of the IFSB. The decision to admit the NDIC was taken at the 33rd meeting of the IFSB council, hosted by the Islamic Development Bank Group (ISDB), last week in Jeddah, Kingdom of Saudi Arabia.
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.