BY MICHAEL EBOH with agency reports

LAGOS – Standard Chartered Bank, SCB, yesterday, said it would commence Islamic banking in Nigeria early next year.

According to the bank’s Global Head of Islamic Banking, Wasim Saifi, the bank has entered into discussions with the Central Bank of Nigeria, CBN, and authorities in Oman to offer Islamic banking services in both countries.

This, he said, was necessitated by the fact that both Nigeria and Oman were revamping their regulatory environments to encourage Islamic finance.

According to him, the bank, which already has a strong conventional presence in both markets, is waiting for both countries to finalise their regulatory frameworks for Islamic banking but could offer the services in both countries as early as next year.

He said: “We are definitely evaluating the possibility of offering Islamic banking in Oman and Nigeria. The opportunity is tremendous.”