E-Financial
SEC Unveils New Rule on Shariah Advisory Services
The Securities and Exchange Commission (SEC) has exposed new rules on Shariah Advisory Services for non-interest capital market products and services.
According to the apex capital market regulating body, Shariah governance is crucial considering that compliance with Shariah rules and principles is important in Non-interest Capital Market operations/transactions.
The commission stated that, “The provision of the rules is in line with local and international best practices. The regulatory organization in the Nigerian Financial System such as the Central Bank of Nigeria (CBN), National Insurance Commission (NAICOM) had issued such guidelines to provide clear and good Shariah governance in their respective sectors.
“Making the Shariah Advisory service a registrable function in the market will assist in effective implementation of the proposed consolidation of the Shariah governance rules and will also be an additional source of revenue to the Commission.”
According to the Commission, Non-interest Capital Market activities in recent times are exponentially increasing as the market is witnessing the entrance of more asset managers, emergence of i-REIT, listing of sovereign Sukuk on the Exchanges, issuance of corporate Sukuk, emergence of shariah advisory function etc.
“These developments coupled with the necessity of shariah services for the market affirms the critical need for a framework/guideline to set a minimum standard for persons (corporate or individual) seeking to provide shariah advisory services for Non-Interest Capital Market activities.
“The guideline is essential for the development of this nascent sector, as it will promote transparency and confidence, whilst creating a level playing field for all participants in the market.
Further to the above, the Commission stated that a review exercise on the its existing Rules on shariah governance undertaken by the Standing Committee of Deepening Non-interest Capital Market led to the recommendation that rules be drafted to provide for the registration and regulation of shariah advisory services in line with international best practices. Hence, the proposed Rules for Shariah Advisory Services for Non-Interest Capital Market Products and Services.
Going by the Rule, an issuer or fund manager with the consent of the trustee (where applicable) shall appoint a Shariah Adviser to provide Shariah Advisory services for Shariah products, issuances and schemes.
A capital market operator seeking to provide Shariah compliant products and services shall appoint a registered Shariah Adviser for the firm and notify the Commission of such appointment within five business days of the appointment.
The rule stipulates that the SEC may register a Shariah Adviser or renew the registration of a registered Shariah Adviser subject to the applicant satisfying some criteria.
“An individual eligible to provide Shariah Advisory services under these rules shall satisfy the following requirements: Possession of a minimum of a Bachelor’s degree in Shariah, which includes study in Usul Fiqh (principles of Islamic jurisprudence) or Fiqh Muamalat (Islamic transaction/commercial law) or a person with vast knowledge in Usul Fiqh (principles of Islamic jurisprudence) or FiqhMuamalat (Islamic transaction/commercial law) acquired through Islamic system of education: Ability to read and write in Arabic and English Language respectively and Possession of basic knowledge of business or finance particularly in Islamic finance and capital market.
On experience, the applicant is expected to: Have at least two years of relevant experience in Islamic finance; or have at least one year of relevant experience in Islamic finance and have attended at least five relevant Islamic finance courses/workshops.
The Rule also states that the roles and responsibilities of a Shariah adviser shall include: Advising on all aspects of the Non-Interest Capital Market Products and Services including documentation and structuring;
Issuing Shariah certification which outlines the basis and rationale of the structure and mechanism, the applicable Shariah principles used and relevant Shariah matters relating to the documentation of the Non-Interest Capital Market Products and Services; Providing Shariah expertise/guidance on all matters, particularly on investment instruments and Reviewing compliance reports of the Shariah product’s proceeds utilization (where applicable) to ensure that investment activities are Shariah compliant.
Other roles and responsibilities are: Providing a periodic report to the trustees certifying whether Sukuk proceeds, Islamic fund or any other Non-Interest Capital Market products have been managed/administered in accordance with Shariah principles and rules; Ensuring that the applicable Shariah principles and any relevant resolutions and rulings endorsed are complied with; Applying ijtihad (where applicable) to ensure all aspects of the Non-Interest Capital Market products comply with Shariah principles; and accountability for the quality, accuracy and soundness of his own decision or advice.
The Rule also places some restrictions as a Shariah adviser cannot accept any appointment in more than one registered Islamic Fund Management Company/Fund Management company offering Islamic products provided that the Shariah Adviser could serve in multiple Fund Management Companies with the consent of the Fund Managers, Trustees, and prior approval of the SEC.
Also, a Shariah Adviser shall immediately disclose to the Commission, Issuing House or Fund Manager any circumstances that may affect his ability to meet any of the requirements of the rule.
Registered Shariah Advisers shall be exempted from appointing compliance officers as required under the Commission’s Rules and Regulation on Appointment of Compliance Officers.
United Bank for Africa (UBA) has said that it has strengthened the security of transactions on its mobile application to stop fraudulent debits, unauthorised transfers and withdrawals.
Oliver Alawuba, Group Managing Director and CEO of United Bank for Africa
UBA announced this in a memo forwarded to its customers via email recently.
“We are pleased to inform you that we have further strengthened the security of transactions on the Mobile App.
“Updated authentication options now apply based on the value of transfers,” the memo reads in part.
UBA said in the memo that it had introduced authentication options for transactions of varying amounts to detect and prevent fraud.
According to the bank, transactions of N200,000 or more will now require customers to provide their Personal Identification Number (PIN) and a token number.
For transactions above N200,000 and N250,000, customers will be required to provide their PIN and a One-Time Password (OTP).
They can make use of their PIN and Biometric or PIN and Token numbers to authenticate such transactions.
Customers will be required to provide a PIN and OTP, or a PIN and Token number, when carrying out transactions between N250,000 and N500,000
For transactions between N500,000 and N10 million, customers must enter their PIN and Token to authenticate the transaction.
For transactions above N10 million, customers must use their PIN, Token, and Biometric to complete the transaction.
“The app will guide you, no need to memorise these thresholds,” the bank assured customers in the memo.
Central Bank of Nigeria (CBN), has said that it will be launching a new payment systems vision that will outline where the entire ecosystem is expected to be heading in the next three years.
Olayemi Cardoso, governor of the Central Bank of Nigeria
The vision was co-created with the financial technology players, the mobile money operators, payment service providers across the board.
This was announced by Muhammad Abdullahi, deputy governor, Economic Policy Directorate at the CBN, after the inaugural meeting of the Payment Service Providers Committee.
Olayemi Cardoso, governor of the Central Bank of Nigeria, inaugurated the first meeting of the Payment Service Providers Committee, to reinforce policy coordination, knowledge sharing, and also ensure collective problem-solving by the industry and by the central bank.
The committee is being chaired by Muhammad Abdullahi, CBN deputy Governor, Economic Policy, and co-chaired by Philip Ikeazor, deputy Governor, Financial System Stability Directorate.
Other members of the committee include stakeholders from all the key payment service providers that are licensed to operate in Nigeria as well as a number of regulators, the Nigerian Communications Commission (NCC), Nigeria Deposit Insurance Corporation (NDIC) and the Securities and Exchange Commission (SEC).
According to Abdullahi, the committee is expected to convene on a quarterly basis to interface with players in the industry, to ensure that they collectively solve some of the challenges that are facing the industry.
“The committee is to put Nigeria on the best footing forward in terms of payment system space. As we already know, Nigeria is a world leader in payment service provision.
“The kind of technology and fintechs deployed in Nigeria are far ahead of regional and continental peers. And what we want to ensure over the next five to 10 years is that we continue to maintain this leadership and be able to do much more for the Nigerian economy,” he said.
He stated that setting up the committee had become relevant with the remarkable growth trajectory seen in the digital payment landscape in Nigeria.
“In 2024 alone, the system processed over 11.2 billion electronic transactions, amounting to over N1.07 quadrillion. This is the first time that digital payments crossed the quadrillion naira threshold, representing significant growth.
“The momentum has continued. In 2025, we’ve seen significant growth, and of course, in the first few months of 2026 as well. This is an ecosystem that is significantly growing, that has significant implications for growth in Nigeria, for inclusive growth, for trade, and other significant positives for our country, he said.
The Deputy Governor, Financial System Stability Directorate, and co-chair of the committee, explained that the inaugural meeting, featured discussions such as preliminary issues around how participation is going to be, what the top-line issues are, and some of the committees that would be set up eventually.
He said, “What we intend to do is to be able to solve this in a much faster way. So in the past, companies would have to wait a significant amount of time to interface or lay their concerns to the central bank, and the central bank would have to do supervisory visits—on-site, off-site—to be able to carry out its responsibilities.
“But today, now, we have a platform that brings us all together, that has committees that are working towards specific mandates that can advance the payment systems space, you know, payment service provider space. So what we really have now is that a major bottleneck has been removed, which is the bottleneck of coordination, collaboration, and joint systems thinking”.
On her part, Foyinsolami Akinjayeju, chief executive officer of Enhancing Financial Inclusion and Advancement (EFInA), said that the inaugural meeting of the Payment Services Providers Committee was to ensure that innovation was not stifled.
She said, “The Payment Services Providers Committee will more importantly, allow for inclusive and sustainable growth through access, expansion, strengthening of trust to ensure that no segments of our economy is left behind”.
Also, Premier Oiwoh, managing director and chief executive, Nigeria Inter Bank Settlement System (NIBSS), lauded the initiative describing it as historic and a win for all Nigerians.
For Jay Alabraba, chairman, Association of Licensed Mobile Payment Operators, the initiative is a good one which will help sustain the nation’s growth through active participation of industry stakeholders.
Ghana becomes the first African country to integrate payment into its Citizens’ Identity Card, ditching US-based payment giants Visa and Mastercard in Africa.
The card is now widely accepted in over 190 countries for online, in-store, and ATM use.
It allows for secure purchases, international payments, and offers perks like insurance and emergency assistance.
Ghana Card holders can activate their card using the MyCitizens App or by dialling *402#
Recall that Ghana’s National Identification Authority (NIA), statutory body mandated to establish a national identification system, first announced in September 2025, that the card would allow users to make use of Automated Teller Machines (ATMs), make payments in stores and online, make international payments with over 200 countries, and access other services such as insurance and emergency assistance.
The NIA’s aim for developing this feature is to bolster financial inclusion within the country.
In Ghana, the credit card penetration rate was forecast at 0.6% in 2024 and was forecast to continuously decrease between 2024 and 2029.
UBA Beefs Up Mobile App Security to Stop Fraudulent Debits, Withdrawals
Bharti Airtel Crosses 650m Users
FG Orders Installation of 5000 CCTV Cameras for Surveillance in Plateau
CBN Plans New Payment Systems Vision
Ghana Makes History as First African Country to Integrate Payment National Identity Card
Spotify’s Loud & Clear Report Reveals Over ₦60Bn Revenue for Nigerian Artists in 2025
Madonna University Taps Tech Guru Adote for Strategic Board Role
China Threatens to Shut Nigeria’s Satellite Over $11.44m Unpaid Debt
FCCPC Bans Lagos ‘No Refund’ Policy, Vows Fines and Shutdowns for Traders
Healthcare Under Attack: Why Cybersecurity is Now Critical Care
News2 days agoMicrosoft Revamps Copilot in Workplace AI Push
E-Business2 days agoKaspersky Warns of a New Phishing Technique Leveraging Bubble, a no-code AI Platform
Telecom2 days agoHow Recycled SIM Card Linked to N50m Kidnapping Nearly Landed me in Jail – Businesswoman
E-Financial2 days agoCBN Directs Banks, Fintechs to Complete Cybersecurity Audit Tool
Telecom2 days agoOuranos Technologies Strengthens Board with Key Leadership Appointments
General News2 days agoSenate Gives Tinubu Nod to Borrow Fresh $6Bn
E-Financial1 day agoCBN Says 33 Banks Raise Fresh N4.65 Trillion in Recapitalisation Exercise
E-Business1 day agoCybersecurity Firm Uncovers CrystalX RAT which Steals Data, Mocks its Victims