CBN governor Lamido Sanusi says he wants to establish Nigeria as the African hub for Islamic banking and is working on a regulatory framework to emulate the success of the industry in Malaysia.

He says Stanbic IBTC Bank has six months to comply with the approval terms. CBN claims it's looking at Islamic finance as a way of diversifying the country's financial system and planning to issue the first sovereign sukuk within the next 18 months.

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