April 17, 2019/CBN Introduction  Non Interest Financial Institutions (NIFIs) mobilize large percentage of their funds using Mudarabah and Wakalah contracts. In Mudarabah, the bank is acting as the Mudarib (entrepreneur) and the fund providers as the Rabb-ul-Mal otherwise called Profit Sharing Investment Account Holders (PSIAHs). In Wakalah, the bank acting […]

Culled—Proshare April 16, 2019/CBN The interbank segment of the Foreign Exchange Market has received a boost of $210 million from the Central Bank of Nigeria (CBN) following sales concluded on Tuesday, April 16, 2019.  According to figures obtained from the Bank, authorized dealers in the wholesale segment of the market […]

April 15, 2019/Nova Merchant Bank Ltd In furtherance of its plans to scale its operation this year, NOVA Merchant Bank Limited, in yet another milestone, has received an investment grade rating from both Agusto & Co (Bbb) and Global Credit Ratings (BBB-). The reasons given for the Bank’s rating include […]