Non-Interest Banking In Nigeria: Tax Issues (I)

source : Leadership.ng

The storm surrounding the introduction of Non-Interest Banking (NIB) commonly called Islamic banking is gradually settling down and it is important to begin to exhume the challenges that might crop up in its operations with particular reference to the taxation of the sub-sector by the relevant tax authorities, especially the setting of standards for the type of taxes that apply and that are to be collected from the transactions.

As the name implies, Non-Interest Banking (NIB) is a system of financial services that provide unique services in accordance with Islamic religious jurisprudence and Sharia principle and fully regulated by the relevant regulatory authorities as provided for in sections 9, 23 and 52 of the Banks and other Financial Institution Act (BOFIA) 1991 as amended. The CBN is empowered by law, to issue licenses to appropriate entities for the establishment of non-interest banks provided they meet the regulatory requirements.

Read more at : http://leadership.ng/nga/isaac_amuire/40226/2012/11/16/noninterest_banking_nigeria_tax_issues_i.html

Maldives : Capital Market Authority and Islamic Ministry unite to promote Islamic finance

The Maldives Capital Market Development Authority (CDMA) has signed a memorandum of understanding with the Ministry for Islamic Affairs to further develop an Islamic capital market in the country.

Among the most prominent details of the agreement was a joint commitment to establish the ‘Maldives Centre for Islamic Capital Market and Finance’.

“This is going to help in promoting the various services available in Islamic financial services under one organisation,” read a press release from the CDMA.

Other features of the arrangement include the scheduling of meetings between the CDMA’s Capital Market Shariah Advisory Committee and the Ministry’s Fiqh academy, a program of training events on the practice, and the ministry’s endorsement of Shariah advisors registered with the CDMA.

Read more at http://minivannews.com/society/capital-market-authority-and-islamic-ministry-unite-to-promote-islamic-finance-46439

source : minivannews.com