NDIC issues fresh framework for non-interest bank deposits

NDIC issues fresh framework for non-interest bank deposits

By GoBroadsheet with PTs

The Nigeria Deposit Insurance Corporation on Tuesday issued a new framework for insuring non interest banking deposit liabilities hitherto not covered under the Deposit Insurance Scheme (DIS).

The NDIC said the issuance of the framework followed the successful take off of the non-interest banking in Nigeria currently operated by Ja’iz Bank, Stanbic IBTC and Sterling Banks.

The public policy objectives of the framework, the Commission explained, were based on public interest seeking to provide corresponding protection to holders of non-interest financial products similar to those in conventional banks.

The new framework is expected to protect depositors against loss in the event of failure of any non-interest bank; promote public confidence, and enhance resilience of non-interest financial institutions.

The framework would equally encourage competitiveness; contain the cost of resolving failed non-interest banks; provide an orderly failure resolution mechanism as well as help contribute to the stability of country’s financial system.

A non-interest banking model, which offers banking products in trading, investments and commercial services without conventional interest charges, would be restricted to a profit and loss sharing formula on its products.

Under the new framework, the maximum deposit insurance coverage (MDIC) for the non-interest banking institutions would be N500,000 and N200,000 per depositor per account in Deposit Money Banks (DMBs) and Microfinance Banks (MFBs) respectively, same as conventional banks.

The non-interest deposits covered under the scheme include safe keeping deposit (Wadi’ah); interest free deposit for investment (Qard); profit sharing/loss bearing deposit (Mudarabah); profit and loss sharing deposit (Musharakah), and other non-interest based deposit type approved by the Central Bank of Nigeria (CBN).

The NDIC said some financial products would however not be covered under the Scheme.
They include insider deposits of staff, including directors of non-interest banks, or financial institutions; counter-claims from one person who maintains both a deposit account.

Also, not covered by the framework is a non-interest bearing loan account or loan based on Murabahah financing where the deposit account was used as a collateral for either or both of the loan accounts and inter-bank takings.

Posted from GoBroadsheet

133 thoughts on “NDIC issues fresh framework for non-interest bank deposits

  1. Oh my goodness! Amazing article dude! Thanks, However I am experiencing difficulties with
    your RSS. I don’t know the reason why I am unable to join it.

    Is there anybody having identical RSS issues? Anyone who knows the answer will you kindly respond?
    Thanx!!

    my web-site: lose fate

  2. Hello very nice website!! Man .. beautiful skin ..
    Amazing .. I’ll bookmark your site and take the feeds additionally?
    I am happy to find so many helpful info here
    in the publish, we want develop extra techniques in this
    regard, thank you for sharing. . . . . .

  3. I’ve been browsing on-line more than 3 hours lately, but I by no means discovered any
    attention-grabbing article like yours. It is beautiful price enough for me.
    Personally, if all webmasters and bloggers made good content material as you probably did,
    the web will likely be a lot more useful than ever before.

    My site :: calendula oil

  4. I simply wished to thank you very much all over again. I’m not certain the things that I could possibly have undertaken in the absence of the
    entire ways shared by you about such question. It became a real scary circumstance in my opinion,
    nevertheless considering a specialised approach you solved it
    forced me to weep for gladness. Now i’m grateful for this assistance and thus hope that you comprehend what a powerful job your are putting in training many people
    through your web blog. Most likely you haven’t encountered any
    of us.

    my webpage – weight loss vs fat loss

  5. Great post. I was checking continuously this blog and I
    am impressed! Extremely useful info specifically the
    last part 🙂 I care for such information much. I was looking for this certain information for a very long
    time. Thank you and best of luck.

    my web page; air travel

  6. Hi every one, here every person is sharing these kinds of know-how, so it’s pleasant to
    read this weblog, and I used to pay a quick visit this website every day.

    Here is my webpage :: Jerry

  7. I’m curious to find out what blog platform you are working with?

    I’m experiencing some small security problems with my
    latest site and I’d like to find something more safe. Do
    you have any suggestions?

    Also visit my website :: Leona

  8. I don’t even know how I finished up right here, but I assumed this
    publish was good. I don’t understand who you’re but definitely you’re going to a well-known blogger in case you are not already.

    Cheers!

    Also visit my webpage skin care chemical

  9. It is the best first time sex tips to make some plans for the future and it’s time to be happy.
    I’ve read this post and if I could I wish to suggest you some interesting things or advice.
    Maybe you can write next articles referring to this article.
    I desire to read even more things about it!

  10. I was wondering if you ever considered changing the layout of your site?
    Its very well written; I love what youve got to say.

    But maybe you could a little more in the way of content so people could connect
    with it better. Youve got an awful lot of text for only having one
    or 2 pictures. Maybe you could space it out better?

    Take a look at my web page … houston getting treatment

  11. Thanks on your marvelous posting! I quite enjoyed reading it, you could be a great author.
    I will be sure to bookmark your blog and definitely will come back someday.
    I want to encourage continue your great writing,
    have a nice day!

    Have a look at my website – omega 3

  12. Tremendous things here. I am very glad to see your post.

    Thank you so much and I am looking ahead to touch you.
    Will you please drop me a mail?

    Feel free to surf to my page … hair loss

  13. Please let me know if you’re looking for a writer for your weblog.
    You have some really great articles and I feel I would be a good asset.
    If you ever want to take some of the load off, I’d really like to write some content
    for your blog in exchange for a link back to mine.

    Please shoot me an e-mail if interested. Thanks!

    Feel free to visit my page – sleep plan detailing

  14. Its like you read my mind! You seem to know so
    much about this, like you wrote the book in it or something.

    I think that you could do with a few pics to drive the message home
    a bit, but instead of that, this is magnificent blog.

    A great read. I’ll definitely be back.

    My site: growing mini-course

  15. I am very happy to read this. This is the kind of manual
    that needs to be given and not the accidental misinformation that is at the other blogs.
    Appreciate your sharing this greatest doc.

    Here is my website – 23.95.102.216

  16. This design is steller! You definitely know how to make sex better
    to keep a reader entertained. Between your wit and your videos, I was almost
    moved to start my own blog (well, almost…HaHa!) Excellent job.
    I really enjoyed what you had to say, and more than that, how you presented it.

    Too cool!

  17. An outstanding share! I have just forwarded this
    onto a colleague who had been conducting a little research
    on this. And he in fact ordered me breakfast simply because I found it for him…

    lol. So allow me to reword this…. Thank YOU for the meal!!
    But yeah, thanx for spending the time to discuss this issue here on your web site.

    My web-site find easy diets

  18. It’s going to be finish of mine day, except before finish I am reading
    this wonderful piece of writing to improve my know-how.

    Here is my web-site … low fat

  19. I don’t know whether it’s just me or if everyone else encountering problems with your website.
    It appears as though some of the text on your posts are running
    off the screen. Can someone else please comment and let me know
    if this is happening to them too? This might
    be a problem with my web browser because I’ve had this happen before.
    Thank you

    My web page :: http://www.consulenzaleonardo.com

  20. I love what you guys tend to be up too. Such
    clever work and coverage! Keep up the awesome works guys I’ve added
    you guys to our blogroll.

    Here is my web blog: skin health

  21. I’m writing to make you know benefits of eating healthy the outstanding encounter my cousin’s daughter encountered going through your web page.
    She even learned lots of things, which include what it’s like to possess
    a great coaching mindset to have many more quite simply grasp
    a variety of tortuous topics. You truly did more than our own expectations.
    I appreciate you for offering those warm and helpful, safe,
    revealing as well as fun tips about this topic to Lizeth.

  22. Fantastic beat ! I wish to apprentice at the same time as you amend your site, how could
    i subscribe for a blog website? The account helped me a applicable deal.
    I have been a little bit acquainted of this
    your broadcast provided brilliant transparent concept.

    Also visit my homepage http://www.cruzenews.com/

  23. I just wanted to thank you once more for the amazing web site you have
    created here. It can be full of ideas for those who are
    truly interested in this kind of subject, primarily this very post.
    You’re really all really sweet along with thoughtful of others
    and reading your site posts is a wonderful delight in my experience.

    And thats a generous surprise! Ben and I are going to have fun making use
    of your ideas in what we must do in a month’s time.
    Our listing is a mile long which means that your tips are going to be put
    to great use.

    My homepage: Dominic

  24. I know this web site provides quality depending articles or reviews and other stuff, is there any other web site which gives these kinds of
    data in quality?

    Feel free to surf to my blog post: 163.30.42.16

  25. Just desire to say your article is as astonishing.
    The clarity in your post is simply great and i can assume you’re an expert
    on this subject. Well with your permission allow me to
    grab your feed to keep updated with forthcoming post. Thanks a million and please carry on the enjoyable work.

    Have a look at my page cannabis doctors

  26. Right now it appears like WordPress is the best blogging platform
    out there right now. (from what I’ve read) Is that what you are using
    on your blog?

    Here is my web site; easy diet

  27. First of all I want to say fantastic blog!
    I had a quick question that I’d like to ask if you do not mind.
    I was curious to find out how you center yourself
    and clear your thoughts prior to writing. I’ve had a hard
    time clearing my mind in getting my ideas out. I do enjoy writing but it just seems like the first 10 to 15 minutes are usually lost simply just trying to figure out how to begin. Any recommendations or hints?
    Kudos!

    Also visit my web blog … omega 3 fatty acids

  28. Oh my goodness! Amazing article dude! Thank you so much, However I am experiencing difficulties with your RSS.
    I don’t know why I am unable to join it. Is there
    anybody else getting identical RSS problems? Anyone who knows the answer can you kindly respond?
    Thanx!!

    Here is my webpage … cannabis seeds exist

  29. Wow! Thank you! I permanently wanted to write on my site
    something like that. Can I implement a portion of your post to my website?

    Have a look at my web page :: Jack

  30. Thanks a lot for being my instructor on this subject. I actually enjoyed the
    article a lot and most of all enjoyed reading the way in which you handled the issues I thought
    to be controversial. You’re always rather kind towards readers much like me and assist me in my life.

    Thank you.

    Take a look at my homepage: Andrea

  31. Howdy! This article could not be written any better! Going through this article reminds me of
    my previous roommate! He constantly kept preaching about this.
    I’ll forward this information to him. Pretty
    sure he will have a great read. Many thanks for sharing!

    my page: Keto Incinerate Review

  32. Thanks for the sensible critique. Me and my neighbor
    were just preparing to do some research on this. We got
    a grab a book from our area library but I think I learned more
    clear from this post. I’m very glad to see such great information being shared freely out there.

    my site Lula

  33. I actually wanted to write down a quick comment to express gratitude
    to you for those superb instructions you are sharing on this site.
    My extended internet lookup has now been paid with excellent know-how
    to talk about with my friends and classmates.
    I would claim that most of us visitors are quite blessed to dwell
    in a magnificent network with very many outstanding people with interesting ideas.
    I feel really grateful to have encountered your web page
    and look forward to many more exciting times reading here.
    Thank you again for everything.

    Also visit my website :: NeoBio Health Keto Review

  34. It is appropriate time to make some plans for the future and it’s time to be happy.
    I’ve read this post and if I could I desire to suggest you
    few interesting things or advice. Perhaps you could write next articles referring
    to this article. I want to read more things about it!

    my web-site: http://www.goldenanapa.ru

  35. I think everything said was very logical. However, what about this?
    suppose you wrote a catchier title? I ain’t saying your content isn’t good, but
    what if you added something to maybe grab people’s attention? I
    mean NDIC issues fresh framework for non-interest bank deposits – GoBroadsheet is kinda vanilla.
    You could peek at Yahoo’s front page and watch how they create article titles to
    grab viewers to open the links. You might add a related video or a pic or two to get readers
    interested about everything’ve got to say. In my opinion, it could make your website a little livelier.

    Here is my homepage Strawberry CBD Gummies Review

  36. you are truly a excellent webmaster. The web site loading speed is incredible.
    It seems that you are doing any unique trick.
    In addition, The contents are masterwork. you have done a magnificent job in this matter!

    my page; Pure Remedy CBD

  37. Hi to all, how is the whole thing, I think every
    one is getting more from this website, and your views are good in support of new visitors.

  38. Hi there, I discovered your website by means of Google even as searching for a similar matter,
    your site got here up, it seems to be good. I’ve bookmarked it in my google bookmarks.

    My homepage: 80gm.net

  39. I think other website proprietors should take
    this website as an model, very clean and excellent user genial style and design, let alone the
    content. You’re an expert in this topic!

    Stop by my blog post :: Ardent Male

  40. When I originally left a comment I seem to have clicked on the -Notify me when new comments are added- checkbox and from now on whenever a comment is
    added I get 4 emails with the same comment. Perhaps there is a means you are able to remove me from that service?
    Cheers!

    My homepage … http://www.koan.at

  41. Fascinating blog! Is your theme custom made or
    did you download it from somewhere? A design like yours
    with a few simple adjustements would really make my blog shine.
    Please let me know where you got your design. Thank you

    Here is my website http://www.koan.at

  42. I cherished up to you will obtain carried out proper here.
    The cartoon is attractive, your authored material stylish.
    nonetheless, you command get bought an nervousness over that you would like be
    delivering the following. sick unquestionably come more beforehand once more
    since precisely the similar nearly very steadily within case you shield
    this hike.

    Here is my web page www2u.biglobe.ne.jp

  43. you are in reality a just right webmaster. The website loading pace is amazing.
    It seems that you’re doing any distinctive trick. Moreover, The contents are masterwork.
    you’ve performed a fantastic activity in this subject!

    Also visit my page; Follipur Reviews

  44. I am curious to find out what blog system you happen to be
    utilizing? I’m experiencing some small security issues with my latest blog and I’d like
    to find something more secure. Do you have any suggestions?

    Also visit my page … U Slim X Keto BHB

  45. I just wanted to write down a small word to thank
    you for the lovely tips and hints you are sharing
    at this website. My considerable internet look up has at the end been rewarded with excellent content
    to talk about with my co-workers. I would point out that
    we site visitors are really lucky to exist in a decent place with very
    many perfect professionals with beneficial concepts.
    I feel quite grateful to have discovered your web pages and look forward to so
    many more thrilling times reading here. Thanks once more for
    everything.

    Feel free to visit my web page – Slimy Vita Reviews

  46. I’ve been exploring for a little bit for any high-quality articles or weblog
    posts on this kind of area . Exploring in Yahoo I at last stumbled
    upon this website. Reading this info So i’m happy to show that I’ve a very good uncanny feeling I discovered exactly what I needed.

    I most undoubtedly will make sure to don’t fail to remember this site and provides it a
    look regularly.

    My homepage … https://luciohanigan.webgarden.at/

  47. Awsome website! I am loving it!! Will be back later
    to read some more. I am bookmarking your feeds also

    Also visit my web-site … ACV Rx

  48. That is very fascinating, You are a very skilled blogger.
    I’ve joined your feed and stay up for in the hunt for extra of your excellent post.
    Also, I’ve shared your site in my social networks!

    My web blog: Xoth Keto BHB

  49. I’d been honored to obtain a call coming from a friend as soon as he discovered the important guidelines shared on your
    site. Looking at your blog posting is a real amazing experience.
    Thank you for thinking of readers like me, and I would like
    for you the best of success like a professional in this field.

    Have a look at my website: Leafy Living CBD

  50. Howdy just wanted to give you a quick heads up. The text in your article seem to be running off
    the screen in Opera. I’m not sure if this is a formatting issue
    or something to do with internet browser compatibility
    but I figured I’d post to let you know. The style and design look great though!
    Hope you get the issue fixed soon. Cheers

    my blog post … http://www.matong13.com

  51. Wow, fantastic weblog structure! How long have you been blogging for?
    you made running a blog glance easy. The full look of your
    website is wonderful, as smartly as the content!

    Here is my web page: ecs300.net

  52. Nice post. I was checking continuously this blog and I am impressed!
    Very useful information specifically the last part
    🙂 I care for such information a lot. I was looking for this certain info for a long time.
    Thank you and best of luck.

    My site … KetoBHB Plus Reviews

  53. I have read so many posts regarding the blogger lovers except this piece of writing is in fact a nice article, keep it up.

    Look at my web blog … Solvolt

  54. Excellent way of describing, and fastidious post to get data concerning my presentation topic,
    which i am going to deliver in university.

    My web blog … ACV Rx

  55. Hi, Neat post. There is a problem together with your site in web explorer,
    may check this? IE still is the market leader and a large component of other people will omit your great writing because of this problem.

    Check out my web blog: Solvolt Reviews

  56. Thank you, I have recently been searching for info approximately
    this subject for a while and yours is the greatest I have found out so
    far. But, what in regards to the conclusion? Are you certain concerning the supply?

  57. Wow! This can be one particular of the most helpful blogs We have ever arrive across on this subject.
    Actually Magnificent. I’m also an expert in this topic
    so I can understand your hard work.

    Review my site; http://www.mbrdev.com

  58. I would like to use the opportunity of thanking you for that professional
    guidance I have usually enjoyed checking out your site.
    I am looking forward to the commencement of my college research and the general preparation would never
    have been complete without surfing your site. If I could be of
    any assistance to others, I might be happy to help via what I have discovered from here.

    Here is my web blog D-Fine8

  59. Terrific work! That is the kind of info that are
    meant to be shared around the web. Disgrace on the search engines for no longer positioning
    this put up upper! Come on over and seek advice from my site .
    Thank you =)

    my web site; Spark Aura Review

  60. Undeniably consider that which you said. Your favourite justification seemed to be on the net the easiest factor to bear in mind of.

    I say to you, I definitely get irked at the same time as folks
    think about concerns that they just don’t recognise about.
    You managed to hit the nail upon the top and also outlined out the whole thing without having side
    effect , other people could take a signal. Will likely be
    again to get more. Thank you

  61. Hello, I check your blogs like every week.

    Your story-telling style is awesome, keep it up!

  62. It’s awesome in favor of me to have a web site, which is helpful in support of
    my experience. thanks admin

    Here is my site: D-Fine8

  63. We stumbled over here by a different web page and thought I may as well check
    things out. I like what I see so now i’m following you.
    Look forward to looking over your web page for
    a second time.

  64. I am really impressed with your writing abilities and also with the layout in your
    blog. Is that this a paid theme or did you customize
    it yourself? Anyway keep up the nice high quality writing, it is uncommon to peer a nice weblog like this one these days..

Leave a Reply

Your email address will not be published.