Mid-sized Nigerian commercial bank launching non-interest banking window; 2011 onward


SHAPE® provides comprehensive service for this client:

i. Shariah Supervisory Board (SSB). In Nigeria, the Central Bank of Nigeria (CBN) prefers to call the SSB as Advisory Council of Experts (ACE).
  • SHAPE® has been appointed as the ACE for this client, which includes daily access to our Nigeria based Shariah scholar.
  • Function of the ACE is to review the product to be offered by the bank and provide Shariah opinion (i.e. the fatwa).
  • ACE is an independent body that is at liberty to approve, modify or disapprove any products presented to it.
  • SHAPE® also prepared the ACE policy and procedure
ii. Consulting:
  a. Strategic advisory: Comprehensive NIB window launch services- feasibility study, market survey, business plan, financial projection, regulatory responses, treasury, ALM etc
  b. Comprehensive product development & Shariah research/consulting:
  • Close interaction with the business team to develop novel products best suited for the bank’s strategy and the Nigerian market.
  • Process: Business opportunities » refine business idea for Shariah compatibility » develop appropriate Shariah tool » support to legal council for Shariah documentation » ACE approval & CBN approval » review marketing collaterals » draft policies & procedures
  c. Shariah audit: SHAPE® will conduct period Shariah audit and train an internal Shariah audit team so the client may conduct its own Shariah audit
iii. Training:
  • Multi level, multi courses bank wide training
  • Combination of e-learning and in person training to deliver cost effective training.
  • Courses include Foundation of Islamic Banking & Finance, Islamic Treasury & Hedging,Islamic Trade Finance, Islamic Real Estate that were customized for the bank’s unique product offering

CIFA Review Course


In June 2012 we successfully conducted the CIFA Review course in Lagos through our marketing partner.