The CBN Governor Mallam Sanusi Lamido Sanusi on January 10, 2013 inaugurated the Financial Regulation Advisory Council of Experts (FRACE) at the CBN Head Office in Abuja.
The Governor in his remarks said that the establishment of the FRACE was part of the provisions of the CBN Guidelines for the regulation and supervision of institutions offering non-interest financial services based on compliance to the principles of Islamic commercial jurisprudence.
The establishment of the FRACE is to ensure that products and services offered by the non-interest financial institutions satisfy the requirements for compliance to the principles underpinning their mode of operation, so as to meet the expectation of their stakeholders which is a concern for regulators.
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