The Central Bank of Nigeria (CBN) has issued Guidelines on the Disposal of Non-Permissible Income.
The CBN, in its circular of October 13 2021 stated that the guidelines are a part of its “efforts to standardize the treatment and disposal of Non-Permissible Income (NPI) by the Non Interest Financial Institutions in Nigeria.”
In the guidelines, NPI have been defined to mean “any income that accrues to the institution in a Shari’ah non-compliant manner, such as interest income, penalties for delayed payment of debt obligations, or any income declared by the ACE of the institution as impermissible according to the Shari’ah.”
Click here to access the CBN circular dated October 13 2021.
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