Latest Breaking News On - Interest asset backed securities - Page 1 : comparemela.com

The Central Bank of Nigeria (CBN) has said it would charge investors protection fees on its non-interest asset-backed securities. In its recently issued draft framework of the CBN Non-Interest Asset Backed Securities (CNI-ABS), the regulator said it “shall charge Wakala fee,” which means protection, authorisation and delegation. According to financialadvisory.com, “wakalah is a term in Islamic finance that denotes an agency contract, where one party appoints another to conduct a defined legal action on his behalf, for a specified fee or commission.” The CBN intends to charge 10.00 per cent of the underlying return for one to 30 days investment; 7.50 per cent for 31 to 90 days; five per cent for 91 to 180 days; and 2.50 per cent for 181 to 365 days on persons or institutions interested in the CNI-ABS beginning from 2021.

Angelaa ejembiIslamic development bankInternational islamic liquidity management corporation sukukCentral bankInterest asset backed securitiesஇஸ்லாமிய வளர்ச்சி வங்கிமைய வங்கி