The Executive Secretary/Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), Dr. Rabiu Olowo, delivered a keynote address at the 24th Annual Shari’ah Boards Conference organised by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), takes place from 11–12 October 2026 at the Crowne Plaza Hotel in Manama, Kingdom of Bahrain.
The keynote address focused on the development and growth of Islamic finance in Nigeria, the institutionalisation of AAOIFI standards into the reporting framework for the use of Non-Interest Financial Institutions, the strategic partnership between the Council and AAOIFI, capacity building for industry stakeholders, and efforts to position Nigeria as a leading knowledge hub for Islamic finance in Africa. The ES/CEO also reaffirmed the Council’s commitment to advancing these initiatives.
A major highlight of the conference was the signing of a Memorandum of Understanding (MoU) between AAOIFI and the Financial Reporting Council of Nigeria. The MoU formalises cooperation on the key areas outlined in the ES/CEO’s address, including standards adoption for use by Non-Interest Financial Institutions in Nigeria, capacity development, and knowledge sharing across the industry to include preparers, assurance providers and regulators.
In recognition of the Council’s growing collaboration with AAOIFI, a commemorative plaque was presented to the ES/CEO during the celebration of AAOIFI’s 35th anniversary for his contribution to the evolving Financial Reporting Thought Leadership for Islamic Financial Institutions across the world, and inspiring confidence amongst stakeholders, especially investors in the Non-Interest Financial System in Nigeria.
The Nigerian delegation, comprising representatives of the Central Bank of Nigeria (CBN), the National Pension Commission (PenCom), the Deputy Chairman of the Financial Regulation Advisory Council of Experts (FRACE), Dr. Bashir Umar Aliyu and the Chairman of the Takaful Advisory Council of Experts (TAC), Professor Abdurrazaq Abdulmajeed Alaro, witnessed the historic signing of the MoU.
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