The Central Bank of Nigerian has issues guidelines for the disposal of Non-permissible income (NPI) for Non-interest financial institutions (NIFI).
This is according to a circular dated 13th of October, 2021, addressed to all non-interest financial institutions and signed by the Director, Financial Policy and Regulation Department, Chibuzo A. Efobi
According to the circular, “Non-Permissible Income is 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
