The implementation of effective fiscal and monetarypolicy measures is critical towards addressing the unexpected impact of the Covid-19pandemic on the Financial System, Managing Director of the Nigeria DepositInsurance Corporation (NDIC), Umaru Ibrahim has stated.
Ibrahim stated this in a speech delivered on hisbehalf by Mr. Galadima Y. Gana, Director, Insurance Surveillance Department(ISD), NDIC at the Webinar titled: “The Impact of COVID-19 on the BankingSystem with a Special Focus on Non-Interest Financial Institutions’ (NIFIs)”, organisedby the corporation in collaboration with the Islamic Financial Service Board(IFSB).
Ibrahim, according to a statement by NDIC on Wednesday,described the Webinar event as a crucial platform for stakeholders andregulators in the industry to examine and analyse the issues affecting operationsin the Non-Interest Banking sector that have been impacted by the pandemic witha view to proffering effective solutions and interventions to ensure stabilityof the financial system.
He explained that the aim of the Webinar was to bringcritical stakeholders in the Non-Interest Banking sector to, among otherissues, evaluate the Central Bank of Nigeria’s interventions in the sector interms of enhancing financial inclusion, gain insights into consumer behaviourin light of the recent Sukuk Issuance as well as highlight global interventionssuch as the Islamic Development Bank’s Social Welfare Sukuk.
The Secretary General of the IFSB, Dr. Bello Lawal Danbatta,disclosed that since its establishment in 2003, the IFSB has remained committedto the implementation ofprudent regulations to promote financial systemstability for Non Interest Financial Institutions (NIFIs).
He said in light of the global impact of theCOVID-19 pandemic on the financial system, it is critical for industryoperators to strictly monitor their Credit, Market and Operation Risks for operationalresilienceas well as come up with a coordinated policy response for bothdomestic and international financial institutions.