Diversification of Islamic Financial Instruments
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 A separate legal framework for Islamic financial institutions needs to be
developed. This will facilitate the regulatory bodies develop some instruments to
deepen the Islamic financial sector. It will make it easy for the Islamic financial
institutions to document legal requirements during product development
 The inconsistency in regulatory frameworks should be resolved to allow for
orderly growth and development of Islamic finance in Nigeria.
 The regulatory bodies should include in their training plan a programme on
Islamic financial engineering. This is to better position the Examiners understand
and examine any financially engineered product that the institutions might come
up with
 The Islamic financial institutions should have a human capacity development
programme in place to address the inherent knowledge gap that exists in
sophisticated product development/differentiation
 The Islamic financial institutions should develop suitable and attractive products
for the poor segment of the society in order to promote financial inclusion with its
attendant economic growth potential as well as promotion of social economic
justice.
 The Islamic financial institutions should have an awareness programme to educate
the general public on the viability of Islamic finance.
 Both the Regulators and the Islamic financial institutions should have training
programme for the members of their Shariah boards on the fundamentals of
Islamic finance