Nigeria and
other African countries need to tap into opportunities provided by Islamic
financing to fund infrastructure development on the continent, the governor of
the Central Bank of Nigeria has said.
other African countries need to tap into opportunities provided by Islamic
financing to fund infrastructure development on the continent, the governor of
the Central Bank of Nigeria has said.
Sanusi Lamido
Sanusi stated this yesterday in Abuja at a conference on “Infrastructure
Development through Alternative Funding (Islamic Finance) in Africa”.
Sanusi stated this yesterday in Abuja at a conference on “Infrastructure
Development through Alternative Funding (Islamic Finance) in Africa”.
The event was
organised by The Metropolitan Skills Limited, Abuja, in collaboration with the
Islamic Finance Institute of Southern Africa.
organised by The Metropolitan Skills Limited, Abuja, in collaboration with the
Islamic Finance Institute of Southern Africa.
He was
represented by his special adviser on non-interest banking, Dr Bashir Aliyu
Umar.
represented by his special adviser on non-interest banking, Dr Bashir Aliyu
Umar.
He said Islamic
bonds called Sukuk, if well developed, could serve as a financing option for
governments as is already evident in countries like Saudi Arabia and United
Arab Emirates.
bonds called Sukuk, if well developed, could serve as a financing option for
governments as is already evident in countries like Saudi Arabia and United
Arab Emirates.
“It is my belief
that, if properly structured, it will complement government’s efforts in
infrastructure development,” Sanusi said.
that, if properly structured, it will complement government’s efforts in
infrastructure development,” Sanusi said.
Professor Monzer
Kahf, MSC coordinator, Islamic Finance, Faculty of Islamic Studies, Quatar, who
was also a guest speaker, described Islamic Finance as a depository institution
of financial intermediary specialised in providing finance on sale, lease or
sharing bases. It is committed to the Islamic Shari’ah criteria of financial
transactions especially realism, morality as well as prohibition of interest,
he noted.
Kahf, MSC coordinator, Islamic Finance, Faculty of Islamic Studies, Quatar, who
was also a guest speaker, described Islamic Finance as a depository institution
of financial intermediary specialised in providing finance on sale, lease or
sharing bases. It is committed to the Islamic Shari’ah criteria of financial
transactions especially realism, morality as well as prohibition of interest,
he noted.
Kahf, who also
lamented the way Islamic banking is being misinterpreted in some quarters,
revealed that the bank does not put any restrictions on one’s faith or
belief but rather grants an equal opportunity and operates under the
principles of fairness, realism and morality.
lamented the way Islamic banking is being misinterpreted in some quarters,
revealed that the bank does not put any restrictions on one’s faith or
belief but rather grants an equal opportunity and operates under the
principles of fairness, realism and morality.
Also at the
event, former managing director of Jaiz Bank, Mustapha Bintube, said Islamic
banking has come to stay in Nigeria.
event, former managing director of Jaiz Bank, Mustapha Bintube, said Islamic
banking has come to stay in Nigeria.
“In Nigeria, many
people told me it was not possible but, today, with a modest beginning, it is
going to stay and it is going to make impact in the economy of this country,”
he said.
people told me it was not possible but, today, with a modest beginning, it is
going to stay and it is going to make impact in the economy of this country,”
he said.
The acting
managing director of Jaiz Bank, Usman Hassan, urged the federal government to
conclude the development of the framework for the issuance of Sukuk in the
country.
managing director of Jaiz Bank, Usman Hassan, urged the federal government to
conclude the development of the framework for the issuance of Sukuk in the
country.
This is necessary
because with Sukuk you cannot have failed projects and funds “cannot be
diverted”.
because with Sukuk you cannot have failed projects and funds “cannot be
diverted”.
Source:
Leadership
Leadership
