28 Million Nigerian Muslims Are Waiting For Islamic banking

[emezico]

The Special Adviser to the Central Bank Governor on non-interest (Islamic) Banking in Nigeria, Dr. Bashir Umar, has said that about 28.45 million Muslims in Nigeria are excluded from banking.

He also said a sizeable number of Muslims had no confidence in the existing system, saying this was an effective financial exclusion.

He added that the maintenance of public trust and confidence was essential to the soundness and stability of the financial system.

According to him, Islamic banking was necessary to fast-track financial services and infrastructure financing in the country.

Umar spoke on Wednesday in Ilorin at a seminar on the "Non-interest (Islamic) banking in Nigeria: Opportunities and challenges".

He said Islamic banking would integrate many Muslims into the banking and financial services.

The seminar was jointly organised by Al-Barka Trust Fund and Department of Islamic Law, Faculty of Law, University of Ilorin.

Umar said, "Financial inclusion will bring a lot of benefit to the economy. Financial inclusion is a constitutional right of every citizen. Non-interest banking is set to achieve financial inclusion. Islamic banking was introduced by secular states to achieve this goal; it is set to achieve it in Nigeria. Other forms of non-interest banking have the same potential if introduced along the lines of introducing Islamic banking."

The Business Manager, Diamond Bank, Regional headquarters, Kano, Mr. Muhammad Shuaib, who also spoke at the lecture, said there was lack of adequate personnel to handle Islamic banking in the country, adding that more personnel should be trained to make the operation of the Islamic banking by Nigerians operational and effective.

TalkofNaija

[Zanna Musa Liman]

Its my candid opinion that Islamic Banking is very good for all faiths. We need to understand and appreciate its conceptualization and practice. Afterall we all stand to benefit from a interest-free banking services and when the nearly 29 Million Muslims come on board, Nigeria's economy will flourish. Its legal, constitutional and beneficial to all and sundry.

[emezico]

Like Zanna said, "Islamic Banking is very good for all faiths." l think the fear of some christian priest is that in Nigeria's case, it may not be the same as in America and UK where Islamic Banking is enjoyed by all faith, and there have no being any religious crisis on the establishment of the interest free bank.

Personally, l am not against its establishment. My concern is what happens after it is established. Won't some Islamic extremist used that against non-Muslims, preventing them from benefiting because of their different faith. 

Secondly, will it not resort to religious crisis again? We all know what usually happens in Nigeria at the slightest spark of religious argument, lives and properties destroyed within days.