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Sanusi, Other Experts Dissect Islamic Financial System At The Companion’s ‘National Discourse’
His Highness, Sanusi Lamido Sanusi, has stated that the acceptance of non-interest banking in Nigeria required a lot of effort and devotion.
Sanusi recently spoke at The Companion’s fifth ‘National Discourse,’ a gathering of Muslim men in business and professions held at the University of Lagos, Akoka.
Sanusi said that the Islamic finance system caused unneeded religious divisions.
Non-Muslims, he claimed, eventually embraced it after learning about the enormous benefits it entails, since 40% of individuals who first enrolled for Jaiz Bank shares are non-Muslims.
According to Sanusi, there is no reason why Nigeria might not become Africa’s center for Islamic finance.
Professor AbdulRazzaq Alaro, the guest speaker, dispelled the notion that Islamic banking has an objective to Islamize the Nigeria.
In his presentation, Professor AbdulRazzaq Alaro said the United Kingdom is the foremost supporter of Islamic banking, according to a professor of Islamic Law at the University of Ilorin, while the World Bank’s head of Islamic Finance, Abayomi Alawode, is a Nigerian Yoruba Christian.
Islamic money, he claims, offers an alternative to traditional investing and financing methods.
“This is shown by the country’s rising demand for Islamic financial services, as well as an ever-increasing client base.” “In under a decade, the industry has evolved from one and only non-interest financial institution in 2012 to four regulated full-fledged non-interest banks, a window of a conventional bank, three microfinance banks, and others,” Professor Alaro added.
Alaro, a member of the Financial Regulatory Advisory Council of Experts of the Central Bank of Nigeria (CBN), said Corporate companies, as well as the Nigerian government, have benefited from Islamic banking,
The issue was motivated by its timeliness and relevance to the Nigerian democracy, according to Kamil Olalekan, National President, Amir of The Companion.
The University of Lagos’ Vice Chancellor, Prof. Oluwatoyin Ogundipe, announced that the university’s Senate has authorized the UNILAG Business School’s Islamic banking and finance program to begin issuing post-graduate degrees.