Sanusi forecasts Nigeria becoming Islamic banking centre in Africa

The Governor of the Central Bank of Nigeria, Sanusi Lamido says Nigeria has the potential to become Africa’s Islamic banking hub. Speaking at the 9th Executive Walimatul-Quran and 8th Nigeria Muslim Merit Award presentation, organised by Al-Habibiyyah Academy, Abuja - for Islamic and Western education activities- on “Islamic Banking and the Nigerian Economy”, which was delivered on his behalf by Dr. Bashir Aliyu, his Special Advisor on Islamic Banking.


“Nigeria is the most populous black nation in the world with a population of about 150 million. “The country boasts of a significant Muslim population, majority of who yearn for financial services,” Sanusi said. According to him, the present economic reforms and right ranking by global rating institutions, have improved Nigeria’s profile as a viable investment destination.
“Given the positive market environment and latent opportunities in Nigeria, we anticipate that Nigeria will be seen as a safe haven for investors, Islamic banking is a model of non-interest banking and profit and loss sharing banking recognised by our laws in Nigeria,” Sanusi said.
“The introduction of non-interest banking will herald the entry of new markets and institutional players such as the Islamic money market, Islamic assets management companies, etc. This will deepen the financial market and open up employment opportunities," Sanusi explained.
Islamic banking is a financial system based on adherence to the Shariah or Islamic law whose prospects are based on large amount of cash outside the banking system. The bank has increased its opportunities to thrive in the country due to the zero-interest regime, which a number of the un-banked population may find attractive.

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