The Governor, Central Bank of Nigeria, Lamido Sanusi, said Islamic financial products have the capacity for ensuring financial inclusion of significant segment of the population.
Sanusi stated this recently in Abuja at the National Conference on Islamic Banking and Finance in Nigeria, organised by Sheikh Nasir Kabara Research Centre in Abuja.
He stated that when properly harnessed, Islamic finance could contribute significantly in turning Nigeria into a major international financial centre.
“Islamic finance has shown its potential in achieving financial inclusion in many economies by bringing in large under bank populations, especially Muslims into the urbanised financial sector.”
“We have so far registered Jaiz bank, and we have given a licence to Stanbic IBTC Bank to operate some window.”
“We have given an approval in principle to Sterling Bank to operate an Islamic window and a microfinance bank that has applied for Islamic banking licence.”
“This is in addition to the work being done by National Insurance Commission to promote Takaful, an Islamic insurance product,’’ he said.
Sanusi said that many Islamic financial markets had established their presence in all the major financial centres and were playing key roles in deepening the financial markets with products across the globe.
“In the face of the growing interconnectedness of the global financial system and its integration, it is thus unrealistic for any existing or aspiring financial centre to be oblivious of this development.
“Last week, I was at the 9th World Islamic Economic Forum in London hosted by the UK Government. Prime Minister David Cameron announced his government’s plan to make London a capital for Islamic finance to the Western world.”
“He said it would stand alongside Dubai and Kuala Lumpur as one of the great capital of Islamic finance.”
“The UK is embarking on this plan, despite the fact that it is a non-Islamic country.
“This illustrates what we have been saying; that Islamic finance, though based on Sharia, is a financial product with clear goals and is accessible to all,’’ he said.
The CBN boss noted that Islamic finance works effectively in attracting liquidity through the Sukuk, a loan facility for infrastructure development, used currently to aid developing economies in building their much-needed infrastructure.
“It is in view of this potential that the Central Bank, in conjunction with other sister institutions, has assembled a technical team to explore this prospects of alternative modes of finance.
“The team has identified in its report potential projects that can be financed by sovereign and sub-sovereign Sukuk; the projects include upgrade, maintenance, repairs and new construction of roads and highways.
“They also include upgrade, renovation and construction of airports, rehabilitation of the rail line and the building of a new rail line and railway stations,’’ he said.
He said the would also provide part funding for the construction of the planned three refineries and mass housing, as well as light rail for some states in the federation.
The Chairman, Jaiz Bank, Dr Umaru Mutallab, said Islamic banking was growing rapidly and was expected to continue.
“Islamic banking has evolved from being just a niche offering into being part of the mainstream financial service landscape. Click to signup for FREE news updates, latest information and hottest gists everyday
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This man will not stop his bid to Islamitise his country by all means, ask those that tried it before you, they all died suddenly! God is interested in this country and any attempt to turn Nigeria to a full blown Boko Haram country will be resisted by him! PFN, CAN Presidents, your reactions!
ReplyDeleteWhatever the content is, but the branding is what Nigerians, especially Christians are looking at. So CBN Gov, take note next time, you think before presenting a gift to somebody.
ReplyDeleteO.J
Islamic Banking is not the solution. We do not want islamisation, period.
ReplyDeleteHe should equally try and open Christlike banking so that they will work hand in hand
ReplyDeleteMr man, dan ubanka! Nigeria as fa as is concerned it nt an islamic country get dat straight 2ur skull. R u so incompitent in handlin da bankin sector unless u invite ur islamic bankers? Hav u realise da effect of christians nd its ministries settin up dia own bankin sector? Luk guy, dat faster u 4get abt dis ur bankin da beta 4u. Dan uwarka, y do u want 2play wit our heads?
ReplyDeleteI never knew we have so much semi illiterates in nigeria,even the so called western world are practising islamic banking,this's not a case of islamising nigeria,annon 9.45am said he should establish christlike banking so that they can work hand in hand,there's nothing like christian banking and mind you sanusi isn't the originator of islamic banking,stanbic bank is a south african bank that mergerd with IBTC,if it is a ploy to islamise nigeria as allege they wouldn't have applied for operating license,my advise for my xtian folks is to study islamic banking with open mind to know what it entails,rather than making uninformed comments,we can't afford to be backward in nigeria,countries are generating power from multiple sources,we are only generating from hydro,we have crude we don't refine,we have arable land we cultivate it,something must be wrong with us as a nation,we need to join the rest of the world for the betterment of our people,religion can't bring real development.
ReplyDeleteAnony 2.03pm go and sit down.Wetin concern crude oil with islamic banking?dat Sanusi abi wetin he cal himself should just shut up because he has suceeded in destroying banking business in dis country.He has renderer so many nigerians employed in banking sector jobless simply bcos he wants to introduce islamic abi boko haram banking in nigeria.
ReplyDeleteWhy should you christians hang urselfs because of anything Islamic. The funniest is that bulk of beneficiaries of the so called bank will be these greedy christians who want loans without interests which cannot be obtained in there christiandom. Yet the oppose good out of hate and hypochrisy. Afterall Sanusi is not planning to erase the existing banks, so u can decide which bank to transact with and u can also bring innovation by establishing christianity banks. Your problem is Islam and sound reasoning. Illiterates
ReplyDelete@anon 8.47 I dnt hv ur time
ReplyDelete