BUSI­NESS Is­lamic bank­ing has come to stay -Sanusi

Daily Trust - - BUSINESS - From Ismail Mu­dashir, Kano

Sus­pended Gover­nor of Cen­tral Bank of Nigeria (CBN) Malam Sanusi Lamido Sanusi, yes­ter­day said Is­lamic fi­nance has come to stay and de­scribed it as the most ver­i­ta­ble tool for ad­dress­ing the de­vel­op­ment chal­lenges be­dev­il­ing the coun­try.

Speak­ing dur­ing the In­ter­na­tional Con­fer­ence on Is­lamic Bank­ing and Fi­nance or­gan­ised by the In­ter­na­tional In­sti­tute of Is­lamic Bank­ing and Fi­nance (IIIBF) of the Bayero Univer­sity Kano, he said there is noth­ing di­vi­sive, sub­ver­sive or dis­crim­i­nat­ing about the Is­lamic fi­nance.

He said the outcry that trailed the in­tro­duc­tion of the sys­tem years back were mis­chie­vously man­u­fac­tured in the typ­i­cal Nige­rian elite game of ma­nip­u­la­tion of eth­nic­ity and re­li­gion to achieve po­lit­i­cal and eco­nomic gains.

“No coun­try that seeks to be­come an in­ter­na­tional fi­nan­cial cen­tre can af­ford to be obliv­i­ous of Is­lamic fi­nance in the mod­ern world, es­pe­cially in this age of in­creased in­ter-con­nect­ed­ness and in­te­gra­tion of the global fi­nan­cial sys­tem,” he said.

He said as a re­sult of the ben­e­fit be­ing reaped from the Is­lamic fi­nances, coun­tries are rush­ing to em­brace the sys­tem and in­te­grate it into their na­tional fi­nan­cial sys­tems.

“In Europe, both the UK and Lux­em­bourg are com­pet­ing to be­come the hubs of Is­lamic fi­nance not only in Europe but the world over; com­pet­ing to be in the league of Malaysia and the UAE. In Africa, both Kenya and Sene­gal are com­pet­ing with Nigeria to be the hubs of Is­lamic fi­nance in subSa­ha­ran Africa,” he said.

In his ad­dress, the Vice Chan­cel­lor of BUK, Pro­fes­sor Abubakar Adamu Rasheed, said the univer­sity would con­tinue to ex­plore ar­eas of part­ner­ship with in­sti­tu­tions abroad to bridge knowl­edge gap in Is­lamic fi­nance in the coun­try.

For his part, the Di­rec­tor of IIIBF, Pro­fes­sor Shehu Us­man Aliyu Rano, de­scribed the Is­lamic fi­nance as the fastest grow­ing fi­nan­cial sys­tem with about $2m global cap­i­tal base.

Chair­man of the oc­ca­sion, Niger state gover­nor, Dr. Muazu Ba­bangida Aliyu, said the con­fer­ence was de­sir­able to al­lay the fears of Nige­ri­ans on the mode of fi­nance.

The gover­nor whose speech was read by the state’s Com­mis­sioner of Jus­tice, Bar­ris­ter Ab­dul­lahi Bawa, urged the in­sti­tute to in­ten­sify en­light­en­ment on the sys­tem.

“I’m ap­peal­ing to Nige­ri­ans to al­ways take per­sonal in­ter­est in what oth­ers are do­ing rather than con­demn­ing it. There is no jus­ti­fi­ca­tion for us in the coun­try not to move fur­ther in the im­ple­men­ta­tion of this mode of fi­nance for the ben­e­fit of all,” he said.

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