NBA President Seeks Collaboration with Muslim Lawyers on Islamic Banking

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The President of the Nigerian Bar Association ( NBA), Mr. Abubakar Mahmoud, SAN, has called for collaboration between NBA and Muslim Lawyers' Association of Nigeria (MULAN) on Islamic banking projects.

Mahmoud made this call in his remarks at the annual national conference of MULAN, held in Lagos last weekend.

According to the NBA President, national indices, showed the inequalities between some certain groups, adding that this becomes problematic in countries, and developing Islamic finance can bridge the gap between the groups.

“I will like to thank Mr. Ahmed Popoola for an enlightening speech, the NBA and MULAN, should collaborate on a proposal on Islamic banking, which can be adopted by financial organisations.

“When we look at national indices, we notice the inequalities between some certain groups.

“This becomes problematic in countries, and developing Islamic finance can bridge a gap between the groups", Mahmoud said.

The NBA President noted that his presence at the conference, was to express support and solidarity for MULAN.

“I want to thank the leadership of MULAN for the leadership it is providing, and I will like greater partnership between the NBA and MULAN", Mahmoud said.

Earlier in his keynote address, Mr Ahmed Popoola, an Accountant and Managing Director of Credit Bureau, a financial organisation, said Islamic banking will help to bring to an end to the current economic downturn being experienced in the country.

Speaking on the theme of the conference, ‘Pulling Nigeria Out of the Economic Recession', Popoola said Islamic finance is an alternative option worth exploring, to raise funds for public works, and to support the private sector access to finance.

“Islamic finance is an alternative option worth exploring, to raise funds for public works and to support the private sector access to finance.

“Worldwide, Islamic finance is no more peripheral to conventional finance, as it is being operated in 75 countries, including western nations.

“People think that the Islamic financial system is based on faith, but it is based on justice for the two parties.

“Besides, the Islamic finance system does not allow investments that harm people or the environment, thereby promoting sustainable finance", he said.

The Accountant, noted that, the options that Islamic finance offers in funding public infrastructure and empowering small business will help bail the country out of recession.

Popoola also noted that, Nigeria was experiencing recession for the second time, as the country had experienced recession in the 1980s.

“Before this current experience of recession, the last time Nigeria was in recession was about 25 years ago.

“That was in 1987, when the Gross Domestic Product (GDP) recorded consecutive negative growth of -0.51% in the first quarter.

“Recession does not happen overnight, the ominous signs are always there. During the recession of the 1980s, the signs of things to come were apparent in the early 1980s, when the then Federal Government declared ‘Austerity Measures'.

“The signs of the 2016 recession, were also manifested in the preceding years. Real GDP growth slid from 6.3% in 2014 to 2.7% in 2015, and finally, to a negative of -1.5% in 2016.

“Just as it was in the 1980s, Nigeria again, this time, found itself in recession, because of the challenge of earnings from oil."

Popoola added that Nigeria is currently exiting the recession, and that there have been recent improvements in the earnings from the oil industry.

He made various suggestions as to where the country can overcome the recession, and get on the path of growth and development.

“There needs to be a diversification of the economy and massive investment in infrastructure, there needs to be a re-orientation of Nigerians, as appreciating our products is imperative.

“Peace and stability has to be restored to all parts of the country, as it is crucial and a pre-requisite for any economic development.

“Foreign direct investment needs to be nuances and the promotion of Small and Medium Enterprises (SMEs) needs special attention, as there is a need to separate SME development from

poverty alleviation programmes.

Speaking, Alhaji Femi Okunnu, SAN, decried the low level of western education among people of the Islamic faith.

“I am extremely happy that muslim lawyers came together to form MULAN, the level of education among Muslims is very low, we are still behind in western education.

“If you look at the list of successful candidates at the bar exams in the law school, we still find that the number of Muslim brothers and sisters called to bar compared to our Christian brothers and sisters, is as low as 10 to 15 percent.

“This trend also occurs in other professions such as medicine. Though efforts are being made in the northern part of the country, a lot still needs to be done in giving the Muslim child access to education."

The Chief Judge of Lagos State, Justice Oluwafunmilayo Atilade, in her remarks, stated that the theme of the event was of high relevance, as it affects every Nigerian.

Atilade who was represented by Justice Kudirat Jose, commended MULAN for its strides in the justice sector.

“MULAN was created just 10 years ago, and because of its successes in the justice sector, I thought it had been in existence for a longer period.

“As lawyers, we should be members of MULAN, and make our mark in the justice sector.

“The theme for today and other topics to be discussed, are highly relevant to us.

“I thank you all once again and I pray that this conference will be a resounding success", she said.

Also, MULAN President, Alhaji Kamal Daud, commended the Federal Government for its effort to lift the country out of the present economic quagmire, and in rescuing the recent released 82 Chibok Girls.

"We do believe that the Government will not relent, until all the girls have secured their freedom from captivity", he added.