President Bola Ahmed Tinubu has been advised to consult with Islamic economic experts to allow Muslims benefit from the various loan facilities announced by his administration to cushion the present hardship in the country.
An Islamic organisation, Standard Bearers (SB), gave the advice in a statement on Thursday in Ilorin by its national coordinator, Dr Nurudeen AbdulRaheem.
The organisation noted that the recent economic hardship occasioned by fuel subsidy removal does not discriminate between Muslims and non-Muslims.
SB regretted that the palliatives rolled out by the president in his address to Nigerians on the 31st of July “outrightly exclude the Muslims.”
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It argued that “Of all loan facilities promised by the president, there was no provision for non-interest loans for the benefit of the Muslim populace that makes up 55-60% of the Nigerian population”.
“We strongly advise you to consult with Islamic economic experts and restructure the loan facilities by including non-interest financing facilities for nano businesses, Sukuk (Islamic bonds) to aid PPP and other ethical financial products as part of the economic palliatives”, the statement read.
The organisation clarified that though “Muslims accept loans but not with interest”, urging the president to make his economic policy all-inclusive by identifying the peculiarity of all Nigerians alike.
“It is therefore our wish to humbly request that you make it entirely interest free and if this is not possible, please let the Muslims (or anyone for that matter) have the opportunity to participate in the scheme(s) without jeopardising the dictates of our faith,” the group submitted.