FG urged to adopt Islamic financial principles to address economic woes

An Islamic scholar, Alhaji Qudus Olayiwola, has suggested that the Nigerian government should consider adopting Islamic financial principles as a solution to the country’s economic challenges.

The cleric, from the Department of Languages and Linguistics at Bamidele Olumilua University of Education, Science, and Technology in Ekiti, highlighted several key Islamic principles, including interest-free loans, zakat (which requires wealthy individuals to contribute a portion of their wealth to support the less privileged), a structured debt repayment system, and responsible management of public funds.

 His call reflects a growing sentiment among some religious leaders for incorporating ethical and sustainable financial practices into the country’s economic framework.

Speaking at the inaugural Ramadan lecture organized by the Nigeria Union of Journalists (NUJ), Ekiti State Council, titled “Unlocking Economic Stability in Nigeria, Leveraging on Islamic Principles,” Olayiwola emphasized that despite Nigeria’s abundant natural resources, it continues to face economic challenges due to a lack of effective policies and adherence to fundamental principles.

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He attributed Nigeria’s economic difficulties to issues such as lack of discipline, corruption, extravagant lifestyles, greed, and disregard for religious principles.

Alhaji Hammed Bakare, the President of the Supreme Council for Islamic Affairs in Ekiti State, praised the Muslim community in the state for fostering peaceful coexistence with people of diverse faiths.