The International Islamic University Malaysia (IIUM) Alumni Association, Nigerian chapter, has said the adoption of Islamic finance and economy at various levels of government, the private sector and individuals, will provide a more stable economy with equity and efficiency due to the inherent justice in wealth and income circulation built in the system.
This was contained in a communiqué issued at the end of a two-day annual conference and general meeting organised by IIUM alumni with the theme, ‘The Role of Islamic Banking and Finance in Stabilizing Nigerian Economy Amidst Insecurity’.
The communiqué, which was signed by the General Secretary of the association, Dr. Aliyu Dahiru Muhammad, and the organizing secretary, Binyamin Adeniyi Ajayi, said the association, in collaboration with other academic and financial institutions such as IIIBF-BUK, Jaiz Bank, Taj Bank, and Lotus Capital, should intensify efforts in creating awareness among various categories of people in the country.
However, the association observed that despite the fact that Islamic banks started almost a decade ago, there is still a dearth of awareness among various categories of the citizens – youth and women entrepreneurs, policymakers, administrators, and the general public.
They noted that the Nigerian economy faces a number of challenges that include instability, inequality of wealth and income, high rate of poverty, and unbearable inflation.
While calling on the government to be careful in dealing with foreign creditors to avoid being over-indebted, they urged state governments and corporate bodies to follow suit by issuing quasi-sovereign and corporate Sukuk since the FGN Sukuk provides the benchmark.