Stakeholders want banking policies in Islamic conformity

The federal government has been urged to come up with economic policies and programmes that will harness and fast-track full benefit of Islamic banking in Nigeria.

This was the position of stakeholders at a one-day Islamic Finance Sharia Forum organised by the International Institute of Islamic Banking and Finance (IIIBF), Bayero University, Kano, in collaboration with Jaiz Foundation, Nigeria.

Declaring the conference open, the Vice Chancellor, Professor Muhammad Yahuza Bello, represented by the Deputy Vice Chancellor (Administration), Professor Haruna Wakili, said the essence of establishing centres like IIIBF and CICID was to collaborate with external bodies and the general public in finding solutions to the challenges facing the society.

He expressed hope that the discussions would come out with practical solutions to problems facing Islamic finances in Nigeria.

In his presentation titled “Some Shari’ah Issues in the Application of Murabaha by Islamic Financial Institutions”, the Director, CICID, Dr. Bashir Aliyu Umar, dwelt on the role played by Islamic banking in promoting what he called ‘real economic development’.

He said Islamic banking operates on asset-based system which he said promotes financial inclusion, open employment opportunities, eases spread of acquisition of capital among people, increase production and increased purchasing power of the people.