Islamic banking is the answer to Nigeria's economy because it "promotes infrastructural development which Nigeria critically needs," says Mrs. Hajara Adeola, the managing director and chief executive officer of Lotus Capital Limited.She said the establishment of Islamic financing in Nigeria is rife following the plan by the CBN to discontinue universal banking for specialised banks.

The Jaiz International Bank has not been able to take off due to the N25billion compulsory capitalisation benchmark for banks. She said it is possible to have Islamic banking with the CBN relaxing the capitalisation base for banks. She said banks categorisation will: "bring banks nearer to the people and offering specialised service. Not all banks are international banks everywhere in the world" she said. Adeola spoke yesterday at the five-day training workshop on Islamic finance and investment products put together by Chartered Institute of Bankers of Nigeria (CIBN) and Lotus Capital Limited.