Daily Trust (Abuja)

Nigeria: Islamic Banking Won't Change One's Faith -Prof Ayagi

By Auwalu Umar And Abdullahi Yahaya Bello, 14 July 2011

Kano — Foremost economist and former Chairman of National Economic Intelligence Committee (NEIC), Professor Ibrahim Ayagi has said that introduction of Islamic banking in Nigeria will not convert people to Islam.

He told Daily Trust yesterday in Kano that the whole idea is about choice of investment.

He said: "I am surprised and shocked about the people who are complaining about the introduction of Islamic banking in Nigeria. To me Islamic banking is a normal financial system of banking.

"The only thing is that it is devoid of interest. Instead of interest it relies on profit sharing. Why should anybody be against it? Why are they thinking it is going to Islamize the country? That is not what it means.

"We have been operating this Jewish system of banking and nobody has become a Jew. So why are they now equating Islamic banking to Islamisation of the country? It is wrong."

He said the idea is that you have two systems operating side by side and you choose the one that you think offers best return on investment.

"If you think that you will get better return on your investment if you invest in the profit oriented system, so be it. If on the other hand you feel that the return on your investment will be better in the profit-sharing system, you go for it. It is a very simple. I think those who are making noise about Islamic banking don't know what they are talking about or they chose to be ignorant."

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  • oyewole.deji
    Jul 15 2011, 14:04
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    When muslims were given Islamic Pilgrims Welfare board for them to be able to do hajj easily,(although they have been doing it before), the christians too agitated for Christian Pilgrims welfare Board (although not part of their religion), they were given. I think what the Christian should do is to also ask for Christian banking system. but the problem here is "what you dont have you cannot give". the only thing they could do is to claim that nigeria is purely a secular country. Secular to the extent of giving them sundays as rest days- to go to church. If they do not want islamic banking because Nigeria is secular, then the muslims too do not want sundays as resting days from work for the same reason.