Daily Trust (Abuja)

27 July 2011

Nigeria: Lagos Chamber Backs Islamic Banking

Lagos — The Lagos Chambers of Commerce and Industry today threw its weight behind the introduction of Islamic banking in the country.

President of the Chamber, Otumba Femi Deru however said the policy should be stripped of any religious reference.

Speaking at the Chamber's second quarterly press conference in Lagos, Deru posited that the focus of Islamic banking should be on the financial concepts, principles and values it will give to those who chose to patronise the product.

He said the reality of the situation is that the cost of funds in the country is high and hindering the growth of business, "therefore, a banking product that will relieve borrowers the burden of interest payment will not be out of place. Non-interest banking should be stripped of all religious characterisations and offered purely as a financial product".

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