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".

Copyright © 2011 Daily Trust. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.