4 October 2011

Nigeria: Islamic Finances, Best Way in Fighting Poverty -Don

Kano — There are much more products in Islamic Finance that can be explored to improve the well-being of our people and fight poverty in our communities, a Professor of Accounting, Kabiru Isa Dandago has said.

He said this at the weekend during the annual lecture organised by the Bayero University, Kano (BUK) Class 2000 Alumni during the Re-union Activities.

Professor Dandago said beyond Islamic Banking there are other products that can touch many lives at the grassroots.

One of such products, he said is Takaful (Islamic Insurance) which literally referred to as "social solidarity", but not widely understood.

"While Takaful is an important part of the Islamic financial system, the concept itself and the nature of the operations of Takaful companies is a topic that has been relatively neglected compared to Islamic banking," he said.

The Don said Takaful is a plan "based on solidarity and brotherhood which provides mutual financial aid and assistance to its participants in case of need whereby the participants mutually agree to contribute for that purpose.

"It is a self economic empowerment strategy that should be adopted by each community, regardless of the community members' religious faith, tribal inclination or economic status, in view of its potentials for ensuring sustainable economic development to the participants and the whole community."

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