Daily Trust (Abuja)

Nigeria: 'Islamic Banking Encourages Fairness'

Kaduna — The Director, International Institute for Islamic Banking and Finance (IIIBF), Professor Shehu Usman Rano, at the weekend said the Islamic banking system is meant to ensure fairness through just and equitable distribution of resources.

Professor Rano said this while presenting a paper titled; "The Role of Islamic Finance in Economic Development" at the second annual national conference of the Islamic Economic Thought Association (IETA), a students' group in the Ahmadu Bello University (ABU), Zaria.

Professor Rano said; "While conventional economy deals with papers and gains accruing for worldly benefit, Islamic economy deals with reality and benefits accruing here and hereafter. Wealth is distributed fairly through Zakkat and other lawful means. Asset of Islamic economy is expected to grow by 20 to 30 percent globally."

The Vice Chancellor of the ABU, Professor Abdullahi Mustapha, represented by the Head of the Department of Economics at the institution, Dr Suleiman Karwai, described the conference as an avenue of enlightenment. He urged IETA to sustain the tempo.

In his remarks, a professor of Economics in ABU, Professor Mike Kwanashe, said Islamic banking should not be viewed as a faith-based system.

The president of IETA in ABU, Rabi'u Magaji, on his part, said Islamic economy has the ability to proffer solution to the economic crisis facing the world.

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