24 November 2017

Nigeria: Why Nigerians Should Embrace Islamic Finance, By IIFP

The need for Nigerians to embrace the Islamic finance packages have been stressed in view of the current economic hardship and quest for finacial solutions by the corporate entities.

Islamic scholars who gathered at the induction of 118 new members of the Institute of Islamic Finance Professionals of Nigeria (IIFP), said Islamic Finance is the only market that can provide ethical finance that can ultimately solve societal problems .

Acting President, IIFP, Dr. Tajudeen Yusuf, urged Muslims to develop passion for Islamic finance by engaging in research, capacity building, structuring Islamic product to solve problems in the society.

Yusuf enjoined Muslims to be advocate of Islamic finance, practice and patronise existing Islamic banks. He reiterated the need to go into research and try to tailor products to meet local peculiarities.

He said: "If you look at our society, there are problems everywhere; people lack finance, people lack initiatives; we need to develop product that will be affordable for teeming population. If you look at those who are championing and promoting Islamic finance in the world, they probably don't have background in Islamic finance but later on diversify into Islamic finance. They started by conducting research in Islamic finance, doing what we called financial engineering. One thing about Islamic finance is innovativeness; Islamic finance is flexible.

"If you don't do lot of researches, you cannot benefit from the values that Islamic finance will give us.

Chairman Advisory Board, IIFP, Alhaji Umar Abdul Mutallab, said Nigerians should embrace the benefits of Islamic finance irrespective of religious affiliations.

Mutallab said Nigeria is a relevant case study of an emerging economy.

"The advent of Jaiz Bank PLC, Jaiz Takaful Insurance Plc., An-Nour Takaful Insurance Plc and the recent N100 billion Federal Government's Sukuk Bond among others are few potentials of Islamic finance in Nigeria," he said.

He said the big challenge now is the dearth of Islamic finance practitioners.

"So the coming on board of all our inductees at this ceremony is apt and timely. I therefore urge all the inductees to live above board and avail the Nigeria Islamic finance opportunities of your empathy, exposure and experience to take Islamic finance practice to great heights," he said.

IIFP Governing Council member Dr. Ganiyat Adesina-Uthman, said there was need for Muslims to wake up from slumber; adding that Islamic finance is the only market that can provide ethical finance.

Another Governing Council member, Imam Abdullahi Shuaib said: 'The financial exposure that we have are very attractive in which Nigerians can benefit from but contain poison which conscious Muslim will not want to go into because it has to do with interest".

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