L
LequteMan
Guest
Nigeria needs to maximise the opportunities in Islamic banking to bridge the infrastructure gap in the country, Acting Dean, College of Law, Al-Hikhah University, Ilorin, Kwara State, Dr. Abdulgadir Abikam said on Wednesday.
According to Punch, the don said Islamic banking would assist in the economic development of the country, he cited the example of the United Kingdom as one of the countries that had availed themselves of the benefits of Islamic banking.
“As far back as 2004, you have the first Islamic Bank licensed in the United Kingdom. If you have leaders who know the benefits Islamic Bank will bring to their country, they will not hesitate to establish the bank.
“If the UK had not done that, the tendency is that the growing strength of Islamic banking in the world would make most of the people who invested in the UK to divest their investments.
“In Nigeria today, there is no substantive law approving Islamic banking but the management of the Central Bank of Nigeria has taken advantage of the aspect of banks and other financial institutions Act 1991 that allows the CBN to make regulations for smooth running of banking and finance in the country.
“So the CBN leveraging on that provision has made a lot of regulations guiding the operations of the Islamic bank we have in the country. But that also has a question mark because it means they remain as a matter of policy that can be changed at anytime.”
#Nigeria #Kwara
According to Punch, the don said Islamic banking would assist in the economic development of the country, he cited the example of the United Kingdom as one of the countries that had availed themselves of the benefits of Islamic banking.
“As far back as 2004, you have the first Islamic Bank licensed in the United Kingdom. If you have leaders who know the benefits Islamic Bank will bring to their country, they will not hesitate to establish the bank.
“If the UK had not done that, the tendency is that the growing strength of Islamic banking in the world would make most of the people who invested in the UK to divest their investments.
“In Nigeria today, there is no substantive law approving Islamic banking but the management of the Central Bank of Nigeria has taken advantage of the aspect of banks and other financial institutions Act 1991 that allows the CBN to make regulations for smooth running of banking and finance in the country.
“So the CBN leveraging on that provision has made a lot of regulations guiding the operations of the Islamic bank we have in the country. But that also has a question mark because it means they remain as a matter of policy that can be changed at anytime.”
#Nigeria #Kwara
