‘Islamic banking suitable for Muslims, non-Muslims’

Islamic Banking and Finance experts have declared that the model financial system is suitable and viable for Muslims and non-Muslims alike.The experts, who converged on a three-day training programme on Islamic Banking and Finance organised by the International Institute of Islamic Banking and Finance, Bayero University, Kano, berated the low level of awareness on Islamic banking, clamouring for introduction of Islamic Banking and Finance courses at all levels of the Nigerian educational system.

The communiqué jointly signed by Otunba ‘Bayo Ogunbanjo, Oyesanya Sodiq, and Lawal Mufutau, said the level of awareness of Nigerians about Islamic Banking and Finance is very low, hence the wrong perception on the its relevance to the economic growth and development of the country.

Noting that Islamic Banking and Finance is suitable and viable for Muslims and non-Muslims alike, the group said there is inadequate theoretical and technical knowledge of Islamic Banking and Finance among the few practitioners and Islamic financial institutions operating in the country.

The participants therefore recommended the need for mass sensitisation and continuous training of the practitioners; Introduction of Islamic Banking and Finance courses at all levels of the Nigerian educational system; Floating specialised programmes in Islamic Banking and Finance in Nigerian tertiary institutions to complement the pioneering efforts of the Bayero University, Kano; and strengthening of infrastructure and architecture of Islamic Finance in Nigeria such as Takaful and Islamic Capital Market.

The intensive training programme on Islamic Banking and Finance had as its objectives exposition of participants to the operations and dynamics of Islamic Banking and Finance and its inevitability in Nigeria, capacity building in Islamic financial services industry and creation of awareness for the development of Islamic Banking and Finance.