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CBN to extend Islamic banking to other financial sectors – Sanusi

By on September 30, 2011

THE Central Bank of Nigeria, CBN, said that plans are underway to extend the non-interest banking or Islamic banking principles to non-banking financial services. Some non-bank financial institutions, such as insurance companies, fund managers stockbroking firms have already introduced to the market products designed after the Islamic banking model.

Speaking at the 16th annual CBN seminar for financial market journalists in Adamawa state, Special Adviser to the CBN Governor on Non-Interest Banking, Dr. Bashir Umar, in his paper titled, ‘Overview and Conceptual Issues of Non-Interest Banking in Nigeria,’ said that the apex bank will ensure that the proposed introduction of non-interest financial services will not be limited to banking services alone.

Also speaking in his keynote address, CBN Governor, Mallam Sanusi Lamido, said that non-interest banking will make a major impact on the Nigerian economy, considering the size of the country’s market and the population.

Sanusi who was represented by Mallam Dahiru Mohammad, Member of the CBN’s Board, said that the introduction of Islamic banking becomes necessary, especially as some countries in West Africa are already positioning to enjoy the benefits of the non-interesting banking.

According to him, a number of these countries had already started the processes of establishing the enabling regulatory framework for non-interest banking to thrive in their respective jurisdictions.

Vanguard

2 Comments

  1. Olu

    October 1, 2011 at 12:16 am

    I now honestly don’t see Nigeria growing up or developing, ever! Never! When at this century our interest lies majorly on religion and its obligation rather than practical approach to solving problems

  2. malam Okey Adetunde

    October 5, 2011 at 11:43 am

    l like this religious bigots talking businesses..you know why? we are heading towards disintegration in this country… the north doesnt want to be separated from Nigeria..and they want to be benefiting from the gains of Nigeria and imposing whatever be her idealogy on the entire nation..shame to Sanusi..Islamic banking..  lets divide this country even if im going to loose my life in the process..because i know it will go with force and not talk and talk..thanks