Awareness of Nigerian Islamic banking 'must be improved'

Jul 13, 2011

Steps need to be taken to ensure the Nigerian public is well informed with regards to the Islamic banking system, the Director-General of the country's National Teachers' Institution has argued.

Dr Aminu Ladan-Sharehu has observed that there is currently "a need for enlightenment" in this area and called for a media campaign to help inform consumers of the benefits of the system, the News Agency of Nigeria reports.

He also suggested the use of seminars and workshops to improve the knowledge of those involved in the banking industry and noted some Nigerians are unsure of Islamic banking, despite the fact that there are "minimal" problems associated with the approach.

The process is governed by Islamic - or Sharia - law and prohibits the charging of interest
- known as Riba - for financial loans.

Dr Ladan-Sharehu argued that Islamic banking
"could be used to tackle [the] economic and social problems" in the country.ADNFCR-2976-ID-800620505-ADNFCR