Islamic banking 'good news' for Nigerian economy, experts claim

Nov 29, 2011

Islamic banking could have a positive impact on the Nigerian economy, Hadiza Garba Laka of Lotus Capital has claimed.

Islamic banking could have a positive impact on the Nigerian economy, Hadiza Garba Laka of Lotus Capital has claimed.

Speaking at a recent lecture organised by the Jama'atul Ta'awunil Muslimeen in Abuja, the expert noted the solution has already been successful in Malaysia, the US and the UK, the Daily Trust reports.

These comments were supported by several other experts, who also believe the solution has the potential to boost the economy in Nigeria.

Representing Director-General of the National Space and Research Development Agency Dr Saidu O Mohammad, Malam Mosur Olaide said if the system is introduced in a fair manner, it will bring "high moral ethos into the Nigerian market".

Islamic banking and investment expert Malam Mohammad Lawal Shaibu pointed out it is not just Muslims who can utilise the banking solution, as it is actually operated by Christians in other countries.

Nigeria is not the only country that could adopt Islamic banking, as a three-day microfinance conference was held in Sudan last month with the intention of promoting the initiative, the Sudan News Agency reported.ADNFCR-2976-ID-801224841-ADNFCR