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Friday, 29 February 2008

Nigeria: Micro Bank Becomes Shariah Compliant

The Integrated Micro-Finance Bank (MFB) Limited has officially launched a Sharia compliant division of the bank and introduced a range of interest free products.

Launched in Lagos on Wednesday by the Kano State Governor, Mallam Ibrahim Shekarau, the IMFB stated that the interest free products are structured on the principles of equity, fairness and available not only to Muslims but non-Muslims alike.

According to the Managing Director of the bank, Simon Aiknsete, the new products are Lease Financing (Ijara), Partnership Financing "A" (Musharaka), Profit Sharing (Mudaraba), Cost-Plus Financing (Murabaha), Partnership Financing "B" (Musharaka) and Childrens Investment Account (IMAAD)

Stating where the bank will not invest people's investment, Akinsete said "our bank will not finance business or transactions that have alcohol or alcoholic products, pork and pork products, meats or meat products that are not permissible by Sharia, tobacco and tobacco products, gambling services and lotteries, activities that are harmful to human being, child labor, activities that capable of damaging the environment and arms."

The Kano State Governor, Alhaji Ibrahim Shekarau who was represented at the event by the State Director-General at the Directorate of Youth and Sports Development, Alhaji Gambo Ado, said the growth of Islamic finance as an ethical means of investing wealth arose because Muslims in Nigeria want to invest their monies to get good returns, but in accordance with Islamic principles.

Shekarau therefore called on Muslims across the country to take the challenge to fully develop its Islamic finance industry. "This will make the country's role as the financial centre of West Africa, if not the whole Africa more complete," he said. --(AllAfrica)
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