Latest from GIFC

Sunday, 13 September 2009

Nigerian bank to introduce Islamic banking system


Abuja: A Nigerian bank will introduce Islamic banking system that abhors payment of interest on borrowed money and also prohibits the loans to be invested in any trade forbidden by the Sharia laws.

The CEO of FinBank Nigeria Plc Suzzane Iroche has said Islamic banking will be introduced in next three months in the northern state of Sokoto.

The initiative to launch this "new religious financial system" is for those customers who wanted "Islamic banking services for a long time”, Iroche said.

Islamic banks forbid loans to be invested in alcohols or any trade forbidden by Islamic (Sharia) laws, she said.

The decision to flag off this initiative from Sokoto was due to the fact that this city played a pivotal role in promoting Islamic virtues and its historical antecedent.

Sokoto is the seat of Islamic Caliphate in Nigeria and considered as the city where Islam was first introduced in the country.

The plan to introduce Islamic banking comes after CEOs of five banks top Nigerian banks were sacked about a month ago by Central Bank of Nigeria (CBN) governor, Lamido Sanusi for allegedly aiding and abetting money-laundering which ran into billions of Naira.

The country will open its financial space to Islamic and foreign banks, Sanusi said after the incident.

(Bureau Report)

Islamic finance links:
Islamic finance consulting and training
Islamic finance consultant and trainer
Join Global Islamic Finance Group (GIFG) on facebook

No comments:

Upcoming Events on Islamic Finance, Wealth Management, Business, Management, Motivational Alfalah Consulting, KL-Malaysia: www.alfalahconsulting.com

ISLAMIC FINANCE EVENTS KUALA LUMPUR MALAYSIA

ISLAMIC FINANCE EVENTS KUALA LUMPUR MALAYSIA
Register Online . Register Today

Islamic Financial Planning & Wealth Management by Ahmad Sanusi Husain