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Friday, 9 December 2011

Nigeria: Embrace Islamic Banking, Sanusi Tells Western Nations

Governor, Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has urged Western nations to embrace Islamic banking.
Sanusi, who said this at the annual conference of the Muslim Students’ Society of Nigeria (MSSN), Lagos State Area Unit, held at Adeyemi Bero Hall, Alausa Ikeja, Lagos, added that it would help in giving a face lift to their economic crisis.
Represented by his Special Assistant on Non-Interest Banking and a member of the Technical Committee of Islamic Financial Services Board of Malaysia, Dr. Bashi Umar, Sanusi reiterated that Islamic banking is the best alternative to already failing Western banking system.

He reminded them that Islamic banking is all about social justice which many non-Muslims are now embracing through calls for zero-interest banking.
“The exchange of property and all transactions are very sacrosanct in Islam and believers are expected to fulfil their contract agreement. There is also the principle of risk-sharing and you cannot exploit the misfortune of others to make profit but rather, they must be assisted,” he said.
He urged stakeholders, especially Muslims, to submit themselves to all the principles of Islamic transactions.
The success or otherwise of the Islamic banking system, according to him, depends on the sincerity and truthfulness of everybody involved in its operation.
The Amir of MSSN, Alhaji Qazeem Badrudeen, said the world is yet to come out of the devastating effect of the 2008 global financial crisis. A fall-out of it, he said, is the on-going debt crisis in the Euro-zones where governments are having difficulties in meeting the needs of their citizens.
“Austerity measures are being imposed on the masses in an attempt to save the countries from collapsing economically. All these problems are man-made and Islam has perfect answers to them,” he said.

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