by Luqman Idris
In the West, Islamic Finance and Structured products are two of the most successful financial market innovations of the last 30years for various reasons, the former alleviates poverty in low income nations while the later increases investors
Some articles written by leading practitioners in Nigeria criticised Sanusi Lamido for implementing Islamic Finance into the Nation’s Financial System.
The criticism of the “interest-free banking system” stems from the fact that it originated from Islam, however if one ignores its religious stance, it is clear to see that this innovation is beneficial to societies. If we look to the US and UK, there are many multi-national banks that utilise the Islamic Banking system which subsequently benefits their respective countries one way or the other.
Nigeria is among the list of world poverty ridden countries, the time has come for people of Nigeria to widen their financial views and see the benefits these innovations bring to the economy rather than to see it as a way to make Nigeria an Islamic country and cause financial market distortion.
I must embrace the work of the CBN Governor (Sanusi Lamido) for integrating Islamic Finance into The Nigerian Financial System to eradicate poverty in my beloved country.
I am aware that this article would attract some criticism from some people, this is because of your fear of “Change”
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