"Why Islamic Banks Are Fast Growing in Nigeria": Sharia Council Speaks
- The Sharia Council said Islamic banking expanded rapidly because it provided interest-free solutions aligned with Islamic principles
- BUK announced that Summit Bank offered automatic five-year employment to its top Islamic finance graduates
- More than 250 stakeholders attended the Kano workshop aimed at strengthening knowledge of Islamic jurisprudence in finance
The Supreme Council for Sharia in Nigeria (SCSN) has stated that the surge in Islamic banking across the country is a direct result of its ability to address financial needs.
The council noted that this has been done without relying on interest-based transactions, which Islam prohibits.
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Speaking at a two-day workshop organised by the Centre for Qur’anic Studies, Bayero University Kano (BUK), the SCSN President, Dr Bashir Aliyu Umar, said Islamic finance has now grown into a multi-billion-dollar sector, with five fully established Islamic banks operating in Nigeria.
“Islamic finance is growing because it offers stability and fairness. Muslims are forbidden from taking interest, and the system provides alternatives that are in line with Sharia.”
Dr Umar, who is also the Deputy Chairman of the Financial Regulation Advisory Council of Experts (FRACE), the Central Bank of Nigeria’s advisory body on Islamic finance, added that the rapid expansion is tied to the sector’s emphasis on ethical conduct, risk-sharing, and responsible financial management.
Clerics urged to guide compliance
The SCSN President said religious scholars play a crucial role in ensuring strict adherence to Islamic principles within banks, insurance firms and stockbroking companies.
“We rely on clerics to offer guidance so that every institution fully complies with Sharia rules,” he noted.
BUK announces employment package for top graduates
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BUK Vice-Chancellor, Professor Haruna Musa, revealed that Summit Bank has committed to offering automatic five-year employment to the best graduating male and female students from the university’s Islamic Banking and Finance programme.
He added that the Centre for Qur’anic Studies, established in 2014, remains a key institution for promoting Qur’anic knowledge and would continue to receive full support from the university.
Workshop aims to deepen understanding
The Director of the Centre, Professor Ahmad Murtala, said the workshop was organised to strengthen knowledge of Islamic jurisprudence in modern banking and financial regulation.
“This is the biggest conference on Islamic banking and finance by any centre in northern Nigeria. We hope to replicate it in other parts of the country," he said.
The event, supported by Jaiz Bank, Lotus Bank, TAJ Bank, Nur Takaful and other partners, explored the theme “Halal and Haram in Islamic Finance: Qur’anic Foundations, Contemporary Challenges and Future Prospects.”
Over 250 participants—including clerics, bankers, regulators and academics, attended the workshop, marking one of the largest gatherings of Islamic finance stakeholders in northern Nigeria.
CBN releases new exchange rate
Previously, Legit.ng reported that Nigeria’s foreign exchange market opened the week on a tense note as the naira weakened further despite a fresh $100 million intervention by the Central Bank.
The move, aimed at calming rising demand for dollars at the official window, did little to stop renewed pressure on the local currency.
Source: Legit.ng
