Islamic finance will grow Nigeria’s economy —IIFPN president

THE acting president of the Institute of Islamic Finance Professionals of Nigeria (IIFPN), Dr Tajudeen Yusuf, has called on Nigerians to embrace Islamic finance as an alternative to grow the country’s economy.

Dr Yusuf made the call in Abuja at an induction ceremony for six new fellows and associate members of the institute.

He said the institute was licensed and authorised to promote Islamic finance education, train members and certify Islamic finance experts in Nigeria.

According to the IIFPN head, the institute is partnering the Federal Government on proposing other alternatives to grow the economy, particularly Islamic finance.

He said the N100 billion sukuk recently launched by the Federal Government had contributed greatly in financing some projects in the country without any interest.

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“In the country today we have economic predicament and the government is looking for the way out and we see ourselves as partners for the government in terms of proposing other alternatives by which we can grow our economy and this is what is referred to as alternative finance which is a core area in Islamic finance.

“You will recall that the Federal Government recently launched a N100 billion sukuk bond to fund some infrastructural projects like commercially viable roads across the six geopolitical zones in Nigeria which we consider as a big contribution. There are other areas to grow the individuals, households and corporate entities through alternative source of funding that will not attract interest, speculation.”

“Many could not patronise the conventional banks because of the interest rates they charge but we believe that business can be viable through other means that will not entail interest, gambling and speculation which Islamic finance is providing.

“We have trained about 130 members within the last one year and we are planning that by the year 2030, this awareness will be a household name and that Islamic finance will contribute up to 50 per cent of the country’s Gross Domestic Product (GDP),” Dr Yusuf said.