Nigeria can be Islamic banking hub in Africa — Sanusi

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The General Manager, Tetra Pak West Africa Ltd., Mr Emeka Oragwu, has stressed the importance of milk in diets, calling on more Nigerian families to make its consumption a daily routine Oragwu made the call in Lagos during the celebration of the World Milk Day, a day set aside to celebrate the importance of milk in diets. Also, the firm’s Category Manager, Sope Durodola, said, “With essential nutrients, milk is a primary source of nourishment and we actively support the consumption of milk in Nigeria.” As part of the activities to celebrate the day, the company carried out a milk-tasting activity at the University of Lagos and other major place in the state.

The Central Bank Governor, Mallam Sanusi Lamido Sanusi, says Nigeria has the potential to become Africa’s Islamic banking hub.

He said this at an award presentation organised by Al-Habibiyyah Academy, in Abuja on Saturday.

Sanusi spoke on “Islamic Banking and the Nigerian Economy”, delivered on his behalf by his Special Advisor on Islamic Banking, Dr. Bashir Aliyu.

“Nigeria is the most populous black nation in the world with a population of about 150 million.

“The country boasts of a significant Muslim population, the majority of who yearn for financial services,” Sanusi said.

According to him, the present economic reforms and favourable ranking by global rating institutions, have improved Nigeria’s profile as a viable investment destination.

“Given the positive market environment and latent opportunities in Nigeria, we anticipate that Nigeria will be seen as a safe haven for investors,” he said.

The News Agency of Nigeria reports that Islamic banking is a financial system that is based on adherence to the Shariah or Islamic law.

It offers services, products and instruments based on compliance to the Islamic law.

“Islamic banking is a model of non-interest banking and profit and loss sharing banking recognised by our laws in Nigeria,” Sanusi said.

He added that the non-interest banking system would have a significant impact on the country’s financial system and the economy.

“The introduction of non-interest banking will herald the entry of new markets and institutional players such as the Islamic money market, Islamic assets management companies, etc.

“This will deepen the financial market and open up employment opportunities,” Sanusi explained.

On the prospects for Islamic banking in Nigeria, the CBN governor said the large amount of cash outside the banking system had increased the opportunities for Islamic banks to thrive in the country.

He said this was largely due to the zero-interest regime, which a number of the un-banked population might find attractive.

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Nigeria can be Islamic banking hub in Africa — Sanusi