{"id":439680,"date":"2011-06-12T06:00:00","date_gmt":"2011-06-12T06:00:00","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/06\/12\/nigeria-can-be-islamic-banking-hub-in-africa-%e2%80%94-sanusi\/"},"modified":"2011-06-12T06:00:00","modified_gmt":"2011-06-12T06:00:00","slug":"nigeria-can-be-islamic-banking-hub-in-africa-sanusi","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/06\/12\/nigeria-can-be-islamic-banking-hub-in-africa-sanusi\/","title":{"rendered":"Nigeria can be Islamic banking hub in Africa \u2014 Sanusi"},"content":{"rendered":"

\n<\/p>\n

The Central Bank Governor, Mallam Sanusi Lamido Sanusi, says Nigeria has the potential to become Africa\u2019s Islamic banking hub.<\/span><\/p>\n

He said this at an award presentation organised by Al-Habibiyyah Academy, in Abuja on Saturday.<\/span><\/p>\n

Sanusi spoke on \u201cIslamic Banking and the Nigerian Economy\u201d, delivered on his behalf by his Special Advisor on Islamic Banking, Dr. Bashir Aliyu.<\/span><\/p>\n

\u201cNigeria is the most populous black nation in the world with a population of about 150 million.<\/span><\/p>\n

\u201cThe country boasts of a significant Muslim population, the majority of who yearn for financial services,\u201d Sanusi said.<\/span><\/p>\n

According to him, the present economic reforms and favourable ranking by global rating institutions, have improved Nigeria\u2019s profile as a viable investment destination.<\/span><\/p>\n

\u201cGiven the positive market environment and latent opportunities in Nigeria, we anticipate that Nigeria will be seen as a safe haven for investors,\u201d he said.<\/span><\/p>\n

The News Agency of Nigeria reports that Islamic banking is a financial system that is based on adherence to the Shariah or Islamic law.<\/span><\/p>\n

It offers services, products and instruments based on compliance to the Islamic law.<\/span><\/p>\n

\u201cIslamic banking is a model of non-interest banking and profit and loss sharing banking recognised by our laws in Nigeria,\u201d Sanusi said.<\/span><\/p>\n

He added that the non-interest banking system would have a significant impact on the country\u2019s financial system and the economy.<\/span><\/p>\n

\u201cThe 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.<\/span><\/p>\n

\u201cThis will deepen the financial market and open up employment opportunities,\u201d Sanusi explained.<\/span><\/p>\n

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.<\/span><\/p>\n

He said this was largely due to the zero-interest regime, which a number of the un-banked population might find attractive.<\/span><\/p>\n<\/div>\n

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The Central Bank Governor, Mallam Sanusi Lamido Sanusi, says Nigeria has the potential to become Africa\u2019s Islamic banking hub. 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