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The Central Bank of Nigeria (CBN) has expressed satisfaction that Nigerians have embraced! Islamic banking despite earlier speculations that it was an attempt to Islamize the country.
CBN Governor Yemi Cardoso made this known on Monday at a reception in honour of Dr Umar Oseni in Abuja.
He mentioned that more Sharia-compliant banks were being considered due to the benefits they have brought to the citizens, particularly those in small and medium-scale businesses.
The governor also commended Islamic financial institutions such as Jaiz, Tajj, and Alternate Bank for their resilience since their establishment.
He mentioned that several years ago, the CBN initiated the process of introducing Islamic Banking and Financing in Nigeria.
He said the initiative began when a young man was appointed as the Governor of CBN, noting that many were unaware that the initial leader of the effort was actually a pastor of a church.
Cardoso said: "At the time, he was also serving as a part-time pastor. It is important to note that the intention was never to Islamize Nigeria or the financial sector. When the Prince (Emir Sanusi) took over, he carried on with the initiative.
“I am not advertising, but I can say we are proud of Jaiz, Tajj, and Alternate Bank and I believe many more will come. We are happy to drive on roads financed by Sukkuk in Nigeria and more billions will still come. So many products are on the card and Central Bank of Nigeria will not rest until financing gets to the grassroots.”
Responding, Dr Oseni appreciated the audience who turned up at the event to celebrate his new appointment, saying they were the reason he had come far in life.
The OIC chief also expressed conviction that Islamic banking had come to stay in the country.
He stated: “We are living in a world where we are all interconnected. Let us ensure that we make a positive impact on anybody that comes our way. Touch the person positively without expecting appreciation.
“The focus of the OIC Arbitration Centre basically is on investment, financing, and commercial dispute resolution. So, in all the bilateral treaties Nigeria is entering into with other countries, we are going to ensure that there is a clause for dispute settlements.”
