Nigeria: N11tr Invested in Islamic Banks World Wide

Deputy Governor of the Central Bank of Nigeria (CBN) in charge of operations, Alhaji Suleiman Barau, has said that more than N11 trillion (150 billion US dollars) has been invested in Islamic banks in various parts of the world.

Barau disclosed this in Abuja in a paper entitled, "Quran: Basis for Investment", which he presented at the 5th Nigerian Muslim Merit Award presentation ceremony.

He said that the investments in Islamic banking had shown an upward trend that would grow from 10 to 15 per cent every year.

He said that "the Islamic banking differs from commercial banking because it does not allow interest charges".

According to him, more than 300 institutions now have Islamic banking windows across Europe, Asia, North Africa and America.

Barau, however, said that the Muslim community in Nigeria had not raised the

needed N25 billion to start an Islamic bank.
He said that the CBN was disposed to the idea of an Islamic bank that would be run based on Islamic tenets.

He said that the Muslim community had yet to raise the required capital base.

Barau said there was a need to create awareness on such an institution as it would

serve both Christians and Muslims without bias.

"Some Muslims do not patronise the commercial banks, and it is the financial sector that is worse off for it," he said.

The deputy governor spoke as a guest lecturer at the ceremony, organised by Al-Habibiyyah Academy.

The academy was established in January 2003 to encourage the study of the Quran and application of its principles to life.

The governor of Niger state, Dr Aliyu Babangida, who hosted the event, said that

most Muslims had not taken time to study the Quran and live by its principles.

Babangida said that the Quran must be read and internalised by all Muslims, and it must reflect in their behaviours.

The proprietor of the institution, Imam Adeyemi Ademola, said the award was designed to further encourage the reading and internalisation of the Quran.

Those who received awards included Alhaji Musilu Smith, a former Inspector General of Police; Alhaji Abubakar Sodangi and Malam Yusuf Ali, a lawyer.