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Embrace Islamic Finance to achieve Nigeria’s full potentials, Islamic Finance expert tells FG

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Federal government has been urged to embrace Islamic Finance with open minds and arms in order to achieve the country’s full potentials, given her vast human and material resources.

A renowned professor of Islamic law, and Islamic Finance  expert, Professor AbdulRazzaq AbdulMajeed Alaro gave the advice in the 196th Inaugural lecture of the University of Ilorin, titled, “Islamic Financial Services:The Interplay of Religion, Law and Corporate Social Responsibility ” he delivered in the university auditorium.

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He said,”for the country to achieve its full potentials, given its vast human and material resources, and to be placed in its rightful place in the comity of global players  in this emerging market, Nigeria and Nigerians must embrace Islamic Finance with open minds and arms ,and explore and exploit its many advantages for individuals, societies and the nation at large. ”

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He also advised Islamic banking operators in Nigeria  to create necessary awareness for members of the public on the rudiments of Islamic banking , to avoid unnecessary misgivings and misconceptions about their operations.

He said,”Islamic banking operators in Nigeria need to be alive to their responsibility of creating necessary awareness for members of the public on the rudiments of Islamic banking, to avoid unnecessary misgivings and misconceptions about their operations.

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“This will also go a long way in expanding the customer base of these institutions, as more people become acquainted with their unique benefits and advantages. ”

He further decried dearth of skilled manpower in Nigeria as far as Islamic finance is concerned  and urged the federal government  to grant,”tax exemption for non- resident Islamic Finance experts, to encourage the build up of expertise in the Islamic Finance sector. ”

The university Don in his recommendations in the inaugural  lecture also urged Nigeria to make the country a hub of Islamic Finance like United Kingdom and other developed countries, saying, “If a country like the UK could announce through the former Prime Minister that it was working towards making UK the western hubb of Islamic Finance, I see no reason why Nigeria with her large Muslim population should aim at anything less than making the country the hubb of Islamic Finance in Africa. ”
The Islamic Finance expert who recalled how the then governor of Central Bank of Nigeria  ,Lamido Sanusi appointed him as a member of the apex bank’s Advisory Council on merit by mere sighting of his CV decried that human resources are being wasted and the country is losing and will lose more in the coming years on the basis of compromising merits in all sectors.

Prof AbdulMajeed who harped on merit henceforth said,”Considering our enormous human and material resources, Nigeria is undoubtedly one of the most endowed nations in the world. Unfortunately, the human resources, and to a large extent material resources too are being wasted on account of who the talented Nigerians know or do not know,or which particular part of the country they come from.Nigeria is losing and stands to lose more in years to come for failing to discover,nurture, embrace and support the God-given talents of its citizens. “

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