Sokoto Subscribes to N1bn Share Capital for Establishment of Interest-free Banking

By Mohammed Aminu in Sokoto

The Sokoto State Government has subscribed to capital share of N1 billion for the establishment of an interest-free bank in the north.

Governor Aminu Waziri Tambuwal disclosed this Monday at a lecture organised by the Sultanate Council with the theme: “Islam, Peaceful Coexistence and National development” in Sokoto.

He said the subscription to the interest-free bank was sequel to a meeting with the officials of the bank and members of the State Executive Council.

Tambuwal said that the state government had already released N500 million for its capital share subscription as part of the agreement.

He disclosed that the Northern Governors Forum was also planning to establish an interest-free bank in the region.

Tambuwal advised entrepreneurs to patronise non-interest banking in order to enhance their businesses.

“This is an initiative of some bankers from the north who are concerned about the development of our entrepreneurs in the region and want to promote businesses along the line of Islamic banking.

“We resolved that we should subscribe to a billion naira worth of share and become a shareholder of that bank. We are just waiting for the Central Bank of Nigeria to complete the formalities for the take off of the bank,” he said.

He noted that the lecture, which was delivered by the Grand Mufti of Zimbabwe, Ismail Menk, was timely considering the spate of killings in the country.

Tambuwal emphasised that peace was necessary for development and thanked the Sultan for his efforts in promoting unity among Muslims in the country.

In his remarks, Mufti Ismail Menk dissociated Islam from all acts of kidnapping, and incessant killings, saying the perpetrators of these heinous acts were not true Muslims.

He also urged Muslims to respect other faith so that Islam could enjoy similar courtesy.

Menk therefore challenged Muslims to pursue both Islamic and western education so as to be in tune with globalisation.

He noted that in Zimbabwe, Muslims and Christians co-exist peacefully because of religious tolerance.

The Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar III, said the grand mufti of Zimbabwe was invited to Sokoto to interact with Islamic groups on issues bordering on Muslims and Nigeria in particular.

He said the Sultanate Council decided to choose the theme of the lecture in view of the security situation in the country.