Financial Sector Will Witness More Islamic Banking, Says CBN

Adedayo Akinwale in Abuja

The Central Bank of Nigeria (CBN) has revealed that the financial sector will witness more Islamic banking.
The CBN Governor, Mr. Olayemi Cardoso disclosed this yesterday in Abuja at a reception  in honour of the Secretary-General, Organisation of Islamic Cooperation Arbitration Centre (OIC-AC), Dr. Umar Oseni, organised by his mentees.

Cardoso, who was represented by Director Legal Services, CBN, Mr Kofo Salam-Alada, explained that when the idea of Islamic banking was first muted, naysayers thought it was an attempt to ‘Islamise’ the country or the financial sector.
He said ironically, most people did not know that the first person who spearheaded the journey was  a pastor.
Cardoso stated: “Some years back, the CBN started a journey for the introduction of the Islamic Banking and Financing in Nigeria. It came when a young man was appointed governor of CBN. But most people never knew that the first person who spearheaded the journey was to be a pastor of the church.

“He was also a part-time pastor when this journey started. So, it was never an attempt to Islamise Nigeria or Islamise financing in Nigeria.
“When the Prince (Emir Sanusi) came, he continued the journey. And that journey saw some of us, one of you, who is standing before you today, that started the transaction documents that started the relationship with one institution that Dr. Umar Oseni headed for about eight years.”

Cardoso added that Islamic banks had reached out to not just to states, but everybody who is into business in Nigeria and  who must have done something with them in one way or the other.

He said: “I am not advertising, but I can say we are proud of Jaiz, Tajj, and Alternate Bank and I believe many more would 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 CBN will not rest until financing gets to grassroots.”
Also, renowned columnist and university lecturer, Dr. Ibraheem Dooba, said Oseni was worthy of emulation, adding  that more of his type should be identified for national development and global recognition.

Speaking, Oseni said OIC Arbitration is the largest body after the United Nations, adding that the body has a lot of trade among the member countries.
“OIC actually has 57 member countries globally. As you all know, it is the largest body after the United Nations and the body actually has a lot of trade among the member countries. So you need to have a platform to resolve the disputes.

“And we will continue with this advocacy globally to ensure that investors, that Nigeria also key into this project of OIC by actually allowing us to have this clause as part of the investment treaties, investment agreements they entered into,” Oseni added.