Islamic banking is against all forms of haram

Muslims have been urged to patronise the Islamic banking initiative of the Central Bank of Nigeria. This plea was made by Luqman Abdur-Raheem, the registrar of Yaba College of Technology, at the fourth Wahab Iyanda Folawiyo’s memorial Ramadan Lecture which held recently.

Mr Abdur-Raheem, who is also an Islamic scholar, said that the concept of Islamic banking is different from that of non-interest banking because while the former “is against all forms of haram (unlawful) financial system,” the latter “is only free from any form of interest but can be involved in haram enterprise.” He said that the importance of Islamic banking has been “a form of worship because it is an investment in the cause of Allah,” adding that it helps in the establishment of small and medium scale enterprises and assists the real sector while it also creates job opportunities for Muslims.

However, Mr Abdur-Raheem said there are some challenges hindering the establishment of the Holy cause; among which are “the uproar by some people not to establish the bank, Islamaphobia (fear and hatred of Islam),

Muslims’ apathy to the banking system and the fact that most of the experts in the field are non-Muslims.” Meanwhile, he urged Muslims to be convinced of the importance of Islamic banking, educate those who are ignorant of the system, patronise the banks when established, and be whistle blowers of evil deeds.