SOME experts have backed the plan to introduce Islamic Banking and Finance into the Nigerian financial system, urging people to embrace it.
According to the experts, Islamic finance will help check the spate of sharp practices in financial institutions and will help promote ethical conduct and practices in the Nigerian financial landscape.
Islamic finance is simply finance under Islamic law or Shar’iah principles, and it has as its central features, the prohibition of speculation and the payment and receipt of interest in commercial transactions.
According to Mrs. Hajara Adeola, Managing Director, Lotus Capital, Islamic banking is a non-interest banking business in trading, investments and commercial activities, that is concerned with the provision of financial products and services, in accordance with the principles and rules of Islamic commercial jurisprudence. Continue reading