Don drums up support for Islamic banking

An academic, Lukman Abdulraheem, has called on Nigerians to support the adoption of Islamic Banking in the country.

Mr Abdulraheem, a lecturer at the Yaba College of Technology, on Monday, in Lagos, said “Islamic banking possesses the power to shoot up Nigeria’s economy from recession to lofty heights”.

According to him, Islamic banking had a lot of benefits that could transform Nigeria’s economy into a “pluralistic economy” as the non-conventional mode of banking, which was hinged on profit-loss sharing between the financial institutions and the customers, would help in lessening the risks borne by customers.

“Whatever comes out of the transaction is shared, based on the agreed principles, whether profit or loss,” he said.

Mr Abdulraheem also said that Islamic banking had some ethical benefits, adding that it never supported things rejected by Islam such as gambling and alcoholism and therefore had a way of checking human behaviour.

The lecturer also noted that if Islamic banking was allowed in advanced democracies such as the United States and the United Kingdom, there was no reason why it should not be tolerated in a developing country like Nigeria.

 

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