The Central Bank of Nigeria announced that there will be an increase in Islamic banking in the financial sector.
This disclosure was made by the CBN governor at a reception in Abuja honoring Dr. Umar Oseni, the Secretary-General of the Organisation of Islamic Cooperation Arbitration Centre, according to Vanguard.
Cardoso, represented by the CBN Director of Legal Services, Mr. Kofo Salam-Alada, Alada clarified that critics believed the concept of Islamic banking was an attempt to “Islamize” the nation or the financial industry when it was initially proposed.
However, he noted that Ironically, most people were unaware that a pastor had originally spearheaded the initiative.
Cardoso said “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 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.”
In addition, Cardoso stated that Islamic banks had extended their reach not only to states but to all businesses operating in Nigeria, all of whom had engaged with them in some capacity.
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.”
Meanwhile, a 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.
In his remark, 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 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.
He stated “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.”
