Emir of Kano, Sanusi
Lamido Sanusi (II) has said that that Islamic
finance is an alternative finance industry that is now generally
accepted in the world, even though there was a great challenge
licensing it and that it is not just a non-interest finance
solution but also a tool that addresses the fundamental problems we
have around the world.
Sanusi made this statement Monday, during the
4th African International Conference on Islamic
Finance (AICIF), held in Lagos.
Speaking on the future of Islamic Financing he said that Islamic
Finance as at today is the fastest growing area in global finance,
which is why most world leaders are interested in having their
countries as the center of Islamic finance. He believes that the
potential of the product is very huge as tangible results can be
seen in areas the SUKUK funds were utilized.
“SUKUK (bonds) for example, show Nigerians where the money is
going to by making sure the money is used in the actual project it
was meant for, it makes sure we have cash backing for projects, and
takes care of the problem of inflated contracts as a result of the
ethical and responsible nature of the finance.
“The problem with the government is that Money taken long term
are used majorly for overheads and we see a situation where there
is little set aside for infrastructural development. This is where
SUKUK comes in, to take care of the Infrastructural financing gap
we have in the country today, the Emir said.
To ensure that 1 in 4 Africans that do not have access to
Banking-finance can access it then there is need to tackle the
problems in these ways, “How we delivery our financial services,
Invest more in financial literacy and enlightenment,
“On the part of delivery, Using FINTECH is a major way to deal
with some of these challenges. We have not done enough even in
delivering mobile financial services. He added.
Speaking further he said that there is a huge need to create
awareness of these products across the country.
“When I was the Governor of the CBN, we approved $5 million for
training in capacity building. There needs to be a big investment
in capacity building in the finance industry. This takes care of
that,” Sanusi said.
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