Islamic Banking Booms in Nigeria, Offers Interest-Free Solutions – Sharia Council
Northern Nigeria workshop gathers clerics, bankers, and regulators to explore halal financial solutions and industry prospects.
Dr Bashir Aliyu Umar attributes growth to ethical, Sharia-compliant financial practices as five banks operate nationwide.
By Abdullahi Yusuf
The President of the Supreme Council for Sharia in Nigeria (SCSN), Dr Bashir Aliyu Umar, has attributed the rapid growth of Islamic banking and finance in the country to its ability to offer solutions to financial challenges without relying on interest or usury, which are prohibited in Islam.
Speaking at a two-day workshop organised by the Centre for Qur’anic Studies, Bayero University Kano (BUK), Dr Umar said Islamic finance has evolved into a multi-billion-dollar industry, with five Islamic banks now operating in Nigeria.
Dr Umar, who also serves as the Deputy Chairman of the Financial Regulation Advisory Council of Experts (FRACE)—the advisory body to the Central Bank of Nigeria on Islamic banking and non-interest financial institutions—said Islamic finance is expanding because it promotes fairness, stability, and ethical financial practices.
“Islamic finance is growing because it offers stability and fairness. Muslims are forbidden from taking interest, and the system provides alternatives that are in line with Sharia,” he said.
He emphasised the role of clerics in guiding banks, insurance firms, and stockbroking companies to ensure full compliance with Islamic financial principles.
BUK Vice Chancellor, Professor Haruna Musa, announced during the event that Summit Bank had committed to offering automatic employment for five years to the best graduating male and female students from the university’s Islamic Banking and Finance programme.
He noted that the Centre for Qur’anic Studies, established in 2014, is mandated to promote Qur’anic teachings and would continue to receive institutional support.
The Director of the Centre, Professor Ahmad Murtala, said the workshop aimed to deepen understanding of Islamic jurisprudence in banking and finance. He added that the event was supported by Jaiz Bank, Lotus Bank, TAJ Bank, Nur Takaful and other partners.
“This is the biggest conference on Islamic banking and finance by any centre in northern Nigeria. We hope to replicate it in other parts of the country,” he said.
The workshop, themed “Halal and Haram in Islamic Finance: Quranic Foundations, Contemporary Challenges and Future Prospects,” brought together more than 250 stakeholders, including clerics, bankers, regulators and academics from across northern Nigeria.
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