The newly introduced non-interest banking especially Islamic banking, can lead to financing of religious fanaticism and terrorism, says economic experts.
“Nigeria has, and continues to suffer from religious fanaticism and sectionalism. With the financial systems still suffering from the consequence of, amongst other factors, weak supervision, the CBN and other regulatory bodies to be charged with supervising Non-Interest Financial Institutions (NIFIs) must be well prepared and trained. Failure in proper regulation of NIFIs might not only lead to financial losses but perhaps financing for religious fanatics and terrorism. This must be prevented by all means”, they said in Lagos last week………………………………………..Full Article: Source