05.12.2011 - ‘Islamic banking ‘ll integrate Muslims into formal economic sector’
The Special Adviser to the Central Bank of Nigeria (CBN) Governor on Non-Interest Banking, Dr Bashir Aliyu Umar, has said the motive behind the introduction of Islamic Banking in the country is to attract a large number of Muslims that have hitherto steered away from the organised conventional financial services. Umar, who was speaking at the workshop for business editors and Finance Correspondents Association of Nigeria (FICAN) in Dutse, Jigawa, last week, pointed out that most Muslims preferred keeping their funds out of the banking halls due to their aversion to interest and interest-based products, adding that Islamic Banking would lead to replacement of informal markets with formal and regulated ones...............................................Full Article: Source
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