Friday, August 19, 2011

Rep Denies House Support For Islamic Banking

A member of the House of Representatives, Dr. Ibrahim Olaifa, has said the lower chamber has not taken a position on the proposed Islamic banking in the country.
This came as an Islamic cleric, Mallam Ibrahim Soliu, said the introduction of the Islamic banking in the country would reduce poverty and encourage economic development.
Olaifa, who spoke at the maiden Ramadan lecture organised by the Nigeria Union of Journalists, Oyo State Council, said the Governor of the Central Bank, Mallam Lamido Sanusi, was invited to the House to enable the federal lawmakers to get information on the banking system.

He disagreed with the comments of some religious leaders from the North concerning the proposal.

The lawmaker said the aggrieved religious leaders should have embarked on public enlightenment to press home their points on the banking system.

Soliu told the News Agency of Nigeria in Ilorin on Thursday that the system was not a new phenomenon in the world, noting that it would complement the conventional banking system.

The cleric said, “The banking system is not coming to wipe away the conventional banks, rather, it will serve as supplement.

“The Islamic or non-interest banking system is to capture those people who are not disposed to the conventional system because of its excessive interest policy.”


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