IT has been revealed that as at December 2008, the estimated Islamic banking market in Nigeria was N4.35 trillion.
The Managing Director, Jaiz International Plc, Mohammed Bintube in Abuja, revealed this recently during the second innovation forum of Enhancing Financing Innovation & Access (EFInA).
The theme of the forum is "Increasing Access to Finance Through Non-Interest (Islamic) Banking."
Also EFInA's Chief Executive Officer, Modupe Ladipo, stated that the results from EFInA's 'Access to Finance 2008 Survey' showed that 92 per cent and 86 per cent of the adult population in the Northwest and Northeast geopolitical zones respectively were not involved in banking activities in the light of which Islamic finance was considered a potential innovative approach to increase access to finance.
Speaking at the innovation forum, the Central Bank Governor, Sanusi Lamido Sanusi lauded EFInA for hosting a forum on such a topical and important issue that could have a significant impact on improving access to finance in Nigeria.
He said that the introduction of non-interest banking would deepen the financial sector, open new markets, enhance product offerings engender new competition and enhance investment in the economy.
He reaffirmed that establishing non-interest banking was one of the initiatives to establish Nigeria as a hub for financial services in Africa. He stated that Central Bank of Nigeria recognised that the critical success factors were promotion and collaboration between stakeholder agencies, finance ministry officials, judiciary and securities industry regulators to develop a robust framework.
The international guest speakers at the forum Mr. Omar Shaikh and Mr. Safter Sarwar from the Islamic Finance Council, United Kingdom a not-for-profit organisation, established to promote the Islamic finance industry both locally and globally shared their views on the state of the global Islamic finance industry, and highlighted that the industry was worth approximately $1 trillion and growing between 15 per cent to 20 per cent per annum.
Among leaders in the Nigerian financial sector who shared their perspectives on the opportunities and challenges of providing Islamic finance in Nigeria was Mrs. Hajara Adeola who highlighted the potential of Islamic bonds (Sukuk) to attract local and foreign investments for infrastructure, citing the $1billion Emirates Airport, Dubai as an example.
The managing director, Jaiz International Plc, Mohammed Bintube, stated that as at December 2008, the estimated Islamic banking market size in Nigeria was N4.35 trillion.
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