Nigeria To Become Islamic Banking Hub In Africa — CBN

72 8

The Central Bank Governor, Malam Sanusi Lamido Sanusi says Nigeria has the potential to become Africa’s Islamic banking hub.

He said this in Abuja at the 9th Executive Walimatul-Quran and 8th Nigeria Muslim Merit Award presentation, organised by Al-Habibiyyah Academy, Abuja.

Sanusi spoke on “Islamic Banking and the Nigerian Economy.” delivered on his behalf by Dr. Bashir Aliyu, his Special Advisor on Islamic Banking.

“Nigeria is the most populous black nation in the world with a population of about 150 million.

“The country boasts of a significant Muslim population, majority of who yearn for financial services,” Sanusi said.

According to him, the present economic reforms and favorable ranking by global rating institutions, have improved Nigeria’s profile as a viable investment destination.

“Given the positive market environment and latent opportunities in Nigeria, we anticipate that Nigeria will be seen as a safe haven for investors,” he said.

The News Agency of Nigeria (NAN) reports that Islamic banking is a financial system that is based on adherence to the Shariah or Islamic law.

It offers services, products and instruments based on compliance to the Islamic law.

“Islamic banking is a model of non-interest banking and profit and loss sharing banking recognised by our laws in Nigeria,” Sanusi said.

He added that the non-interest banking system would have a significant impact on the country’s finacial system and the economy as a whole.

“The introduction of non-interest banking will herald the entry of new markets and institutional players such as the Islamic money market, Islamic assets management companies, etc.

“This will deepen the financial market and open up employment opportunities,” Sanusi explained.

On the prospects for Islamic banking in Nigeria, the CBN governor said that the large amount of cash outside the banking system had increased the opportunities for Islamic banks to thrive in the country.

He said that this was largely due to the zero-interest regime, which a number of the un-banked population may find attractive.

NAN reports that Al-Habibiyyah Academy, is an Islamic “think-tank” whose areas of activity include Islamic and Western education, Dawah and mosque projects as well as other Islamic activities.

The high point of the event was the conferment of a post-humous award on the late President, Umar Musa Yar’Adua.

Other awardees were Justice Dahiru Mustapha (Justice of the Supreme Court), Abdullahi Dikko (Comptroller General of Customs), Sanusi (CBN Governor) as well as Alhaji Abdulraheem Oladimeji and Hajia Fatima Batarra.

About 126 students graduated from the academy.



  1. M.B.O

    I find it ironic that even the Bible condemns the charging of interest by conventional banks and Christians don’t complain but when they hear Islam they shout. There are Islamic banks in different parts of the world. In U.K there are Islamic banks many of the top banks have implemented Islamic banking e.g HSBC, Lloyds etc. Its just interest free banking that was condemned as usury in the Bible, people need to get enlightened. If the Christians refuse to live by the teachings of Bible why condemn Muslims for wanting to live by their own holy book.

  2. Mohammed Ali Adamu

    That is your problem anything related to muslim or islam you turn it to religion sentimant,why?This program is on the pipeline since during Chiles Soludo,he has the intention to impliment it.Unfortunately time is against him.Wether you like or not even if Sanusi Lamido does not impliment it,in due course it will be implimented by another CBN Governor even if it will reach 100 years.

    You should put your google to view the program in the economic point of view not religios perspective.Mind you weither you like it or not Muslims and christians most stay together for unity and progess,is God destiny not the way you like.

  3. T. K . Anene

    Sanusi is gradually sowing the seeds of disintergration and when that pod bursts open he will realise the difference between tribal and religious war. Religious war extend beyond tribal war, has no boundary, 1966 … will be childs play in comparism.
    What kind of brain does this set of tribe of people has? Out of the blues Babangida wrote Nigeria’s name in OIC. Today, Sanusi, the man with a Master’s degree in Islam or arabic, from a university in Niger republic is advocating for Islamic bank based on Sharia Law. What a shame!!!!

  4. Zuma

    prosperous nations like Japan, USA, China, United Kingdom e.t.c. did not have to resort to islamic banking. This is an attempt to islamise Nigeria and give the world an impression that Nigeria is a muslim nation. If he is interested in interest free banking, why cant he just say it instead of tagging it islamic? All their islamic plans will fail in Jesus’ name

  5. Eby

    My question to Mallam Sanusi is–when are you going to strenghten the dwindling value of the Naira? Can Islamic Banking System revive our doldrumed Economy? In Nigeria and only in Nigeria that Failures clitched to Religion as a tool to hide their failed agendas. Religion as the opium of the people is in constant use in Nigeria and one may wonder why these guys use it for their selfish ends at the detriments of the masses. Name it, in the Presidency, Legislatures , Judiciary, and in the Cabinets appointments. CAN`T Sanusi initiate a Banking System as the chief custodian of the Apex Bank without Attaching Religious Bigotry to it. Stop this shit.

  6. Oyoyo

    It baffles me how the moslems always want to pursue religious issues even when there is a 1% opening. Islam, Islam, Islam. Na wao for these people o.

  7. Snipes

    Sanusi should realize that Nigeria is not a Muslim state. Rubbish!

  8. Ayo owolabi

    End of script is coming soon, this is the reason for distroying, our hard earn shares in Oceanic, Intercontinental, Afribank and others so that the Southern and Christians in the banks can fall to give way to Islamic bank.

    Why not turn Unity bank, Bank of the North, to Islamic Bank, very soon the wind will blow and CBN Sanusi’s game plan will be open.

    He got his last degree in Islamic Studies that is the result.

Comments are closed.

More from PM NEWS