'Africa lagging behind in Islamic banking'

Date: 2015-01-04

Experts in the field of Islamic banking are to converge on Ilorin, Kwara State from January 6th to 10th for a workshop to brainstorm on the development of Islamic Banking in Africa.

The workshop is being organized by the Islamic Research and Training Institute (IRTI), a research unit of the Islamic Development Bank Group in collaboration with University of Ilorin and Al-Hikmah University.

Addressing a press conference on the workshop, Chairman of the Local Organizing Committee (LOC), Dr. Abdulkadir Abikan explained that the workshop would bring together experts in the field from various countries in the world.

He decried the underdevelopment of the Islamic financial system in Africa despite its strategic importance to the growth of the continent.

"Africa is a continent that needs this financial system more because of the way some other continents have taken advantage of this to take care of their infrastructural deficits and a lot of other developments that could be achieved from this industry", Abikan said.

He emphasized that Africa has an alternative to take advantage of the system or remain backward as a continent, even as he lamented that in the whole of West Africa, there were only seven Islamic banking institutions.

Abikan, who is the acting Dean, Faculty of Law, Al-Hikmah University, attributed the underdevelopment of Islamic banking in Africa to the low level of development in the continent.

He noted that many people, especially in Nigeria, introduced religious sentiment into the banking model, noting that many countries with insignificant percentage of Muslims have embraced Islamic banking.

The scholar recalled that the Tax Law of United Kingdom was amended in 2004 by the former Prime Minister Gordon Brown in order to accommodate Islamic banking, saying, "The first Islamic Bank which is known as the Islamic Bank of Britain was launched in 2004 in UK.

"The best way for any reasonable government is to have Islamic banking. If we say because of religious volatility, we are not going to have Islamic banking, then we would be going backward".

In a related development, a statement from IDB explained that experts in Islamic banking, regulation, and financial economics are expected to be at the workshop "to take stock of current academic research, policies, practice and development of Islamic banking in Africa.

"The workshop is also to explore current issues in Islamic banking and financial products, with a focus on the experiences of particular African countries in terms of regulation, supervision, systemic risk measures, stress testing, counterparty risk, opportunities and challenges".

'

Also speaking, a member of the LOC, Dr. Lateef Oladimeji disclosed that 25 papers had been submitted so far with Malaysia dominating the list of entries.

Source

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Hajj     Oba Abu     Zulkifli Ibraheem     Ghali Muhammed     Aliyu Kora Sabi     Risikat Lawal     Eleja     College Of Arabic And Islamic Legal Studies     Gbenga Adebayo     Okeose Christian Cementary     Yahya Mohammed     Gobir     Quarry Royal Valley     Yusuf Olaolu Ali     Galadiman Ngeri     Frootify     Oluwarotimi Boluwatife Adenike     UITH     Offa Poly     Aishat Sulu-Gambari     Kwara Liberation Group     Salihu Ajia     Ibraheem Adeola Katibi     Abdulhakeem Adelaja Amao     Sodiya     Dankaka     Medinat Folorunsho Salman     Aliyu Sabi     CCT     Saka Asiat Ayinke     Oniye     Ahmed Saidu Rufai     Abdulrahman Abdulrasaq     Logun     Mumeen Lah     Press Release     CBT     ASMAU PLAZA     Abdulrazaq Magaji     Kaosarah Adeyi     Abdulkadir Orire     Towobola Abdulrahman Toyin     Lasiele Alabi Yahaya     Oke-Odo     Kayode Issa     Bello Oyedepo     Al-Hikmah Radio     Sulaiman Gado     Kaiama     Isiaka Oniwa     National Association Of Nigerian Students     Taofeek Ibraheem     Law School Scholarship     Olabode Towoju     Ajibola Saliu Ajia     Neuropsychiatric Hospital     Mohammed Abdulahi     Isiaka Yusuf     Bukola Ajikobi     Gbemisola Oguntimehin     NaAllah     Muritala Olarewaju     Kayode Ibrahim     Ibrahim Abduquadri Abikan     Zubair Folorunsho Erubu     Oyeyemi Olasumbo Florence     Imam Gambari     Olatunji Bamgbola     Samuel Olusegun Adedayo     Council Of The Wise     Alimi     Saba Jibril     Ophthalmological Society Of Nigeria     Victor Gbenga Yusuf     Odo-Owa     Sobi FM     Owode Market    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Share     CCT     Ishola Moses Abiodun     Abdulquawiy Olododo     Shehu Alimi Foundation     Lola Ashiru     Sulaiman Gado     Mutawali Of Ilorin     Tunde Yusuf     Akom Construction And Engineering Synergy Ltd     Adekunle David Dunmade     Saheed Akinwumi     UITH     Muyideen Ajani Bello     Abdulwasiu Bolaji Adeyi     Saadu Yusuf     Mohammed Abdulahi     KWACOBPA     Asiwaju Bola Tinubu     Ita-Ore     Fatimat Saliu     MMWG     Shururat Olatinwo     Ahman Patigi     Raimi Iyanda     Ilorin Like-Minds     Abubakar Abdullahi Bata     Bolaji Abdullahi     Abdulhakeem Adelaja Amao     Amuda Aluko     Muhammad Mustapha Suleiman     Idiagbon     Kwara Polytechnic     Bolakale Saka     Jumoke Gafar     BECE     Oke-Ode     Olatunji Moronfoye     Jimoh Akani     Abdulkareem Alabi     Saka Saadu     Abdulkarim Adisa     Ahmad Uthman     Abdulmumini Jawondo     Kola Bukoye     Students Union Government     Abdulrazaq Magaji     Modibbo Kawu     Suleiman Rotimi Iliasu     20 Billion Bond     Ogbondoroko     Societe Generale Bank Of Nigeria     Onikijipa     Abdulazeez Uthman     Bola Magaji     Yusuf Lawal     Kwara University Of Education     Ishak Mohammed Sabi     Ilorin International Airport     Monthly Sanitation Exercise     Babatunde Ajeigbe     ITP     Federal College Of Education (Special), Afon     Idofin     Abubakar Usman Jos     Oko-Olowo     Suleiman Ajadi     Ilorin Likeminds Foundation     AbdulRauf Keji     Kwara 2023     Marafan Shonga     National Union Of Road Transport Workers     Nagode     Dairo Kunle Paul     Ahmed \'Lateef     Mubarak Oladosu     Senate