Nigeria’s consistent reliance on interest based loans; especially from the international market is one of the major reasons for the poor state of the country’s economy.
The programme was organised by Al-Hayat Relief Foundation to train over 150 entrepreneurs from Kwara State and other Southwest States of Ogun, Oyo, Ondo, Osun and Lagos on ways they can benefit from Islamic financing to develop their businesses. A sukuk is an Islamic financial certificate, similar to a bond in Western finance that complies with Islamic religious law commonly known as Sharia.
“What we are saying is that there are cheaper ways to access funds, cheaper, better and more effective. Just consider the Sukuk for example, federal government want to raise N100billion, they issued Sukuk of 100billion within one week, people have paid up and the government is building roads, or Hospitals or Schools and I am benefiting, everyone is benefiting in the project.”
and speaking of religion...😉 Proverbs 22:7 'The rich ruleth over the poor, and the borrower is servant to the lender.'