As the vehicle moved past dangerous potholes along the old Oyo-Ogbomoso road, the passengers murmured a few complaints. Determined to avoid the traffic congestion reportedly caused by an accident involving a truck on the narrow road, the driver swerved onto the uncompleted portion of the Ibadan-Ilorin expressway. Although the Oyo section of the road was deserted, due to recent rehabilitation efforts, the journey from Oyo town to a settlement on the outskirt of Ogbomoso was smooth and hitch-free.
“Clearly,” Mr Chiemeka said, “Islamic finance represents a turning point and a new paradigm for the financing of infrastructure in this country.” Other prohibitions include avoidance of uncertainty or deceit, known as Gharar, which could come up when final result is uncertain, there is short selling or there is fraud. Gambling, known as Maysir, which could come in form of involvement in speculative and gambling transactions are also prohibited.
The former IMF boss said she regarded inclusivity and stability as the main reasons behind the appeal of Islamic finance and noted its potential to support developing and underserved population, SMEs, start-ups and infrastructure investments. She also emphasised the risk-sharing and asset-backed features of Islamic finance that help to reduce leverage and contribute to greater stability.
There are about 250 million Muslims across the African continent and Islamic finance is present in more than 21 African countries. Kenya, Morocco, Niger, Nigeria, Senegal, South Africa, Sudan and Uganda have established legal frameworks for Islamic finance, with over 50 Islamic finance institutions across Africa.
Mudaraba is a trust financing method which allows a partner to provide the investment while the other partner invests it in a commercial enterprise . Ijarah, on its part, is an exchange transaction in which a known benefit arising from a specified asset is made available in return for a payment. Also, Istisna`a is a contract of exchange with deferred delivery, applied to specified made-to-order items.
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