, Lamido Sanusi, has preached religious tolerance among Nigerians, even as he canvassed support for Islamic finance, otherwise known as non-interest finance.
“…But those criticising us then never knew that it was actually my predecessor, Charles Soludo, who applied to the board that Nigeria should be a member. However, it was at the end of his tenure that we were admitted. So shortly after he left we were invited to the meeting and that coincided with my assumption of office,” Mr Sanusi said.
He said it was the former acting governor of CBN, Sarah Alade, who helped to coin FRACE, to escape the religious sentiments. He described Islamic finance as a form of charity, saying; “Islamic finance is interest-free but not profit-free.”Mr Alaro said Islamic finance has deepened the financial system in Nigeria by providing alternative investment and financing outlets to many households in the banking, insurance and capital market segments.
Still, on recommendations, the don said regulators and operators of Islamic finance institutions, through their CSR projects, should support universities and academic centres to facilitate capacity building for the industry through the endowment of professorial chairs, the establishment of specialised academic departments and introduction of short and long term professional programmes in Islamic finance.