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Friday, 28 June 2013

Nigeria: Islamic Financing Key to Infrastructure Funding - Sanusi

The Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has described Islamic financing as an alternative source of financing that is capable of providing the much-needed funding to fix the huge infrastructure deficit in the country.
He called on other African countries to also tap into the opportunities provided by this form of financing to fund gave the state of infrastructure in the continent a facelift.
Speaking in Abuja at a conference titled: “Infrastructure Development through Alternative Funding (Islamic Finance) in Africa,” which was organised by the Metropolitan Skills Limited in collaboration with the Islamic Finance Institute of Southern Africa, Sanusi noted that if well developed, Islamic bonds otherwise known as Sukuk, could serve as a major financing alternative for governments. This, according to him could be seen in countries such as Saudi Arabia, United Arab Emirates, among others.
The central bank boss, who was represented by his Special Adviser on Non-Interest Banking, Dr. Bashir Aliyu Umar, said: "It is my belief that if properly structured, Islamic financing will complement government's efforts in infrastructure development."
On his part, the former Managing Director of Jaiz Bank, Mr. Mustapha Bintube, stressed that Islamic banking had come to stay in the country.
He said: "In Nigeria, many people told me it was not possible, but today, with a modest beginning, it is going to stay and it is going to make impact in the economy of this country."
The acting Managing Director of the bank, Mr. Usman Hassan, appealed to the federal government to speedily finalise the development of the framework for the issuance of Sukuk in the country.
He said this had become necessary given that "with Sukuk you cannot have failed projects and funds cannot be diverted."
(This Day Live / 26 June 2013)

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