CBN allays fears on Islamic banking

The Central Bank of Nigeria, CBN, has allayed fears that the introduction of non-interest banking into the system would turn Nigeria into an Islamic country, stressing that Islamic banking is one of so many

non-interest banking systems contained in the CBN laws.

Deputy  Governor,  Economic  Policy  of CBN, Mrs  Sera  Omotunde  Alade,  said this, weekend, in Ilorin while speaking with newsmen  at a retreat organised for the Financial Market Department with the theme: ”Transforming the Nigerian Financial Market: Prospects and Challenges.‘’

According to her, apart from the Islamic banking, which is a non interest banking system contained in the laws  of the bank, there are other forms of non-interest banking for which interested parties can come forward to get  licence.

She said what was contained in the law  is non-interest banking  which is synonymous to Islamic banking but that giving licences to operate Islamic banks does not have anything to do with changing the country into an Islamic nation.

Alade also said what the country was interested in was how to change the face of banking in a way that the economy could grow for the betterment of all Nigerians.

She urged all Nigerians to see the licensing of the non-interest banking in the country  as  a new step to move the country’s  economy  to a greater height.

She also called on those who are interested in other forms of non- interest banking to come forward for licence from the apex bank.