Posted by: islamicfinancingnews | July 1, 2013

Islamic finance on the rise

Kita-Disyorkan-Memilih-Islamic-Loan Nigeria is one country that is witnessing the growth of Islamic finance. Speaking at a recent conference on “Infrastructure Development through Alternative Funding (Islamic Finance) in Africa” Sanusi Lamido Sanusi the governor of the Central Bank of Nigeria, recognized the financing opportunities Islamic finance can provide when it comes to helping governments in African countries with infrastructure development.

The event held in Nigeria’s capital city of Abuja was organised in part with collaboration from the Islamic Finance Institute of Southern Africa. The Islamic banking industry has been growing in Nigeria, the most populous country in Africa. Pointing to the development of Islamic bonds or Sukak in other places such as Saudi Arabia and UAE (United Arab Emirates), Sanusi indicated similar development could offer financing options to his government and those in other African nations.

Promients speakers at the conference including Prof. Monzer Kahf, MSC coordinator, Islamic Finance, Faculty of Islamic Studies, Quatar, described Islamic banking as a system that does not apply restrictions on one particular faith or belief, but creates an equal opportunity by adapting the principles of fairness, realism and morality in its operation.

Globally, it is estimated Islamic financial assets have reached $1.6 trillion and there are an estimated 600 financial institutions worldwide conducting Islamic finance. Here at home, it includes the opportunity to present practicing Muslims with financing alternatives such as Islamic mortgages.

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