Nigerians urged to embrace non interest banking

Nigerians urged to embrace non interest banking
Judith Ukoh, Lagos

Nigerians have been advised to embrace the non-interest banking as it is a banking model for all.

A former Executive Director of the programmes, Voice of Nigeria, Mr Kabiru Mohammed made the call while addressing reporters on the issues that have trailed the Central Bank of Nigeria’s pronouncement on granting license for such banks.

Sound economic potentials

Mr Mohammed said that the non interest banking had been adopted in several advanced countries especially in Europe and that Nigeria would do well to adopt it too as it would in no doubt, ensure a boost in the country’s economy.

He explained that the non interest banking means that instead of getting interest and money; the money will be used for some trade so that it can be accumulated in the person’s account as a profit.

The former director noted that the banking system, which is being referred to as “Islamic banking” in Nigeria, is not for Muslims alone but for everyone.

He said: “why it is being referred to as Islamic banking is because the Islamic law does not believe in accepting interest for money, and the banking system is one that does not involve interest rates.”

He encouraged people to accept the non interest banking model as it has helped to improve the economy of countries where it is practiced. 

Williams