SEC Chairman Highlights Growth of Islamic Banking in Nigeria

In an interview, SEC Chairman Katuka discussed the increasing acceptance of Islamic banking in Nigeria, which is characterized by non-interest, Sharia-compliant finance. He noted that while the segment remains relatively small compared to conventional banking, it is growing steadily and shows strong potential for development.

Katuka emphasized the importance of enhancing public awareness and understanding of Islamic banking products, particularly among non-Muslims, to drive broader adoption. He pointed out that the benefits of Islamic banking, such as job creation and infrastructure development, could significantly contribute to Nigeria's economic growth.

The chairman also mentioned that the model aligns with Nigeria's financial inclusion strategy, offering alternative financing options to underserved populations. He expressed optimism about the increasing participation in non-interest finance, which he believes will further support the country's economic development.