Sharia Council of Nigeria Discusses Rapid Growth of Islamic Banking in the Country
The Sharia Council of Nigeria discussed the fast growth of Islamic banks in the country, attributing it to their ability to meet financial needs without interest-based transactions prohibited in Islam. Dr. Bashir Aliyu Umar highlighted the sector's multi-billion dollar status and its emphasis on ethical conduct and risk-sharing.
The workshop organized by the Council and supported by various banks aimed to strengthen knowledge of Islamic jurisprudence in modern banking and financial regulation. Islamic banks like Jaiz Bank, Lotu Bank, Taj Bank, and Nur Taka participated in exploring themes of halal and haram in Islamic finance.
The event drew over 250 participants, including clerics, bankers, regulators, and academics.
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