Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, has revealed that the creation of Islamic banking in Nigeria was fast-tracked by a pastor contrary to views making the rounds that such banking was the idea of Islamic scholars.
Ably represented by the CBN Director of Legal Services, Kofo Salam-Alada, at a reception set aside to honour the Secretary-General, Organisation of Islamic Cooperation Arbitration Centre, Dr Umar Oseni, in Abuja, Cardoso said that the individual who set in motion the creation of these banks was to be a part-time pastor of the church contrary to general views, after which Prince (Emir Sanusi) took over office to continued the process.
He then stated in clear terms that the springing-up of new Shariah-compliant banks was backed by the authorities given its immense benefit on small and medium-scale businesses.
“Some years back, the Central Bank of Nigeria started a journey for the introduction of Islamic banking and financing in Nigeria. It came when a young man was appointed governor of CBN. But most people never knew
“He was also a part-time pastor when this journey started. So it was never an attempt to Islamise Nigeria or Islamise financing in Nigeria. When the Prince (Emir Sanusi) came, he continued the journey.
“And that journey saw some of us, one of you, who is standing before you today, start the transaction documents that started the relationship with one institution that Dr. Umar Oseni headed for about eight years.
“I am not advertising, but I can say we are proud of Jaiz, Tajj, and Alternate Bank and I believe many more will come. We are happy to drive on roads financed by Sukkuk in Nigeria and more billions will still come. So many products are on the card and the Central Bank of Nigeria will not rest until financing gets to the grassroots.”
In his reaction, Dr Oseni showered encomium on the audience whom he described as the key to his success story
“We are living in a world where we are all interconnected. Let us ensure that we make a positive impact on anybody that comes our way. Touch the person positively without expecting appreciation.
“The OIC Arbitration Center focuses on investment, financing, and commercial dispute resolution. So, in all the bilateral treaties Nigeria is entering into with other countries, we are going to ensure that there is a clause for dispute settlements,” OIC chief assured.
