Monday, December 20, 2021/ 12:45 PM / By Bukola Akinyele-Yisau for WebTV / Header Image Credit: WebTV

As part of efforts to bridge the vast manpower deficitexperienced in the ethical financial market, the Institute of Islamic FinanceProfessionals, Nigeria (IIFP) reaffirmed its commitment to Non-interest financeeducation, training, and expanding direct membership into various professionalmembership categories for fresh graduates, new entrants, middle and executivemanagement staff of finance and non-finance organizations.

The Institute said this at the 2021 inductionceremony, where it awarded Honorary fellowship, Full fellowship, Associatemembership, Graduate membership, and Student membership to over 50 inductees.

In his remarks, the President of the Institute,Dr. Tajudeen O. Yusuf, pledged to improve the development of Islamic financeeducation in Nigeria. He acknowledged the challenge and called forcollaboration among all the stakeholders in support and partnerships.

According to him, the Institute of Islamic finance isready to support ideas, programs, activities that will enhance Islamic financein the country. He said the Institute would accommodate all individuals willingto join the IIFP. 

Dr. Yusuf noted that the  IIFP was working withthe University of Lagos Business School for the MSc and PGD Programs in Islamicfinance to take it to the next level. He believed Islamic finance is thefuture.

The keynote speaker, Hon. Jide Jimoh, Member, House ofRepresentatives representing (Lagos Mainland Federal Constituency) in giving anoverview of the Islamic banking system in Nigeria, highlighted some of the keyissues from the CBN BOFIA Act and CAMA Act. He said the Sukuk Islamic financeinstrument enabled more capital market participation.

The Federal legislator stated that the features ofNon- interest financial institutions are risk and profit-sharing. Speaking onguidelines, he stressed that Islamic finance represents a niche record offinancial transactions based on integrity. It does not deal with uncertaintyand supports socially responsible businesses. 

"The existence of Islamic finance is to promoteprosperity in any jurisdiction of the world, and it is expected to continue togrow exponentially.  Society and governance, individual and corporateorganization need to co-exist for the growth of the industry" -  Hon. Jide Jimohadded.

According to him, the role of Islamic finance incooperative societies, particularly the mortgages and leveraging investment toassist agriculture. He argued that Islamic finance policy is of necessity,facilitating infrastructural development. He believed that non-interest bankingin Islamic finance has come to stay in Nigeria, supporting efforts towardsustainable development.

He alluded that the Islamic finance ecosystem has highvalue for transparency. He charged the IIFP to embrace technology and to aspireto become chartered as an institute.

In his speech, Dr. Ibrahim Akosile who represented theRector of the Lagos State Polytechnic, informed stakeholders that the number ofIslamic financial institutions worldwide has exceeded over 300 in over 75countries valued at $400bn.

The LASPOTECH official said Islamic finance is foundedin developing economies where the financial sector is almost entirely Islamic, likein Iran and Sudan, and also obtainable where Islamic and conventional systemsco-exist such as Indonesia, Pakistan, and the United Arab Emirates.

"Most countries are being affected by the globaleconomic crisis, and currently Nigeria is one of the nations paying attentionto Islamic finance and the issuance of instruments like Sukuk.  The globalfinancial crisis was a big opportunity for Islamic finance as it could bridgethe market", Dr. Akosile said.

He congratulated the IIFP Institute and the inducteesfor playing a part in the success of Islamic finance in Nigeria.

According to Dr. Fatima Abdulkarim, ethical businessaligns with Islamic finance by avoiding "Riba" and uncertainty. She urged allthe Islamic finance operators and individuals to abide by the Shariahprinciples while doing their businesses. 

In his closing remarks, Mr.  Amin Oderaa Igwegbe,IIFP governing council member, said Islamic finance is an opportunity for allto tap into. He congratulated the Institute, inductees and thanked all thepartners and participants for making the conference a reality. 

The registrar of the IIFP Nigeria, Mr. Monsuru Musa,provided further information on how to be a member of the Institute by sendingupdated CVs  to [email protected] cc: [email protected] with theheading  'Application for Individual Preferred Category'.

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