Institute moves to grow non-interest financing in Nigeria

As part of efforts to grow non-interest financing in Nigeria, officials of Federal Ministry of Finance have been equipped with the expertise in facilitating the growth of non-interest-based financing in Nigeria.

The participants were put through key Islamic finance principles and applications by the Islamic Development Bank Institute (IsDBI) at a training programme for staff of Federal Ministry of Finance. The training was in Saudi Arabia, with the participants educated on the best ways to explore the fundamentals of Islamic banking operations, risk management, and regulatory frameworks.

Associate Manager, Knowledge Horizons, IsDBI, Habeeb Idris Pindiga, said the training programme was designed to enhance the capacity of participants to effectively engage with Islamic financial institutions and promote the growth of the non-interest-based finance industry in Nigeria.

According to him, experts from the IsDB Institute, with support from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), delivered insightful sessions on a range of topics on Islamic Baking, Islamic Capital Markets, Islamic Insurance (Takaful), and Islamic Social Finance.

Topics treated included fundamentals of Islamic banking operations, risk management, and regulatory frameworks as well as the intricacies of Islamic capital market instruments, Sukuk issuance, and investment strategies among others.