Following the lingering border closure by the Federal Government, the Institute of Islamic Finance Professionals (IIFP) has called on Muslims to tap into the opportunities presented by halal Islamic finance investment.
Speaking during a one-day seminar organised by the Institute in Lagos, the Director, Citiserve, Dr. Jibril Salaudeen, stated that the land border closure policy has opened an array of opportunities for Nigerians in various sectors of the economy, noting that local producers now witness increased patronage of their products.
He said: “We can see from the aftermath of the border closure that a lot of SMEs now have opportunities to sell more of their products in the country, particularly those in the agricultural sector of the economy. People in the fashion industry and the pharmaceutical sector the economy have benefited as well.
“It has opened a lot of opportunities for people to actually bring out their wares and sell them. It has also assisted us to save forex. The much needed products, the locally produced goods, and local manufacturers are now able to come up to showcase what their capabilities and capacities,” he added.
Speaking further, he said: “These are opportunities for us to actually look back and say we want to grow our economy. We don’t want to import toothpick into Nigeria. We don’t want to import stationeries into Nigeria. This is the time for us to actually develop our local capacity in Nigeria and export to other parts of the world.
“If you are a Nigerian, buy what is made in Nigeria; eat what is made in Nigeria. Be proud to be a Nigerian. Live in Nigeria. Make your money in Nigeria. Spend your money in Nigeria. Let us grow our own economy. Let us stop spending our local earnings to grow foreign economies,” he advised.
An Associate Professor from the University of Lagos, Dr Tajudeen Yusuf, said that the most important thing needed to float a business is a winning business idea and its packaging in line with its Unique Selling Points (USPs).Yusuf, who is also the acting president of the institute, said contrary to widely held beliefs among people, capital is not the most important thing in starting a business, adding that having an idea and knowing how to package the business come first.
“There is what we call Mudaraba in Islamic Finance. An individual might have the skill but doesn’t have the fund. There are people who have the fund. You can come together, collaborate, and then you are in business.“It is about the idea and the ability to recognise opportunities which are so widespread in Islamic finance. So, you just need to have the idea and the right packaging. There are people who will fund you automatically because we are all rational human beings,” he added.
The Lead Consultant, Nectar Accounting Services, Hajiah Wasilat Olanrewaju-Odesina, revealed that there are so many untapped areas of opportunities and potentials in Islamic finance, urging members of the public to join the IIFP so as to know these areas.
She said, “there are opportunities in Islamic finance. People normally think that because everything in Islam is all about Shariah, they cannot invest. The truth of the matter is that everything in Islam is halal unless the Shariah says categorically that such thing is wrong. There are a lot of opportunities in Islamic finance such as investment opportunities, joint venture, takaaful, among others.
