Muslim professionals brainstorm on Islamic financial system for economic growth

By Editor |   09 March 2018   |   3:40 am  

Muslim professionals under the auspices of the Forum for Islamic Education and Welfare (FIEW) will bring experts in Islamic finance and economy together at a business luncheon to discuss ways to harness Islamic financial solutions for national economic development.

The exclusive business luncheon with the theme: Islamic Financial System: A Panacea for National Economic Development holds on Wednesday, March 14, 2018 at The Metropolitan Club, Victoria Island, Lagos, before noon.

Dignitaries and experts expected at the luncheon include Special Guest of Honour-His Excellency, Prince Abdul Jabar Bola Ajibola (SAN), founder and proprietor of Crescent University; Keynote speaker-Dr Bashir Aliyu Umar, Member, Central Bank of Nigeria (CBN) Financial Regulations Advisory Council of Experts and Dr Basheer Oshodi, Group Head, Non Interest Banking, Sterling Bank, who will moderate the discussions.

The panel of discussants include Mr Momodou Musa Joof, Managing Director, Jaiz Takaful Insurance Plc; Mr Abdul Malik Mahdi of Brains & Hammers Plc and Hadjia Azeezah Muse-Sadiq of Banwo & Ighodalo Associates.

Several chief executives of companies in the financial markets, manufacturing, education, agriculture and other major sectors of the economy are expected at the luncheon.

President, Forum for Islamic Education and Welfare (FIEW), Ahaji Mobolaji Fatai Lawal, said Nigeria as a whole will benefit from the theme of the business luncheon given the ongoing drive for financial inclusion and broad-based growth.

“The more people we can bring on board banking system, the better for the economy. For financial inclusion to gain more strength, Islamic banking has to be promoted and marketed in all nooks and crannies of the country,” Lawal said.

According to him, while Nigeria has started reaping the benefits of Islamic finance with the success of its maiden sovereign Sukuk, the way to go is to beam more light on its advantages, bring on board more institutional investors as well as medium and small savers at the grassroots with a view to raising the tempo of economic activities in the country and ultimately creating a big jump in employment level and overall Gross Domestic Products.

He noted that FIEW is organising the luncheon to among other things disabuse the minds of those who continue to see the Islamic financial system as purely Muslim affairs while also encouraging many others who are sitting on the fence to buy into it and recognise it as an alternative system that is being explored in virtually all the major financial centres of the world today.

He pointed out that the guest speakers and discussants are experts in financial systems in general and are going to shed light on the Islamic financial products exclusively, irrespective of the religion that each of them professes.

“It is expected that the business luncheon will throw up challenges, enquiries and other issues, both pleasant and otherwise. The team put together to anchor the platform are capable of resolving them and indicating the way forward,” Lawal said.

Commenting on the luncheon, Executive Secretary, Forum for Islamic Education and Welfare (FIEW), Dr. Tajudeen Adebayo said the Forum’s main objective is to enhance the education and welfare of people, in compliance with the tenets of Islam.

He outlined that the business luncheon is a programme specifically designed to reach out to the professional groups and socio political economic communities, prompting them on thoughts and ideas that can serve as impetus for growth in the national educational endeavours and public welfare initiatives.

According to him, the business luncheon is also an avenue to exhibit the beauties and immense benefits of Islamic legal, administrative and financial alternatives which can be explored for the benefits of Nigeria’s pluralistic society devoid of religious sentiments, ego or envy.

“Our ultimate aim is the promotion of the literacy level and economic wellbeing of all facets of our communities. We have held several editions of the business luncheon in the past on various topical issues that affect Nigeria as a whole.

This current edition that seeks to exhibit the immense potentials of the Islamic financial system is an attempt to build on the existing foundation,” Adebayo said.

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