Bank MD tasks Muslims on business ethics
Managing Director, Sterling Bank Plc, Abubakar Suleiman, has urged Muslims to translate the community character (Ummah) into their businesses for growth.
Speaking at a training programme for Muslims in Small and Medium-scale Enterprises (SMEs), organised by Friends for Islamic Development (FID) network, Suleiman advised participants to choose sustainable businesses that could satisfy a particular need.
The event titled ‘FID HUB 2018’, with the theme ‘SMEs in Islam’, was organised to create a platform for the participants to grow their businesses and express their ideas alongside business owners.He disclosed his interest in food processing and packaging as a side job.
On various business dynamics, the banker stated that every successful business has blooming and declining stages and that business owners should be able to identify when the business is no more yielding the supposed result.He promised to provide the participants a technology-driven platform for daily collaboration.
“The platform will be for education and information. Participants would be able to go there and get all kinds of information. You can ask questions. It will be a place for resourcing,” he added.General manager, Stanbic IBTC Bank, Bolatito Ajibode, charged entrepreneurs to guard their loan capital, as it is different from sweat capital.
While business owners can squander sweat capital, she warned that everything should be done not to dip hands into the loan capital.She charged entrepreneurs to develop strong character, which is fundamental in accessing bank loans.
“The first thing banks look at is the promoter of the business. We look at how regularly you pay your loans. Also, your BVN is your second name; so you have to guard it jealously. I urge you to guard that character jealously by paying your debts, tax and other fees as and when due,” she counselled.