Islamic Supreme Council Hails #CBN over Non-interest Intervention
The Nigerian Supreme Council for Islamic Affairs, NSCIA has commended the non-interest intervention scheme introduced by the Central Bank of Nigeria.
The NSCIA President-General, the Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar, in a statement described the intervention as a bold step towards engendering inclusive growth and a proactive mechanism for averting recession threatening the global economy as a consequence of the Coronavirus pandemic.
The NSCIA applauded the CBN for the release of the guidelines for the non-interest version of all its intervention programs.
“For decades, Nigerian Muslims have been grossly marginalized in the country’s financial sector and other growth triggering financial interventions of the CBN due largely to the interest element that is usually involved in the schemes.
“For Muslims, who constitute well over half of the country’s population, the question of avoiding interest is non-negotiable, and the majority of Muslims would opt to live in poverty rather than devour interest and face the wrath of their Creator,” NSCIA said in a statement.
The President-General of NSCIA, therefore directed all State Councils of Islamic Affairs, other Islamic organisations to design and implement mobilization programmes for farmers, businessmen, and other eligible citizens.
“Imams and the Ulama should use their sermons, lectures, lessons, radio and television programmes to educate the Muslim community on the imperative of utilizing the interventions,” he stated.
The initiative covers the Anchor Borrowers Programme (ABP), Agri-Business, Small and Medium Enterprises Investment Scheme (AGSMEIS), Creative Industry Financing Initiative, Micro, Small and Medium Enterprise Development Fund, Real Sector Support Facility (RSSF) and Credit Support for the Healthcare Sector.