The Central Bank of Nigeria (CBN) has announced that more Shariah-compliant banks will be established due to the positive impact the sector has had on the nation’s economy and its citizens.
CBN Governor Olayemi Michael Cardoso, represented by Director of Legal Services Kofo Salam-Alada, made this statement on Sunday in Abuja during a reception honoring Dr. Umar A. Oseni, Secretary-General of the Organisation of Islamic Cooperation Arbitration Centre (OIC-AC), organized by his mentees.
Cardoso explained that initially, there were skeptics when the idea of Shariah banking was introduced, but optimists and pragmatists supported the initiative.
“It was never an attempt to Islamize Nigeria or its financing. When Emir Sanusi took over, he continued this journey, leading to the establishment of transaction documents and relationships with institutions, one of which was headed by Dr. Umar Oseni for eight years,” Salam-Alada noted.
He added that these banks have engaged with various businesses across Nigeria, benefiting both states and individual enterprises.
“We are proud of institutions like Jaiz, Taj, and Alternate Bank, and we expect more to emerge. Projects financed by Sukuk have improved our infrastructure, and more investments are on the way. The CBN will continue to ensure that financing reaches the grassroots,” he said.
In response, Dr. Oseni highlighted the role of the OIC Arbitration Centre, which focuses on resolving investment, commercial, and financial disputes among its 57 member countries globally.
