TheCable

Muhammadu Sanusi II, the emir of Kano, has urged the federal government to introduce Islamic banking across the country to serve as a boost to the economy amid the effect of the decline in oil prices.

Speaking in Kano during a workshop on non-interest capital organised on Monday, Sanusi said huge potentials abound in Islamic banking.

Noting that Britain, South Africa, Cote D’voire had adopted Islamic banking, he wondered why Nigeria had not taken advantage of the benefits in the system.

He commended the Osun state government for adopting non-interest free capital market, urging Kano to take the same step.

Sanusi also applauded the Securities and Exchange Commission (SEC) for organising a sensitisation programme on Islamic banking, saying the timing was accurate.

Abdullahi Ganduje, governor of Kano state, emphasised the importance of an interest-free capital market in a place like Kano, an economic hub.

He said his government remained open to the idea, as it is bound to ensure financial inclusiveness among majority of Kano’s investing public.