The President of the Supreme Council for Sharia in Nigeria (SCSN), Dr. Bashir Aliyu Umar, says the rapid rise of Islamic banking and finance in Nigeria is driven by its capacity to address financial needs without the use of interest or usury, which Islam forbids.
Speaking at a two-day workshop organised by the Centre for Qur’anic Studies, Bayero University Kano (BUK), Dr. Umar noted that Islamic finance has grown into a multi-billion-dollar industry, with five Islamic banks now operating in Nigeria.
Dr. Umar, who is also the Deputy Chairman of the Financial Regulation Advisory Council of Experts (FRACE)—the advisory body to the Central Bank of Nigeria on Islamic banking and other non-interest financial institutions—said the sector is expanding because it upholds fairness, stability, and ethical financial principles.
“Islamic finance is growing because it offers stability and fairness. Muslims are forbidden from taking interest, and the system provides alternatives that are in line with Sharia,” he said.
He emphasized the role of clerics in guiding banks, insurance firms, and stockbroking companies to ensure full compliance with Islamic financial principles.
BUK Vice Chancellor, Professor Haruna Musa, announced during the event that Summit Bank had committed to offering automatic employment for five years to the best graduating male and female students from the university’s Islamic Banking and Finance programme.
He noted that the Centre for Qur’anic Studies, established in 2014, is mandated to promote Qur’anic teachings and would continue to receive institutional support.
The Director of the Centre, Professor Ahmad Murtala, said the workshop aimed to deepen understanding of Islamic jurisprudence in banking and finance.
He noted that the event was supported by Jaiz Bank, Lotus Bank, TAJ Bank, Nur Takaful and other partners, describing it as the biggest conference on Islamic banking and finance organised by any centre in northern Nigeria, with plans to replicate it nationwide. The workshop, themed “Halal and Haram in Islamic Finance: Quranic Foundations, Contemporary Challenges and Future Prospects,” convened over 250 stakeholders—including clerics, bankers, regulators and academics—from across the region.
