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Wed Jul 09 2025 18:40:24 GMT+0000 (Coordinated Universal Time)


Nigeria House of Reps okay Islamic banking

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Published (Updated) on Friday, July 22, 2011
Members of the House of Representatives yesterday endorsed the introduction of Islamic non-interest banking system in the country in line with regulations by the Central Bank of Nigeria.

The lawmakers made their position known in Abuja after a briefing to the House in plenary session by CBN governor Sanusi Lamido Sanusi.

Sanusi was invited following a motion urging the House to seek explanations on the apex bank’s cash withdrawal limit and its licensing of non-interest banking in the country.

The CBN governor arrived in the House chambers at about 11:30am and spoke for about two hours, explaining that the non-interest banking system was not going to discriminate against non-Muslims and that it was simply aimed at economic development.

Apparently impressed by Sanusi’s explanations, Deputy Speaker Emeka Ihedioha, who presided over the session, told the CBN governor that “a number of us, if not all of us, are satisfied with your presentation. We are better enlightened now on the issues.”

Earlier, the lawmakers intermittently applauded as the CBN governor spoke.

Sanusi had come under fire over the past one month regarding the non-interest banking system, especially from the Christian Association of Nigeria.

But he said yesterday, “The CBN is not setting up an Islamic bank; neither is it advertising an Islamic bank. Islamic banking is not biased; it is open to all faiths.”

He told the lawmakers that his predecessor Prof. Charles Soludo, more than any other CBN governor, did a lot to actualise the emergence of Islamic banking, which he added was in accordance with the provisions of the Banks and other Financial Institutions Act of 1991.
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