Islamic finance best option for economic development–Emir Sanusi

Emir of Kano Muhammad Sanusi II, has said Islamic Financial system remains the best option to drive economic and social development across the globe.

The Emir stated this on Tuesday at an International Conference on Islamic Finance, with the theme “Islamic Finance: Mobilizing Resources for Economic and Social Development” organized by the International Institute of Islamic Banking and Finance (IIIBF) Bayero University, Kano.

He said there is a need for financial inclusion as provided for by the tenets of Islamic Finance as a way of bailing out poor countries from financial mess and ensure economic growth and stability.

The emir said his doors are always open for suggestion and financial advice to BUK, IIIBF and other groups towards mobilization of resources and ideas in line with the concept of Islamic finance.

Earlier, the Vice Chancellor of Bayero University, Kano Professor Muhammad Yahuza Bello who was represented by Professor Kabiru Isa Dandago, highlighted the positive contributions of Islamic finance not only to Muslim countries but to secular nations as well.

In her remarks,  the Director of IIIBF Professor Binta Tijjani Jibril, explained that the conference was organized to create more awareness on the principles of Islamic finance.

She expressed delight at the large turnout of participants from within and outside Kano state.

On his part, Sulaiman Barau, former deputy governor of the Central Bank of Nigeria (CBN) said the adoption of the principles of Islamic finance by developing nations will serve as a key to achieving the United Nation’s Sustainable Development Goals (SDG’s).

Mr Sulaiman noted that it was the challenges of global social and economic development that led to the adoption of the SDGs by the United Nations.

However, he explained that the SDGs are only achievable with a sustained mobilization and efficient use of resources while ensuring even economic and social development in which Islamic finance can play a key role.