The Central Bank of Nigeria announced that the financial sector will see more Islamic banks in the near future.

This was revealed by CBN Governor Mr. Olayemi Cardoso during a reception in Abuja honoring Dr. Umar Oseni, the Secretary-General of the Organisation of Islamic Cooperation Arbitration Centre.

Cardoso, represented by the CBN Director of Legal Services, Mr. Kofo Salam-Alada, addressed misconceptions about Islamic banking. He explained, “When the idea of Islamic banking was first initiated, some people thought it was an attempt to ‘Islamise’ the country or the financial sector. Ironically, the first person who spearheaded the journey was a pastor.”

He further elaborated on the history of Islamic banking in Nigeria, stating, “Some years back, the CBN started a journey for the introduction of Islamic Banking and Financing in Nigeria. It began when a young man was appointed governor of CBN. But most people never knew that the first person who spearheaded the journey was a pastor of a church.”

Cardoso praised the progress and impact of Islamic banks in Nigeria. He mentioned, “Islamic banks have reached out not just to states, but to everyone doing business in Nigeria. We are proud of Jaiz, Taj, and Alternate Bank, and I believe many more will come. We are happy to drive on roads financed by Sukuk in Nigeria, and more billions will still come.”

Dr. Ibraheem Dooba, a renowned columnist and university lecturer, commended Dr. Umar Oseni, stating, “Oseni is worthy of emulation, and more people like him should be identified for national development and global recognition.”

Dr. Oseni spoke about the importance of the OIC Arbitration Centre, noting, “OIC actually has 57 member countries globally. As you all know, it is the largest body after the United Nations and the body actually has a lot of trade among the member countries. So you need to have a platform to resolve the disputes.”

He added, “We will continue with this advocacy globally to ensure that investors, including those in Nigeria, participate in this project of OIC by incorporating this clause in the investment treaties and agreements they enter into.”