Kano state governor, Dr. Abdullahi Umar Ganduje has observed that the introduction of non - interest capital market products or Sukuk Products in Kano state would ensure financial inclusiveness among the majority of investing public in the state.
Noting
that the non - interest capital market products hold a lot of potential
for the people, he maintained that Kano citizens are mainly averse to
investing in conventional capital market products due to the presence of
interest other detestable elements to Islamic religion.
Governor
Ganduje made the assertion in a keynote address during the opening of a
round-table workshop on Non – Interest Capital Market, organized by
Securities and Exchange Commission, SEC, at the Grand Central Hotel in
Kano.
Non
– Interest Capital Market, he noted, is built on the principles of
Islamic Finance, under which usury, uncertainty, gambling, pork meat,
pornography, alcohol transactions in conventional insurance and illegal
arms are forbidden.
He
maintained that Islamic Financial services industry has grown to become
an increasingly substantial segment within the global financial market
and has gained considerable interest as a viable and efficient
alternative model of financial intermediation.
The
governor, therefore, reasoned that increasing the awareness of people
and encouraging them to invest in accordance with Islamic tenets would
be the catalyst towards making the Islamic financial services industry a
flourishing business in the state and Nigeria as a whole.
Governor
Ganduje advised the Nigerian Stock Exchange to be very proactive to the
responsibility of growing the Non – Interest Capital Market in the
country, assuring that his administration would support initiatives
aimed at establishing the industry in view of its numerous benefits.
Halilu Ibrahim Dantiye, mni, fnge
Director – General, Media and Communications,
tothe Exec. Gov.,
Kano state
19/10/2015
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