| Islamic Finance |    2642 VIEWS  |
| Islamic Finance | |
| 2642 VIEWS | |
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Friday,
October 02, 2020 / 1.00 PM / Bukola Akinyele for WebTV / Header Image Credit: WebTVNG
Fintech, according to financial analysts, is a viable
platform that can be leveraged to boost Islamic Finance in Nigeria. Mr.
Muhammad Jidda, Head Shari'ah Audit and Product Development, SunTrust Bank
Nigeria Limited, expressed the opinion in a recent conversation on developments
around the non-interest finance market in the country.
According to him, the pathway is harnessing the
various spheres of Fintech and Digital banking to grow the market with
innovative products and offerings.
Providing further insight he said the COVID 19
pandemic made it imperative to deploy a digital technology strategy for
financial services, and fintech was the way to go in the area of increasing
non-interest banking activities.
He noted that through Fintech a lot of awareness and
sensitization can be created on Islamic Finance, through the digital and mobile
platforms across the country, which could have a wider reach to people in the
rural communities.
The Islamic Finance manager believed Islamic Finance institutions
had key roles to play in the area of increasing the enlightenment on
non-interest finance.
He argued for more seminars and workshops to be
organized by Islamic Finance institutions, as they develop products and connect
with all segments of the market, thereby increasing acceptability. Some of the
Islamic Finance products include; Mudaraba, Musharakah, and
Istina amongst others.
He cited the example of how SunTrust Bank as providing
capital for people in the rural areas, enlightening them on the use of mobile
phones for banking and other financial activities, which in turn could improve
financial inclusion.
Speaking further he agreed with the call for the
standardization and the setting of guidelines for Islamic Finance products by
regulators from the Central Bank of Nigeria(CBN), Securities and Exchange
Commission(SEC) and the National Insurance Commission(NAICOM) or Pension
Commission(PENCOM).
He also mentioned the 'Wahid' investment instrument as
one of the Islamic financial technologies used in Pakistan and in some parts of
Asia to provide seamless services to those who are underbanked and financially
excluded.
"Alternative insurance Takaful and also Islamic
crowdfunding can be used and if all the structured products on insurance and
banking are utilized it will make it easier for the underbanked to tap into the
non-interest market," he said.
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