Islamic Finance | |
Islamic Finance | |
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Friday, September 25, 2020 / 1:00 PM
/ Bukola Akinyele for WebTV / Header Image Credit: Prof Asiwaju Busari Shaamsuddeen Akande
Islamic Finance has the potential to serve
as a veritable platform for supporting Nigeria in its quest to achieve the
Sustainable Development Goals (SDGs) by 2030. Professor
Busari Akande, Director West African Operations Chartered Institute of
Management and Leadership, United State of America (USA), and Founder of the Islamic Institute of Accounting and Finance, Ilorin, Kwara
State; disclosed this as he provided insights on "Islamic Finance,
Education & Sustainable Development in Nigeria". Professor Akande was
speaking as a guest on WebTV's Islamic Finance Weekly programme.
With the globe turning to climate change, innovative
instruments like Green Sukuk according to Professor Akande can fit into the
sustainable development strategy of the Nigerian government.
Speaking further he said the Green Sukuk can provide
financing and support for the "Solar Energy Project" which is part of the key
initiatives in the Economic Sustainability Plan.
Akande said that the goal of the Islamic Institute of Accounting and Finance in Nigeria (IIAFN) is to reposition itself to fit into the 17-point agenda of the Sustainable
Development Goals (SDGs) of the government as the Institute pursues its 2020 to
2030 targets.
Explaining further the scholar said 1 out of the 17
goals is based on Zakat as it can help to reduce poverty, and also Sadaqah which
is to provide good health and promote the wellbeing of people in the
communities, quality education, gender equality which Islamic finance will
assist in achieving all the 17 goals and beyond. "There has to be an
enabling policy environment that will put Islamic Finance in a position
to facilitate Nigeria's agenda for achieving inclusive growth and the 2030 SDGs," Prof Akande said.
He called for a broadening of Islamic finance
education in Nigeria, which will require a lot of awareness and sensitization
from stakeholders in the industry.
At the moment he acknowledged that there are 7 Islamic
finance institutes in Nigeria and students can graduate from the IIAFN, and
later further their education in Banking & Finance.
On the part of IIAFN, he said the Institute has been
deepening the area of Islamic Banking Insurance and Capital Market education in
Nigeria, across the 36 states in the country, collaborating with many
institutions as consultants. This is helping to address unemployment in the
country and furthering skills development.
Speaking on IIAFN's collaboration in Nigeria, Africa
and globally, he said the collaborations could be divide into two areas;
one was with a few universities by 'catching- them-young' (future Islamic
finance professionals) from diploma level. He said the Institute has
affiliations with African University in Lomé, Togo and has produced about
200 graduates in Islamic Banking & Finance, the Institute equally has ties
with professional institutes in Malaysia, Pakistan, Dubai, USA, UK and
Australia.
Speaking on the criteria of enrolment into the IIAFN
and opportunities for graduates of the institute, the Founder explained that
from SSCE Certificate and if a person is a graduate of management
sciences, such candidate has the essentials for admission while other
graduates from other professions could also join to do a 3-month
internship with Islamic banks and for diploma students, there is a one-year
industrial training (IT) arrangement in any Islamic Microfinance bank.
For graduates who wish to work in the financial
service sector and for those that prefer to be entrepreneurs, they would be
trained as Islamic Finance Consultants to corporative societies and insurance
companies.
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