Why Non-Interest Finance Institutions Should Support The Growth Of Start-Ups In Nigeria - Dr. Malik


Friday, December  11, 2020 / 1:00 PM / Bukola Akinyele-Yisau for WebTV / Header Image Credit: WebTV

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Start-Ups in Nigeria that are Shariah-compliant and ethically minded can benefit from the provisions of  Non-Interest Finance.

Dr. Tausif Malik the first Global Chair of Muslim Democrats Abroad, a Social Entrepreneur and Creator of the Muslim Spelling Bee competition made this point in recent discourse on Islamic Finance development in Nigeria as it affects Start-Ups and enterprises.

According to him, Africa has been described as the last economic frontier to drive global economic transformation, which will see Nigeria play a pivotal role.

He believed that in the age of the fourth industrial revolution (4IR) driven by digital technology, the youthful population in the continent are leveraging tech with their digital skills to lead in innovation.

This for him marks a shift from the era of dependence on commodities and natural resources, which has been the bane of the continent. 

Speaking further he believed that Africa as a continent and Nigeria inclusive had a great opportunity in deploying technology, to build smart businesses and enterprises.

He cited India as an example in the area of software and ICT development, which has served as one of the major exports for the country.

Dr. Malik was of the view that African Venture Capital firms should do a lot in the area of supporting tech-based enterprises and start-ups.

He also listed Switzerland and Germany as nations that benefit immensely from investments in start-ups and enterprises.

According to him with proper planning and strategy, Africa could achieve U$7trn to US$10trn in additional value from technology startups and enterprises in the next 5 to 6 years.

He described Africans as very resilient people and acknowledged the role of women in advancing entrepreneurship in the region.

In the area of investment and funding, he identified 'Angel Investing' and 'Venture Capital' as key types for supporting start-ups.

For developed Islamic finance markets and economies, Dr. Tausif Malik described Malaysia and Indonesia as global templates other countries could learn from.

He decried the fact that currently, no known non-interest finance investment vehicle is supporting the growth of start-ups in Africa and Nigeria. 

The Islamic finance expert called for increased collaboration and networking amongst stakeholders and institutions in the non-interest finance market, to empower start-ups. 

Looking at 2021, he tasked non-interest finance institutions to explore how they can invest in technology-based start-ups in Africa and Nigeria, that could transform the landscape of the region.

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