Islamic Finance: Why CBN Should Support The Establishment of Islamic Agric-Microfinance Banks

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November 20, 2020

Islamic Finance: Why CBN Should Support The Establishment of Islamic Agric-Microfinance Banks - Abdullahi AbdulRasaq

Islamic Finance provides an ideal mechanism to facilitate Agricultural, Livestock, Micro & Rural financing products to boost a green economy, and it not only provides the sustainable solution but creates the positive economic impact in lives of the farmers and rural communities.

The impact of Islamic Financial products is much higher than any other financial products due to its uniqueness of asset based financing and other features. Islamic Financial products can be utilized in many folds for the development of Agricultural, Rural and Micro Financing, such as, "Murabaha" can be utilized for purchase of seed, fertilizer, harvesting and planting equipments, while "Salam" is ideal product for Agricultural Financing, through which a farmer can fulfill all the financial needs for whole crop circle.

This edition of the Islamic Finance Weekly anchored by Bukola Akinyele-Yisau features Mr. Abdullahi AbdulRasaq Lecturer at the Department of Islamic Banking insurance and Finance at College of Islamic Finance and Management Science, Ilorin kwara state where he shared his perspective that The Central Bank of Nigeria Shariah Advisory Board should intensify efforts towards achieving the establishment of an Islamic Agric-Microfinance Bank in Nigeria and urged the support of Bank Of Agriculture and the Federal Ministry of Agriculture and Rural Development in Nigeria to put an end to a lot of theoretical practice of 'Zero Hunger' and 'Food Security' initiatives that has not been well executed.

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