A former Deputy Governor of the Central Bank of Nigeria (CBN), Alhaji Sulaiman Barau, has said that adoption of the principles of Islamic finances by developing countries will serve as a key to achieving the United Nation’s Sustainable Development Goals (SDGs).
He said this in a keynote paper at the fourth International Conference on Islamic Finance organised by the Bayero University Kano’s (BUK) International Institute of Islamic Banking and Finance (IIIBF) in Kano yesterday.
Barau, “The SDGs are only achievable with a sustained mobilisation and efficient use of resources and to ensure even economic and social development in which Islamic Finance has the capability of paving the way for attaining this.”
The Emir of Kano, Malam Muhammad Sanusi II, reiterated the need for financial inclusion as provided for by the tenets of Islamic Finance as a way of bailing out poor countries from financial mess and ensure economic growth and stability.
The Vice Chancellor of BUK, Prof. Muhammad Yahuza Bello, who was represented by Prof. Kabiru Isa Dandago, explained the positive contribution of Islamic Finance not only in Muslim states, but also in other climesl, and therefore described the conference as timely.
The Director of IIIBF, Prof. Binta Tijjani Jibril, explained that the conference was the fourth in the series aimed at creating more awareness about the principles of Islamic Finance.