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CBN Loan: Muslims Have Been Marginalised In Intervention Loans – NSCIA Alleges

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Sultan Tells Muslims When To Look For New Moon

Muslim faithful has been advised by the Nigerian Supreme Council for Islamic Affairs to take advantage of the non-interest version of the Central Bank of Nigerian (CBN) intervention funds opened for the masses.

According to the Islamic Council, Muslims in the country has for a while been treated with insignificant in the financial interventions of the Nigerian bank.

Naija News understands that the CBN funding initiatives rolled out includes the Anchor Borrowers Programme (ABP), Agri-Business, Small and Medium Enterprises Investment Scheme (AGSMEIS), among others.

Speaking in a statement dated July 16, 2020, the NSCIA President-General who doubles as the Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar, insinuated that Muslims constitutes over half of Nigeria’s population.

“The question of avoiding interest is non-negotiable, and the majority of Muslims would opt to live in poverty rather than devour interests and face the wrath of their Creator,” the religious leader mentioned.

The respected clergyman further urged Muslims to without a waste of time apply for the no-interest loan for the actualisation of productive purposes, ”keeping in mind that this is not free money. For a Muslim, debt is an Amanah.”

“In the absence of non-interest finance, the result has been a high rate of financial exclusion among Muslims, as high as over 60% in some Muslim majority communities. This leads to worsening incidence of abject poverty.

He added, “The implication is that without non-interest alternatives, the CBN can hardly attain its goal of 80% financial inclusion earlier targeted for 2020, nor can any meaningful poverty alleviation and economic empowerment programme be actualised in the foreseeable future.”

In another news, Naija News reported that President Muhammadu Buhari has approved the reappointment of Abdullahi Gana Mohammadu as the Commandant General (CG) of the Nigeria Security and Civil Defence Corps (NSCDC).

Source: Naija News

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