Random Pagan Verse:
“Consider that as Love is mighty to bring forth all Ecstasy, so absence of Love is the greatest craving. Whoso is balked in Love suffereth indeed, but he that hath not actively that passion in his heart towards some object is weary with the ache of craving. And this state is called mystically ‘Dryness.’ For this there is, as I believe, no cure but patient persistence in a Rule of Life.”

-Liber CL: De Lege Libellum

Author Topic: 8 in 10 Muslims don’t use conventional banks – World Bank VP  (Read 138 times)

Offline Ereporter (OP)

  • Hero Member
  • *****
  • Date Registered: Sep 2014
  • Posts: 796
  • Karma: +0/-0
    • View Profile

The World Bank says eight in 10 Muslims do not use conventional banking systems — a practice that emphasises the need for Islamic Banks.
Speaking at the World Bank Headquarters in Washington, Arunma Oteh, vice president and treasurer of the Bank, said growing products in Islamic finances are capable of closing the huge financial gap that exists in the Muslim world.

Discussing Islamic finance at the World Bank/Islamic Financial Services Board high level seminar, Oteh said less than 20 percent of approximately 1.6 billion Muslims population use conventional banking worldwide.
“The growth of Islamic finance is critical in closing this gap,” she said, adding that the statistic is scary.

“In some cases, people will like to access financial services but they are unable to do so because of factors that are prohibitive to their faith or lack of financial institutions near their area or lack of trust of financial service providers

“Many Muslims around the world refrain from actively accessing the conventional financial services around the world due to their beliefs.

“Islamic finance is uniquely well-suited to promote infrastructure development, which is critical in promoting many of the SDGs from clean water to energy.”

Muhammad Sanusi II, the Emir of Kano, who also spoke at the event, said deficient infrastructure cost in Africa shaves the continent’s growth by two percent annually.

He estimated the cost of closing this infrastructure gap estimated at $360billion between 2011 to 2014.

According to Sanusi Islamic finance facilities can be used in funding various social projects such as immunization projects, education and green energy.

He said with the growing Islamic finance, there is strong potential in closing the huge gap and there is no doubt that the need to explore all alternative in funding the SDGs is critical.

Source: http://latestnigerianews.com.ng/8-in-10-muslims-dont-use-conventional-banks-world-bank-vp/



France's Newly elected President Macron Joins Ranks of World's Youngest Leaders

Started by Naijaloaded

Replies: 0
Views: 14654
Last post May 10, 2017, 07:46:26 AM
by Naijaloaded
Amidst Recession, World Pension Summit Raises Hope for Infrastructure, Socio-Eco

Started by Ereporter

Replies: 0
Views: 134
Last post October 15, 2016, 05:07:07 PM
by Ereporter
Nigeria beats Morrocco, qualifies For Beach Soccer World Cup

Started by Ereporter

Replies: 0
Views: 143
Last post December 19, 2016, 02:45:35 PM
by Ereporter
The world is watching, Nigeria must not bungle elections - Obasanjo

Started by internet police

Replies: 0
Views: 331
Last post February 02, 2015, 01:42:33 PM
by internet police
APC to Presidency: Chamberlain resigned as British PM during World War II

Started by jchima14

Replies: 0
Views: 269
Last post November 08, 2014, 11:52:06 AM
by jchima14
50 world leaders set to attend Buhari?s inauguration

Started by mastercode

Replies: 0
Views: 375
Last post May 23, 2015, 02:21:22 PM
by mastercode
Buhari is the 17th most powerful Muslim in the world

Started by Ereporter

Replies: 0
Views: 139
Last post December 19, 2016, 05:08:49 PM
by Ereporter
Nigeria, others account for 60% of world’s TB cases – WHO

Started by Ereporter

Replies: 0
Views: 130
Last post October 14, 2016, 06:12:36 PM
by Ereporter
My New Year resolution – world’s fattest man

Started by Ereporter

Replies: 0
Views: 305
Last post December 22, 2016, 03:33:08 PM
by Ereporter
Fayose opens up on Access Bank shutdown after Fani-Kayode’s wife detention saga

Started by Goodiez Chibuike Nwachukwu

Replies: 0
Views: 205
Last post October 19, 2016, 02:04:34 PM
by Goodiez Chibuike Nwachukwu