By Bashir Mohammed
Kano
The Director, Institute of Islamic Banking and Finance, Bayero University, Kano (BUK), Professor Shehu Usman Rano Aliyu, has described Islamic banking as “a veritable key to the Islamisation of knowledge” the world over and that the practice had been universally accepted based on the the indices guiding the operations of the system.
Speaking at 2nd International Conference on Islamic Banking and Finance; the Nexus with the Real Economy held at Bayero University (BUK) yesterday, Aliyu said the impact of the Islamic banking system had transcended the frontiers of Africa considering the appreciable pace at which the system was widely accepted, adding that it had started yielding positive result in terms of real economy.
According to him, the International Institute of Islamic Banking and Finance (lllBF) Bayero University Kano (BUK) is poised to produce world-class standard knowledge of Islamic banking in addition to breeding quality graduates.
He added that the Institute was working in tandem with its International development partners in achieving such objectives.
He said the development partners had expressed their resolve to forge such an academic collaboration based on the level of progress so far made by Bayero University, stressing that with diligence and commitment the University would be at an ample liberty to enhance the craze for Islamic banking.
Also speaking, the Vice Chancellor, Bayero University Kano, Professor Abubakar Rasheed, said with the appalling slump in the value of crude oil in the international market and the down ward spiral of the dollar against the naira the global economy had taken an abysmal toll on many developing countries seeking to develop their infrastructure.
He said many countries in almost all the continents have been badly shaken by the scourge of endless insurgencies and civil wars which led to economic stagnation, pointing out that with the Islamic banking becoming fully entrenched in some parts of the globe Asia and the middle East “can be said to be among the great beneficiaries of the system.”
He said Bayero University was up and doing in propounding the concept of the islamic banking scholarship by supporting the International Institute to prosper and expressed optimism that with the system appreciably taken shape the objectives could be achieved easily.
