Use SUKUK for economic development, Don Tasks FG

A senior lecturer with the Department of Islamic Economics, University of Southern California, United States, Prof.
Mozar Kahf has called on the federal government to use SUKUK in the building of viable infrastructure in the country to advance the economy.
Speaking to newsmen shortly after delivering a lecture entitled “SUKUK and Sustainable Economic Development,” held at the old campus of the Bayero University Kano yesterday, Kahf said, with the introduction of SUKUK around the globe, governments all over the continents have the opportunity to accelerate sustainable economic development.
According to him, SUKUK is realistic in a country like Nigeria with abundant human and material resources.
Citing the example of Jordan to buttress his point, the university lecturer maintained that SUKUK is a special Islamic bond that ensures easy certification of government’s assets, properties and all forms of wealth in their custody, affirming that the system has provided a leeway for the establishment of viable economic ventures and development of infrastructure without a price.
In her remarks, the Director, International Institute for Islamic Banking and Finance (IIIBF), Prof.
Binta Tijjani Jubril said the lecture was organized to widen the horizon of major stakeholders in the field understand the basic methods for using SUKUK as veritable engine of sustainable economic development, adding that she had been inspired by the resolve of the audience to embrace the system.
She pointed out that Nigeria, being a potential economic super power, was on the road to achieving rapid economic growth, taking into cognizance the indices of sustainable growth.
She said it had been IIIBF major cardinal thrust to lend an appreciable credence to Islamic Banking policies embraced by many countries within the globe.

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