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Islam-aligned economic approaches in Nigeria

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By Mercy Kelani

Economic integration is significant in achieving financial inclusion.

Nigeria economic terrain is a melting pot of diversity, where the intersection of Arabic and Islamic studies intermingles with worldwide financial strategies. This amalgamation not only reflects the cultural variety of the nation but also possesses the vital essence to mould Nigerian economic trajectory. Nigeria, home to a significant number of Muslims, has been actively seeking out economic approaches that align with Islamic principles. Therefore, it comes as no surprise that a group of Islamic scholars and concerned parties recently engaged in related discussions.

These discussions by Islamic scholars was targeted as practical steps that could foster Nigerian economic advancement while also addressing the obstacles posed by economic indicators. Economic integration, according to Alhaji Hassan Usman, the ex-Managing Director of Jaiz Bank, holds great significance in the achievement of financial inclusion. He stated that in order to combat poverty and adequately equip the country for significant upcoming changes, inclusiveness should be directed towards tackling the unparalleled economic obstacles faced globally.

Operators should be at the forefront of pioneering initiatives.

His viewpoint emphasizes the importance of operators taking on a central position where they actively raise awareness and foster engagement within communities. Furthermore, they should be at the forefront of pioneering initiatives and ensure that their customer service is nothing short of exceptional. According to Usman, Nigeria has the ability to greatly improve the social and economic status of its Muslim population by incorporating ethical principles of Islamic finance and working closely with all interested parties.

This, in turn, will not only lead to long-lasting peace and prosperity but also ensure economic stability for the entire nation. Prof Musa Abdu-Raheem, the head of NATAIS (Nigeria Association of Teachers of Arabic and Islamic Studies), recently revealed an intriguing proposition. He emphasized that if the government were to prioritize Arabic and Islamic Studies and implement specific initiatives aimed at magnifying their importance in the field of education, particularly in Yorubaland, the benefits would extend far beyond cultural and religious realms.

Strategy with insights integrated from Arabic and Islamic studies.

In fact, it would substantially enhance the educational landscape of the entire nation. Abdu-Raheem highlighted the urgent economic hurdles Nigeria is currently facing and stressed the crucial requirement for a holistic strategy. This strategy must integrate insights from Arabic and Islamic studies in order to tackle global financial policy issues and stimulate economic growth. He communicated his discontentment regarding the present state of the economy, as he emphasized the significance of an internationally applied financial strategy.

Furthermore, this financial strategy, according to the author, will take guidance from the principles derived from Arabic and Islamic studies. Highlighting the consequences of worldwide economic measures on Nigeria, the lawyer’s focus rested on the establishment of equilibrium amidst economic disparities and promotion of an all-encompassing advancement. He directed awareness towards the detrimental repercussions of corruption, an all-pervasive predicament in Nigeria, as he underscored how such transgressions pose an hindrance to the progress of the nation.

Faith should not only revolve around spiritual subjects.

He urged for a synchronized effort in which individuals in positions of power give precedence to the welfare of the country rather than their own personal interests. He disputed the idea that faith should only revolve around spiritual subjects, encouraging Muslims to surpass customary religious rituals and consider the advancement of their nation as a shared responsibility. He emphasized that this duty is crucial for their personal growth and success, enabling them to tackle economic obstacles in order to achieve prosperity.

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2 months ago

Islam-aligned economic approaches in Nigeria. – Economic integration is significant in achieving financial inclusion. – Express your point of view.

Adeoye Adegoke
2 months ago

Economic integration plays a crucial role in achieving financial inclusion and fostering inclusive growth in Nigeria. Islam-aligned economic approaches, such as Islamic banking and finance, can contribute to this integration by providing alternative financial services that align with Islamic principles.
Islamic banking and finance operate based on the principles of fairness, transparency, and avoiding interest (riba). These principles promote ethical and responsible financial practices that can benefit individuals and businesses alike. By offering Sharia-compliant financial products and services, Islamic banking institutions can cater to the needs of Muslim individuals and businesses who prefer to engage in transactions that align with their religious beliefs.
In terms of financial inclusion, Islamic banking and finance can play a significant role in reaching underserved populations, including those in rural areas and marginalized communities. By providing accessible and inclusive financial services, such as microfinance and microtakaful, Islamic finance can contribute to reducing poverty, promoting entrepreneurship, and empowering individuals to participate in economic activities.
It’s important to note that promoting Islamic banking and finance should be done in a way that respects the diversity of Nigeria’s financial landscape and ensures a level playing field for all financial institutions. This can be achieved through effective regulation, supervision, and the development of a supportive legal and regulatory framework.
In conclusion, adopting Islam-aligned economic approaches, such as Islamic banking and finance, can contribute to economic integration, financial inclusion, and sustainable growth in Nigeria. By embracing these principles, Nigeria can create a more inclusive and ethical financial system that benefits all individuals and promotes economic development.

2 months ago

Economic strategies in Nigeria associated with Islam. To achieve financial inclusion, economic integration is essential.Every religious group in Nigeria needs to be integrated by us. As quickly as feasible, we should implement the Islam-aligned approach if it will contribute to improving the economy.Respecting the variety of Nigeria’s financial landscape is essential while developing Islamic banking and finance.

2 months ago

By embracing the moral precepts of Islamic finance and cooperating closely with all relevant parties, Nigeria has the potential to significantly improve the social and economic standing of its Muslim citizens.Adopting Islamic-aligned economic strategies, such Islamic banking and finance, can help Nigeria achieve sustainable growth, financial inclusion, and economic integration.

2 months ago

Embracing Islamic-aligned economic approaches holds promise for fostering financial inclusion, addressing global economic challenges, and promoting prosperity. Prioritizing Arabic and Islamic Studies in education is seen as a means to enhance the nation’s educational landscape and overcome economic hurdles. The call for a collective effort against corruption reflects the shared responsibility of individuals, transcending customary religious rituals for the nation’s advancement and success. Though it’s good but sounds like an Islamic agenda.