The House of Representatives on Thursday unveiled plans to adopt non-interest banking services in Nigeria as part of efforts to stimulate the nation’s economy.
“The House also notes that under non–interest banking, both the investor and the entrepreneur are seen as partners, thus when profit or losses are made, same is shared according to the formula that reflects their level of financial participation.“The House further notes that non-interest banking encourages asset banking as financial transactions are tied to tangible assets like real estate investment or investment on goal, which usually appreciates over time and does not depreciate.
The motion raised concerns “ that Nigeria’s lending rate, in conventional banking, is one of the highest in the world, and creates serious hardship, particularly on low–income earners, most especially in this period of the COVID–19 pandemic. “The House is also cognizant that few commercial banks that embraced non-interest banking have made profits with high returns to the investors and at the same time, created better opportunities for access to funds for business purposes with very low risk,”.
While ruling, the Speaker, Hon. Femi Gbajabiamila who observed that there is need to subject the motion to further legislative scrutiny, referred the motion to the House Committee on Banking and Currency to investigate the need to adopt the non-interest banking system and report back to the House within 8 weeks for further legislative action.
Lolssssss....Dreamers
These are the kind of policy that would stimulate lower income earners in Nigeria
How interesting, if it’ll work or it’s just to raise Nigerian hopes!
A very good welcome idea that will help our Muslim brothers especially northern part of Nigeria,we (Muslim)don't involve ourselves in any interest-banking service.We hope this idea be possible.👌
We have JaizBankNG , what more?