YSU Organises Seminar on Islamic Financial System

YSU Organises Seminar on Islamic Financial System

By: Our Reporter

Yobe State Government has been called to patronize the services of Sukuk as one of the Shari’a ways for initiating projects and other investments in the state.

The call was made by the Founder and CEO of Tiyoma Consulting in Islamic and Finance, KSA, Prof. Umar M. Idris, during a Seminar with the theme: “Prospects of Islamic System Towards Promoting Sustainable Economy in Muslim Society in Nigeria” organized by Centre for Research in Qur’anic Studies of Yobe State University.

Prof. Idris who dwelled on the topic; “Islamic Financial System as an Alternative of the Conventional Financial System in Nigeria” emphasized on the need for Hon. Mai Mala Buni led administration to benefit from Sukuk, stressing that is an Islamic financial certificate, similar to a bond in Western finance, that complies with Islamic religious law commonly known as Sharia.

Prof. Idris who served as the guest speaker during the seminar further explained that Sukuk facilities are structured based on the specific contract of exchange of the Shariah-compliant assets. Such contracts can be made through the purchase of an asset based on immediate, instamental or deferred payment, leasing of specific assets or participation in joint-venture businesses.

He then warned Muslims from making businesses or transactions that have any iota of interest which he said, Allah has prohibits.

Earlier in his remarks, the Vice-Chancellor of Yobe State University, Prof. Mala Mohammed Daura, has said the University will continue to support the Centre for Research in Qur’anic Studies of the University in carrying out researches.

The Vice-Chancellor who was represented by the Director SIWES of the University, Dr Ibrahim Umar, then commended the Director Centre for Research in Qur’anic Studies of the University, Dr Adam Mustapha Jatkawy, for organizing such a memorable and educative seminar.

In his vote of thanks, the Chairman Advisory Council of the Centre, Alhaji Lawan Abba Shettima, said the Centre will also organize a seminar which invite the Managing Director of Yobe Microfinance Bank, Dr Sheriff Muhammad Ibrahim, and other Managing Directors of commercial banks as well as some related financial institutions.

YSU Organises Seminar on Islamic Financial System