Opinion

CBN unveils Sharia banking model

CBN unveils Sharia banking model

 

Godwin Emefiele assumed office six years ago as the 10th indigenous Governor of the Central Bank of Nigeria (CBN) and while building on his predecessors’ achievements, he has, by no comparison, brought novelties in Nigeria’s central banking operations to the admiration of even his acerbic critics.

Despite coming into office when Nigeria’s economic mainstay, crude oil price, had declined by about 60 percent and then erroneously blamed for the subsequent woes ranging from a severely impacted economy and for the first time in twenty-five years, a recession in 2015 coupled with the ensuing media feast about the depreciation of the Naira, and alleged criminal depletion of the country’s foreign reserves, the loaded Emefiele, a development banker with pedigree unknown to these critics, was prepared.

The unfazed Emefiele led-CBN management was of the belief that the Bank should act as financial catalyst, targeting predetermined sectors that could create jobs on a mass scale and reduce the country’s import bills and dependence on oil.

He brought on board, novelties similar to the 2006 Novel Prize winner in social business/social entrepreneurship model, Professor Mohammed Yunus, former helmsman at Grameen Bank of Bangladesh.

Grameen Bank was a microfinance organisation and community development bank founded in Bangladesh. It was also called the‘bank for the poor’. The model was inspired during Bangladesh severe famine of 1974, when Yunus decided to make a loan of US$24bn to about 9million borrowers as a start-up money to enable them produce items for sale without the burdens of high interest rate under predatory lending. He believed that making such loans available to a larger population could stimulate businesses and reduce widespread poverty in Bangladesh.

This model underscores Godwin Emefiele’s monetary policy initiatives which critics have tagged ‘unorthodox or toothpick’ monetary policy in which he embarked on a series of developmental initiatives to create an enabling environment with appropriate incentives to empower innovative entrepreneurs, particularly the youths, aimed at driving growth and sustainable development.

It was thus a dream come true on July 21, 2020, when CBN gave vent to a policy mooted in 2018 to operate non-interest loan windows in the country. Eleven non-interest Financial Institutions (NIFI) interventions schemes were born to increase access to finance, promote financial inclusion, create jobs and boost economic activities.

This novel policy under the purview of the CBN seeks to increase access to finance by banks or other financial institutions that conduct banking services, engages in trading, investment and commercial activities as well as providing financial products and services in accordance with Shariah principles and rule of Islamic commercial jurisprudence.

The Bank Governor, Godwin Emefiele, had said the interest free loan will assimilate a large section of the population excluded due to aversion for interest and interest-based products into the financial system. Commendably, the policy targets 370, 000 productive and energetic youth within the age bracket of 18-35 in agriculture development scheme (AADS) which tops the intervention window to reduce unemployment.

The Agri-business, Small and Medium Enterprise Investment Scheme (AGSMEIS), an initiative of the Bankers’ Committee also made the list and support to government’s initiative on agriculture, micro, small and medium enterprises as vehicle for sustainable economic development and employment generation. The textile sector also got a slot, knowing that in the glorious economic era of Nigeria, the textile and garment industry was the largest employer of labour.

Other schemes that made the CBN intervention list include the N50bn Targeted Credit Facility (TCF), the N100bn Health Sector Research Grant, Real Sector Support Facility (RSSF), Creative Industry Financing Initiative (CIFI), and Non-oil Export Stimulation Facility (ESF).

These initiatives have been commended most especially by the President-General of Nigeria Supreme Council for Islamic Affairs (NSCIA), Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar,who has given the CBN a pat on the back and urged its the Muslims community to apply and take advantage of the non-interest versions of the CBN intervention funds.

He noted that Muslims constitutes over half of the country’s population stating that the question of avoiding interest is non-negotiable as the majority of Muslims would opt to live in poverty rather than devour interests and face the wrath of their Creator.

He lamented that, for decades, Nigerian Muslims have been grossly marginalized in the growth triggering financial interventions of the CBN and the country’s financial sector largely due to the interest element that is usually involved in the schemes. He also opined that without non-interest alternatives, the CBN can hardly attain its goal of 80% financial inclusion earlier targeted for 2020, nor can any meaningful poverty alleviation and economic empowerment programme be actualized in the foreseeable future.

He therefore has encouraged Muslims to optimally utilize the non-interest loan for the actualisation of productive purposes, by keeping in mind that this is not free money. For a Muslim, debt is an Amanah. He also stated that the non-interest loan policy is a step further in the CBN’s quest to create 5 million jobs within the next five years, and requires everyone’s support. Importantly, it should not be seen as a National cake for anyone to take his share, devour, and run away.

Six years on the saddle, Godwin Emefiele has proven astute in turning Nigeria’s central bank into a model for development in order for other central bankers to emulate. His landmark strides at the Bank do not come as a surprise because he foretold his mission by pledging to operate a central bank that would spend its energy on building a resilient financial system that will serve the growth and development needs of Nigerians and Nigeria.

No wonder the Nigeria Senate, without opposition, gave their nod when the President, Muhammadu Buhari sought their approval for his nomination for a fresh five-year term.

Joy Nguri, writes from Numan, Adamawa State.

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Comments (7)

  1. Good article. I will be facing some of these issues as well..

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  3. Did you know these realities on CBD OIL and Full Spectrum CBD Hemp Oil? Cannabinoids are isolated from hemp utilizing supercritical CO2 extraction. Thanks to modern technology, the resulting option is clean, totally free of heavy metals and unneeded waxes, naturally present in the plant, and the sucked liquid has a normal, oily consistency. CBD oil consists of cannabidiol as a base active ingredient and may contain just trace amounts of tetrahydroxycannabidiol (THC). It is advised by physicians and pharmacists as an antioxidant and compound that blocks the action of proinflammatory cytokines (proteins), e.g. in Crohn’s disease or ulcerative intestine. RSO oil has a low CBD content, while high THC. Of course, the essential task of RSO is to cause a psychoactive impact, although it can also stimulate “ill” brain structures. It is worth understanding that supplements of this type is primarily used by people to whom standard therapy does not bring relief in disease. The synergistic (enhancing) action of CBD and THC relative to each other is utilized here. When utilized individually, both cannabinoids can do much more together than. In addition, they jointly stimulate the department of inactive afferent neuron, nourish the fatty envelope of the nerves, and avoid myelin inflammation that triggers loss of function in some autoimmune diseases. There are likewise stories where cannabis in its natural form softened spasticity, decreased the frequency of convulsions and seizures, and reduced undesirable scrapie in Parkinson’s disease. This is where the idea of receiving RSO, intended only for chronically ill people, originated . Both cannabis oil type CBD and RSO likewise include other cannabinoids, such as cannabichromene (CBC) and cannabigerol (CBG). The trick is not, nevertheless, that CBD typically has actually a composition broadened to include flavones, flavonoids, terpenes, terpenoids, amino acids and omega acids. 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Marijuana oil has currently marked a new age in which guy stopped to fear what is unidentified, and began to discover what our ancestors had actually currently discovered and use the considerable capacity, in the beginning glance, a little strange relationships, associated mainly with pathology. Medical marijuana, contrary to its name, does not indicate fermented female inflorescences and leaves including psychoactive compounds coiled in so-called “Joints”, however an useful oil without psychoactive THC. A basic person, after taking doses of medical cannabis and attaining the proper state of cannabinoids in the blood, can delight in increased resistance, reduced susceptibility to cancer, delayed aging and minimized risk of stroke or heart attack. CBD oil contains cannabidiol as a base active ingredient and may consist of only trace amounts of tetrahydroxycannabidiol (THC). RSO oil has a low CBD material, while high THC. Both marijuana oil type CBD and RSO also contain other cannabinoids, such as cannabichromene (CBC) and cannabigerol (CBG). CBD medical marijuana oil is a rather beneficial blend of cannabinoids, designed to protect versus 21st century illness. Oil of cannabis in a kind of hobby APR consists of little quantities of CBD, balanced by the existence of THC.

  4. Did you know these facts on CBD OIL and Full Spectrum CBD Hemp Oil? Cannabinoids are isolated from hemp using supercritical CO2 extraction. Thanks to modern innovation, the resulting solution is clean, without heavy metals and unneeded waxes, naturally present in the plant, and the drawn liquid has a typical, oily consistency. CBD oil consists of cannabidiol as a base active ingredient and might consist of just trace quantities of tetrahydroxycannabidiol (THC). Works as a memory enhancer, enhancing concentration and coordination of movements, getting rid of swelling and frequent infections. It enhances the conduction of stimuli in the course of autoimmune illness (several sclerosis, amyotrophic sclerosis). It is suggested by physicians and pharmacists as an antioxidant and compound that blocks the action of proinflammatory cytokines (proteins), e.g. in Crohn’s illness or ulcerative intestine. RSO oil has a low CBD material, while high THC. Of course, the key job of RSO is to trigger a psychoactive effect, although it can likewise promote “sick” brain structures. It is worth knowing that supplements of this type is primarily used by people to whom standard treatment does not bring relief in health problem. The synergistic (enhancing) action of CBD and THC relative to each other is used here. When used separately, both cannabinoids can do much more together than. In addition, they jointly stimulate the department of non-active afferent neuron, nurture the fatty envelope of the nerves, and avoid myelin inflammation that causes loss of function in some autoimmune illness. There are also stories where marijuana in its natural form softened spasticity, lowered the frequency of seizures and convulsions, and reduced unpleasant scrapie in Parkinson’s disease. This is where the concept of getting RSO, intended just for chronically ill people, originated . Both marijuana oil type CBD and RSO likewise contain other cannabinoids, such as cannabichromene (CBC) and cannabigerol (CBG). The secret is not, nevertheless, that CBD typically has a composition expanded to include flavones, flavonoids, terpenes, terpenoids, amino acids and omega acids. The distinction is primarily due to intentions directing humanity to utilize one or the other product. CBD medical cannabis oil is a rather helpful mix of cannabinoids, created to secure against 21st century disease. It’s best to utilize all of these compounds together, as nature created them and confined in marijuana inflorescences. Oil of cannabis in a sort of pastime APR contains small amounts of CBD, stabilized by the presence of THC. Manufacturers concentrate on the synergistic effect of one substance relative to the other, while deserting the presence of CBC and CBG. Why such a choice? – Modern clinical research study reveals that CBD + THC manage severe autoimmune illness, while CBC or CBG show minimal activity in the presence of both substances, much like flavones, flavonoids or terpenes, therefore their content in the option appears to be unnecessary. In addition, the marijuana stress from which THC and CBD are derived contain negligible quantities of other cannabinoids. RSO oil is totally prohibited in Poland, which is why it can not be obtained in any lawfully operating shop on the market. Obviously, there are a number of amateur approaches for acquiring it, however it’s excellent to understand that compounds acquired artificially in home labs doubt, untested, and the result unknown. The solvent for the production of family RSO is typically gasoline, alcohol and even kerosene, which rather of treating, poison. Alcohols and their like impair cannabinoids, and so in reality, they don’t bring anything new to the medical world. Marijuana oil has actually already marked a brand-new period in which guy stopped to fear what is unknown, and began to find what our ancestors had actually already noticed and use the substantial capacity, at first glance, a little bizarre relationships, associated mainly with pathology. Medical cannabis, contrary to its name, does not indicate fermented female inflorescences and leaves containing psychoactive compounds coiled in so-called “Joints”, however a beneficial oil without psychedelic THC. A standard individual, after taking doses of medical cannabis and accomplishing the appropriate state of cannabinoids in the blood, can delight in increased resistance, lowered vulnerability to cancer, postponed aging and minimized danger of stroke or cardiac arrest. CBD oil consists of cannabidiol as a base active ingredient and might contain just trace quantities of tetrahydroxycannabidiol (THC). RSO oil has a low CBD content, while high THC. Both cannabis oil type CBD and RSO also contain other cannabinoids, such as cannabichromene (CBC) and cannabigerol (CBG). CBD medical marijuana oil is a rather helpful blend of cannabinoids, developed to protect versus 21st century illness. Oil of marijuana in a kind of hobby APR includes small quantities of CBD, balanced by the presence of THC.

  5. Did you understand these realities on CBD OIL and Full Spectrum CBD Hemp Oil? Cannabinoids are separated from hemp using supercritical CO2 extraction. Thanks to contemporary technology, the resulting service is tidy, without heavy metals and unneeded waxes, naturally present in the plant, and the drawn liquid has a normal, oily consistency. CBD oil consists of cannabidiol as a base active ingredient and might contain only trace quantities of tetrahydroxycannabidiol (THC). It is advised by physicians and pharmacists as an antioxidant and substance that obstructs the action of proinflammatory cytokines (proteins), e.g. in Crohn’s disease or ulcerative intestinal tract. RSO oil has a low CBD content, while high THC. Obviously, the essential task of RSO is to cause a psychoactive effect, although it can also stimulate “sick” brain structures. It is worth understanding that supplements of this type is mainly utilized by people to whom standard therapy does not bring relief in illness. The synergistic (enhancing) action of CBD and THC relative to each other is utilized here. When used individually, both cannabinoids can do much more together than. In addition, they jointly stimulate the division of non-active nerve cells, nurture the fatty envelope of the nerves, and prevent myelin inflammation that triggers loss of function in some autoimmune illness. There are also stories where marijuana in its natural type softened spasticity, minimized the frequency of convulsions and seizures, and reduced undesirable scrapie in Parkinson’s illness. This is where the idea of getting RSO, intended just for chronically ill people, stemmed . Both marijuana oil type CBD and RSO also include other cannabinoids, such as cannabichromene (CBC) and cannabigerol (CBG). The secret is not, nevertheless, that CBD typically has actually a composition broadened to include flavones, flavonoids, terpenes, terpenoids, amino acids and omega acids. The difference is mainly due to intentions guiding humanity to utilize one or the other product. CBD medical marijuana oil is a rather beneficial mix of cannabinoids, designed to protect against 21st century illness. It’s best to utilize all of these compounds together, as nature developed them and enclosed in cannabis inflorescences. Oil of cannabis in a kind of hobby APR consists of little quantities of CBD, stabilized by the presence of THC. – Modern clinical research shows that CBD + THC cope with serious autoimmune diseases, while CBC or CBG reveal minimal activity in the presence of both substances, just like flavonoids, terpenes or flavones, for that reason their content in the option seems to be unnecessary. In addition, the cannabis pressure from which THC and CBD are obtained consist of minimal amounts of other cannabinoids. Marijuana oil has currently marked a brand-new age in which guy stopped to fear what is unidentified, and began to rediscover what our ancestors had actually already observed and utilize the significant capacity, initially glance, a little bizarre relationships, associated primarily with pathology. Medical marijuana, contrary to its name, does not imply fermented female inflorescences and leaves containing psychoactive compounds coiled in so-called “Joints”, however a beneficial oil without psychedelic THC. A basic person, after taking doses of medical marijuana and attaining the proper state of cannabinoids in the blood, can delight in increased immunity, reduced vulnerability to cancer, postponed aging and reduced danger of stroke or heart attack. CBD oil contains cannabidiol as a base component and might consist of only trace amounts of tetrahydroxycannabidiol (THC). RSO oil has a low CBD material, while high THC. Both marijuana oil type CBD and RSO likewise contain other cannabinoids, such as cannabichromene (CBC) and cannabigerol (CBG). CBD medical cannabis oil is a rather helpful blend of cannabinoids, designed to protect versus 21st century illness. Oil of cannabis in a kind of hobby APR includes small quantities of CBD, stabilized by the existence of THC.

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