The renowned Islamic Organization, Standard Bearers Islamic Organization (SB) has solicited for interest-free loans for Nigerian Muslims, as against interest loans offered by President Bola Tinubu during his address to Nigerians.
In a statement on Wednesday signed by the National Coordinator of SB, Dr. Nurudeen Toyin Abdulraheem explained that the Muslims accept loans but not with interest.
He explained that it is forbidden for Muslims to receive or give interest on loans.
According to the statement, “The recent economic hardship witnessed by all Nigerians does not discriminate between Muslims and Non-Muslims. Unfortunately, the economic palliatives rolled out in your address to Nigerians on the 31st of July, 2023, outrightly exclude Muslims. Kindly, hear us out.
“Right from the electioneering period, you have always enjoyed the support of Muslims across the country and we further assured you of our continued support in ensuring that your policies promote “the greatest good for the greater number of Nigerians”. In achieving this, you must acknowledge the peculiarities of all Nigerians alike by ensuring an all-inclusive Economic policy. Moreover, you will be putting live into the constitutional provision that expects the nation’s economic policies to be directed towards ensuring inclusive and balanced economic development; harness and distribute national resources to serve the common good.
“Your Excellency, of all the Loan facilities promised, there was no provision for Non-interest loans for the benefit of the Muslim populace that makes up to 55-60% of the Nigerian population. In clear terms do we remind you that, MUSLIMS ACCEPT LOANS BUT, NOT WITH INTEREST!
“Our dear President, it is no news to you that, Muslims fought so hard to achieve the liberation for the operation of non-interest financial institutions in Nigeria as far back as 2011. Ever since, Nigeria as a country and Nigerians have continued to benefit immensely from the various products of the Islamic Economy including the Multiple FGN-SUKUK schemes.
“We strongly advise you to consult with Islamic economic experts and restructure the Loan facilities by including Non-interest financing facilities for nano businesses, Sukuk (Islamic Bonds) to aid PPP and other ethical financial products as part of the economic palliatives. This will go a long way in achieving a robust economic system.
“Asiwaju, our continued endurance of economic hardships cannot be alleviated by continued economic exclusions. The ills of interest-based contributory pension scheme was endured by Muslims for a long time, until recently when fund VI was created for ethical contributions. The federal mortgage bank housing scheme facilities, CBN borrower schemes and BOI financing products of the previous administrations have mostly been to the exclusion of ethical windows and we hope that is stopped under your watch.
“As we are hopeful that these exclusions are brought to an end forthwith, we demand that another layer of exclusion is not added in your bid to roll out palliatives to cushion the harsh economic situation occasioned by the recent fuel subsidy removal and unification of exchange rate.
“It is therefore our wish to humbly request that you make it entirely interest free and if this is not possible, please let the Muslims (or anyone for that matter) have the opportunity to participate in the scheme(s) without jeopardising the dictates of our faith. May Allah bless Nigeria with a positive economic turnaround (Aameen).”
