• Thanks FG For Introducing Interest-Free Loan
  • Calls for More Vigilance And Security Consciousness
  • Commends Gov. Ganduje’s Economic and Development Programmes

By Sameer Sanusi Chiroma Yusuf

The Emir of Kano, Alhaji Aminu Ado Bayero, has thanked the Federal Government for its foresight in introducing Interest free loan in the banking sector, a policy that is no doubt meant to carry along, Sharia Compliant Muslims, in the business community, in securing loans for their businesses, without fear of having to pay the usual specific rate of interest, no matter the outcome arising from the use of the money lent, profit or loss.

Interest free banking, he clarified, is a kind of banking that evolved as a result of Islamic view about money that should not be priced as it is done by western or conventional banks operating around the world; and the only way money cannot be priced is by the removal of pre-determined and fixed interest rate on lenders and borrowers irrespective of the outcome to which the money is used.

The Emir who communicated this view in his Eidul-Adha message to his subjects and, by extension, government, said, a situation where money lenders exploit the poor by charging various interest rates is not acceptable in Islam. “This is why,” he reiterated, “many conscious and God fearing Muslim businessmen have for long, especially in the North, abstained from approaching banks for loans to either start up or improve their businesses.”

The Emir however expressed optimism that, with the introduction of the interest free banking system by this administration, many businesses will spring up in the country, and already established business people in the country will surely approach banks now to secure loans to enhance their businesses, thereby boosting the nation’s ailing economy.

Speaking on the prevailing insecurity in the country, Alhaji Ado Bayero called on the residents of Kano to be mindful of the kind of people they relate with, to avoid dealing with criminals. He also emphasized the need for all Nigerians to be vigilant and security conscious wherever they are.

The Emir who commended the Kano State Governor, Dr. Abdullahi Umar Ganduje, for the various developmental programmes he has put in place, to boost the economy of the state which will translate in impacting the economy of the entire Northern Nigeria.

The Emir also appealed to his subjects to respect all COVID-19 protocols to stay safe from the dreaded pandemic which is still wreaking havoc in different parts of the world.

Meanwhile, all the royal fathers, such as the Sultan of Sokoto, Alh. Dr. Sa’ad Abubakar and the Emir of Zazzau, Alh. Dr. Shehu Idris, among others, who the Kano Emir had visited after his appointment, have hailed him for his humility and respect for elders. They all prayed to the Almighty Allah to help him in the onerous task of leading his subjects successfully the way his father did.


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