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‘Islamic banking, panacea to global meltdown’

By Demola Akinyemi

Ilorin — Islamic fund has been declared as the only resilience alternative in the face of global meltdown as the returns from the Islamic financial institutions throughout the world in 2008 were in the region of $600 billion.

The Co-ordinator of a-three-day international conference of Islamic Banking and Finance, Dr Ibrahim Abdulquadri in an interview with reporters, said it would  commence this week, noting that Islamic fund is the resilient alternative in the face of the global meltdown.

He stressed that Islamic banking and finance was the only way of annexing Islamic funds going on around the world.

He noted that some Western and Asian countries, having seen the advantages inherent Islamic banking and finance, are struggling tooth and nail to corner the funds accruable from this alternative to regular banking system.

The three-day conference,  jointly organised by the University of Ilorin and Islamic Research and Training Institute of Saudi Arabia, comes up between Tuesday and Thursday this week.

Abdulquadir said that the United Kindom now has five Islamic banks, adding that “for somebody like the British Prime Minister, Gordon Brown to say at an international conference on Islamic banking in 2006, that he would do everything to ensure that Britain becomes an Islamic financial hub of the world, means there is enormous advantages in the sector. Since then the system has been performing wonderfully well.

“So if the developed world are struggling to have much of these funds, what about the developing nations which are the ones suffering from the economic meltdown? It is outlandish for African continent to be left out of such funds going on around the world.”


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