Muhammed who is an expert in Islamic economics at the department of Economics Bayero University Kano made the observation at the 2017 global money week organised by the financial inclusion ambassadors BUK chapter in collaboration with the office of the special assistant to the president on youth and student affairs, Nasir Said Adhama.
Presenting a paper on ‘Islamic finance and financial inclusion’ Mohammed described as unislamic the interest rates financial institutions and even individuals charge for their services saying it has led to the concentration of wealth in fewer hands.
‘’Some Muslims voluntarily chose to remain financially excluded because of the religious injunctions surrounding ‘riba’ or interest rate which is prohibited in Islam because of the exploitation inherent in it’’ he argued.
He advocated for non-interest financial services so as to improve the level of financial inclusion in the region.
Earlier, the manager, development finance department of the Central Bank of Nigeria Mr. Mohammed Gazali decried the level of financial exclusion in the northern part of the country.
He identified northeast as the most excluded geopolitical zone due to poverty and lack of knowledge about financial services available in the country.
He advised the youth to embrace various empowerment schemes put forward by the apex bank for self sustenance and economic development.
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