According to Dr. Bashir Aliyu Umar, President of the Supreme Council for Sharia in Nigeria (SCSN), the quick development of Islamic banking and finance in Nigeria is a result of its capacity to address financial crises without depending on interest or usury, which are prohibited in Islam. Speaking during a two-day workshop hosted by Bayero University Kano’s (BUK) Center for Quranic Studies, Umar described how Islamic banking has steadily grown into a multibillion-dollar sector, with five banks presently in operation in the nation.More than 250 participants, including clerics and bankers from northern Nigeria, attended the workshop with the theme “Halal and Haram in Islamic Finance: Quranic Foundations, Contemporary Challenges and Future Prospects.”
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