Business
Imam Allays Fear On Islamic Banking
The Chief Iman of Diobu Central Mosque in Port Harcourt, Alhaji Abdulsalam Suleiman has cleared air on the much heated Islamic banking, saying that it is a non-profit making organisation.
Suleiman who spoke in Port Harcourt on Thursday, said that the Islamic banking for- bids collateral before issuing loans to customers.
He said that what is obtainable in the Islamic banking system was sincerity and faithfulness.
The Imam, noted that the bank only makes it profit from the difference it make from its selling and buying business.
“If you buy from, say, Saudi Arabia, with N15.00, definitely you will sale for N20.00. The difference is our profit”, he said.
The Imam maintained that the central idea was to safe-guard the finance of both Muslims and non-Muslims in order to keep their businesses going.
According to him, the only task is to keep and maintain the laws governing the organisation, saying that everybody will have equal opportunity in the system.
He further explained that the bank does not also add interest for deposited cash in the bank, but gives back exactly what one deposited.
The Islamic teacher revealed that it was “haram” (evil) to take interest from a borrower, adding that God for bids
The bottom line of the banking he said, was to check corruption, as those who may wish to deposit more money in the bank will be discouraged from doing so, due to the bank’s non-interest paying nature.