By Rabiu Murtala Hamza, Kano
Kano state government is planning to issue its first Sukuk ( Islamic bond) to finance road infrastructure in 2025.
Kano State Governor Abba Kabir Yusuf revealed this on Wednesday at a summit themed “Islamic Finance for Regional Prosperity and National Development”.
Represented by the Commissioner of Religion Affairs, Sheikh Tijjani Auwal, the Governor said, “The decision to issue a Sukuk is a testament to the growing recognition of Islamic finance as a viable and effective tool for economic development”.
The summit, which brought together stakeholders from banking, Takaful, capital market and investors, aimed to exploring non-interest finance towards proffering solutions to myriads of socioeconomic challenges facing the Muslim-majority region.
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DAILY COMMERCE NIGERIA reports that the event, organised by Islamic Finance Initiative Nigeria Media (IFING Media), also featured an address by the Emir of Kano, Khalifa Muhammad Sanusi II.
Describing the significance of the event, Emir Sanusi noted that, “The summit was a clear indication of the growing interest in Islamic finance in the region.”
Further, Sanusi, who is an iconic promoter of Islamic finance, said non-interest financing offers prospects for sustainable development and poverty reduction in the North and Nigeria, citing contribution of Sukuk (Islamic bond) and Islamic banking to infrastructure development in the country.
The summit featured presentations by prominent scholars, including Dr. Usman Bugaje, Professor Shehu Aliyu Rano, Dr. Bashir Aliyu Umar, and Dr. Bello Lawal Danbatta, the former Secretary General of the Islamic Financial Services Board (IFSB) Malaysia.
