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Council of Islamic Affairs in Nigeria has urged the Muslim community to apply for interest-free loan

The Supreme Council of Islamic Affairs in Nigeria has urged the Muslim community to apply for interest-free loans introduced by the Central Bank of Nigeria (CBN) for small businesses.

The council, headed by the Sultan of Sokoto, Alhaji Sa'ad Abubakar III, has said that in the past, Muslims did not benefit from government loans due to water shortages, which led to increased poverty in the community.

The House said it was very happy with the opportunity and commended the Central Bank and the Nigerian government as well as members of parliament who she said had stood firm in realizing this hope.

The Deputy Secretary-General of the National Assembly, Prof. Salisu Shehu, has said that Nigerian Muslims have been left behind in their economic development due to the lack of interest-free loans.

"Anything to bring in support and economic growth (in the past) you see our people can't deal with that. So you see one prefers to live in poverty," he said.

He said but now Muslims can directly apply for such loans without any fear or thought, to develop their careers.

Professor Salisu Shehu said the move was a great opportunity to help boost the economy not only of the Muslim community, but of the country as a whole.

On July 14, 2020, the Central Bank announced the development of a non-profit loan scheme for various sectors of the business community and the medium-sized enterprise.

The Deputy Secretary-General called on small businesses, farmers, educators, institutions and health schools to stand up and benefit from this initiative.

One of the programs launched by the Central Bank of Nigeria is the Accelarated Agricultural Development scheme for the youth.

According to a statement posted by the Central Bank on its Twitter page, the aim of the program is to involve at least 370,000 young people in agriculture across Nigeria over the next three years.

He said the move was part of an effort to reduce youth unemployment among the country's 18 to 35-year-olds and boost food security and create jobs as well as boost the economy.

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Alhaji Sa'ad Abubakar III Council of Islamic Affairs Muslim Nigeria Salisu Shehu

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