Sharia Council Says Rapid Expansion of Islamic Banking Driven by Interest-Free, Sharia-Compliant Solutions
The Supreme Council for Sharia in Nigeria (SCSN) has attributed the rapid growth of Islamic banking in the country to its interest-free financial services, which align with Islamic economic principles and attract a growing number of Nigerians seeking ethical banking alternatives.
According to the Council, Islamic banking continues to expand because it offers “interest-free solutions consistent with Sharia guidelines,” a system that prohibits riba (usury) and promotes fairness, transparency and shared risk between financial institutions and customers.
The Council noted that the model’s stability and its focus on asset-backed transactions have made it increasingly attractive not only to Muslims but also to non-Muslims seeking ethical and inclusive financial services.
Recent data show that Nigeria now has multiple fully operational Islamic banks, reflecting rising demand and strong regulatory support. Financial analysts also point to the emergence of Sharia-compliant investment products, insurance (Takaful), and other non-interest financial services as contributing to the sector’s accelerating growth.
The Sharia Council further encouraged Nigerians to explore Islamic banking options, emphasizing that the sector is open to all citizens and continues to play a vital role in deepening financial inclusion across the country.
Source: Legit.ng
