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In the diverse economic landscape of Nigeria, the intersection of Arabic and Islamic studies with global financial policies not only mirrors the nation’s cultural diversity but also holds the key to shaping Nigeria’s economic path.
With a vast Muslim population, Nigeria is increasingly exploring economic strategies aligned with Islamic principles. No wonder, some Islamic experts and relevant stakeholders recently deliberated on practical measures that can contribute to Nigeria’s economic development and mitigate the challenges posed by economic indicators.
The former Managing Director of Jaiz Bank, Alhaji Hassan Usman, emphasised that economic inclusion is crucial for financial integration.
To reduce poverty and prepare the nation for transformative changes, he said inclusiveness must address unprecedented economic challenges worldwide.
According to him, operators should play a pivotal role by creating awareness and engagement across communities, while being at the forefront of innovation and providing excellent customer service.
Usman said by integrating ethical principles of Islamic finance in partnership with all stakeholders, Nigeria has the potential to positively transform the socio-economic conditions of its Muslim population. This, in turn, he said, would contribute to enduring peace, prosperity, and economic stability for the nation.
The President, Nigeria Association of Teachers of Arabic and Islamic Studies (NATAIS), Prof Musa Abdu-Raheem, disclosed that if the government pay attention to Arabic and Islamic Studies and organise targeted programmes to elevate the prominence of Arabic and Islamic studies in education, especially in Yorubaland, it will not only strengthen cultural and religious foundations, but also contribute significantly to the educational landscape of the nation.
In addressing the pressing economic challenges facing Nigeria, Abdu-Raheem emphasised the critical need for a comprehensive approach that incorporates the perspectives of Arabic and Islamic studies on global financial policy and economic development.
Expressing dissatisfaction with the current economic situation, he noted the importance of a global financial policy informed by the principles derived from Arabic and Islamic studies.
Stating the impact of global financial policies on Nigeria, which would bridge the gap between economic disparities and foster inclusive growth, he drew attention to the detrimental effects of embezzlement, a pervasive issue in Nigeria, emphasising how such actions hinder the nation’s development.
He called for a collective effort where those in influential positions prioritise the nation’s well-being over personal interests.
He challenged the notion that faith should be confined to spiritual matters, urging Muslims to go beyond religious practices, and view the development of the country as a collective duty, essential for their own progress and prosperity in finding solutions to economic challenges.
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