BUK IIIBF Holds 3-Day Professional Certificate Programme on Islamic Banking and Finance

International Institute of Islamic Banking and Finance Institute as one of the best of its kind in the whole of WestI(IIBF), Bayero University, Kano organized a three day Africa. programe on Professional Certificate in Islamic Banking and Finance from Thursday 11th January 13th January at the Institute's Conference Room.

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The participants were drawn from the Banking and Financial institutions including the Central Bank of Nigeria, Jaiz Bank, NEXIM and some other financial regulatory organizations.

The Director of the Institute, Prof. Usman Muhammad Shu'aib, in his opening remarks, welcomed all the participants and commended the University Management for its support.

He said the program was a professional one because it would run a module packaged to deal on Islamic Banking and Finance.

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According to him alternative banking is a global trend now because the world had recently experienced economic down-turn as a result of interest based economic system and subscribers thought of the need to have alternative banking system such as Islamic Banking.

According to Professor Usman Shu'aib, Islamic Banking is based on non-interest because interest which is otherwise known as riba, which is detested by shari'a and that the Qur'an said that whoever eats interest is like declaring war against Allah SWT.

He pointed out that Islamic finance has components such as Islamic Investment Vehicles where subscribers will have rejuvenated activities that will generate profit. He said another aspect is takaful which is also known as Islamic insurance which will enable people to come together to help each other in the act of piety and righteousness.

Prof. Usman further explained that Sukuk is another aspect which is an Islamic Capital market run on bonds, Treasury bills and other bonds of the Federal Government where people will collectively subscribe to a fund which will be incorporated as special purpose vehicle, in which properties either from the Federal Government, State Government or even private individuals will be taken over and subscribers will purchase the property for certain period of time and the owner will be given rent which will

be leased back to the owner.

The Vice Chancellor, Prof. Sagir Adamu Abbas in his address welcomed participants and congratulated the

The University Librarian, Dr. Kabiru Dahiru Abbas, who represented the Vice Chancellor, said Islamic finance has become a global trend which is timely and its importance cannot be over emphasized and as a result a lot of people are participating actively in Islamic Banking practices.

The Director, Directorate of Research, Innovation and Partnership (DRIP), Prof Ahmad Rufai Ibrahim in his goodwill message, said BUK is one of the leading Universities in Nigeria based on recent Times Higher Education (THE) ranking as the 5 best University in Nigeria. He said the feat was achieved not by chance but as a result of collective efforts of the University management, staff and students.

He disclosed that BUK has three centers of excellence. Centre for Dryland Agriculture (CDA) and Africa Center of Excellence in Population, Health and Policy (ACEPHAP) being funded by the World Bank and Africa Center of Excellence on Renewable Energy funded by TETFund.

He said IIIBF is an Institute that has the mundate to award degrees and certificates with the hope that the training would achieve its intended learning outcome from resource persons that were carefully selected.

The Deputy Director, Training and Linkages, Dr. Muhammad Abdullahi Ibrahim, in his vote of thanks, expressed gratitude to the University management for its enormous supportand also thanked the he said are versed and experienced.