IIFP inducts over 50 new members
As part of efforts to bridge the vast manpower deficit experienced in the ethical financial market, the Institute of Islamic Finance Professionals, Nigeria (IIFP) reaffirmed its commitment to Non-interest finance education, training, and expanding direct membership into various professional membership categories for fresh graduates, new entrants, middle and executive management staff of finance and non-finance organizations.
The Institute said this at the 2021 induction ceremony, where it awarded Honorary fellowship, Full fellowship, Associate membership, Graduate membership, and Student membership to over 50 inductees.
In his remarks, the President of the Institute, Dr. Tajudeen O. Yusuf, pledged to improve the development of Islamic finance education in Nigeria. He acknowledged the challenge and called for collaboration among all the stakeholders in support and partnerships.
According to him, the Institute of Islamic finance is ready to support ideas, programs, activities that will enhance Islamic finance in the country.
He said the Institute would accommodate all individuals willing to join the IIFP. Dr. Yusuf noted that the IIFP was working with the University of Lagos Business School for the MSc and PGD Programs in Islamic finance to take it to the next level. He believed Islamic finance is the future.
The keynote speaker, Hon. Jide Jimoh, Member, House of Representatives representing (Lagos Mainland Federal Constituency) in giving an overview of the Islamic banking system in Nigeria, highlighted some of the key issues from the CBN BOFIA Act and CAMA Act. He said the Sukuk Islamic finance instrument enabled more capital market participation.
The Federal legislator stated that the features of Non- interest financial institutions are risk and profit-sharing. Speaking on guidelines, he stressed that Islamic finance represents a niche record of financial transactions based on integrity. It does not deal with uncertainty and supports socially responsible businesses.
“The existence of Islamic finance is to promote prosperity in any jurisdiction of the world, and it is expected to continue to grow exponentially. Society and governance, individual and corporate organization need to co-exist for the growth of the industry” – Hon. Jide Jimoh added. According to him, the role of Islamic finance in cooperative societies, particularly the mortgages and leveraging investment to assist agriculture.—Proshare
