Registrar and founder of the Islamic Institute of Accounting and Finance in Nigeria, Dr. Asiwaju Busari Shaamsuddeen Akande, has expressed optimism that Islamic banking has "a bright future and an assured place in the country's financial sector." Speaking in Calabar at the end of a mega rally in support of non-interest banking, which was organised by the Institute, Asiwaju Akande said Islamic banking alone guarantees non-interest credit facilities to its vast clientele.
As he explained, "non-interest banking returns on accounts are based on investment income rather than on interest payments. The real competitive advantage they have is that they are ethically constructed." Akande said that to sustain the tempo he described the unique banking phenomenon as gathering, the Islamic financial institute is positioned to promote its knowledge and understanding, which he was sure would help to influence customers' perception towards Islamic banking principles and practices.
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