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Nigeria: Sultan Urges Muslims To Apply For Non-Interest Loan By CBN

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By: Habiba Garba Shani, Maiduguri.

Nigerian Supreme Council for Islamic Affairs has tasked Muslims to apply for the non-interest version of the Central Bank of Nigeria intervention funds for the masses.

The funding initiatives include the Anchor Borrowers Programme, Agri-Business, Small and Medium Enterprises Investment Scheme, among others.

The religious council also lamented that for decades, Nigerian Muslims have been grossly marginalized in the countrys financial sector and other growth triggering financial interventions of the CBN largely due to the interest element that is usually involved in the schemes.

According to the President-General of NSCIA in a statement on Thursday, Sultan of Sokoto, Alhaji Muhammad Saad Abubakar, said that Muslims constitute over half of the countrys population.

He urged Muslims to optimally utilize the non-interest loan for the actualisation of productive purposes, and they should mind that it is not free money.

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