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Wednesday, October 23, 2013

IMPORTANT PERSONALITIES WHO HAVE CONTRIBUTED TO THE DEVELOPMENT OF ISLAMIC ECONOMICS, BANKING, AND FINANCE IN NIGERIA




SANUSI LAMIDO SANUSI – Governor, Central Bank of Nigeria
       
As the current central Bank governor Sanusi plays the most important role that led to the starting of operations of Ja’iz Bank, the first fully fledge Islamic Bank in the country; by removing obstacles to its take up. The move to establish an Islamic Bank in Nigeria has been on and off for some three decades, but it was only in January 2012 that a registered Islamic bank opened it doors to the general public and the credit for that should (among others) goes to Sanusi. This is because past Central Bank governors were not as serious with the creation of Islamic Banking landscape as Sanusi. Soludo has promised to introduce non-interest banking into Nigerian banking landscape but up to the time he left office Islamic Banking existed only on papers lock inside CBN. In addition to facilitating the starting up of operation of Ja’iz Bank Plc, Sanusi is currently pushing for Nigerian authorities to issue their first SUKUK Bond, already a state in South West of the country has kicked started the process of issuing first Sukuk (Islamic Bond) by any state in the country.

ALHAJI UMAR MUTALLAB – Chairman, Ja’iz Bank Nigeria Plc
       
He is one of the pioneers that championed the establishment of Ja’iz Bank where he currently serves as its pioneer chairman. Before that position he was the chairman of First Bank of Nigeria Plc, the Nation’s oldest and biggest bank, as well as UBA where he served as Managing Director. As a very wealthy person in the country he has used part of his wealth to invest in Islamic finance with the view to see the actualization of the old dream of establishing Islamic Banks in the country. He and management of the bank are currently pursuing the vision of transforming Ja’iz bank into the biggest Islamic Bank in Sub Saharan Africa.

HAJIA HAJARA FOLA ADEOLA – CEO, LOTUS CAPITAL NIGERIA Plc
      She is behind Nigeria first Halal capital management fund, which came on stream in 2008. Before that period there was no any publicly traded company that fully serves the Islamic fund management industry. Today Lotus capital is very active in the Nigerian capital market; it recently lunched together with the management of Nigerian stock exchange Nigeria’s first Islamic share Index. Now about one year since the formal lunch of the Index, it has recorded an impressive performance. Since its establishment some five years a go, Lotus capital has seen grow in it businesses making it very active in the Nigerian capital market. She has also contributed to the nation wide movements for the development of Islamic financial sector in the country, through input in major government policy drafts.

PROFESSOR MUHAMMED LAWAL AHMED BASHAR – Usman Danfodio University, Sokoto
        He was among the few academic scholars (as at that time) that pioneered serious academic work in the field of Islamic Economics in Nigerian Universities. His PhD thesis Written under the supervision of Professor Mohammed Najatullah Siddiqi has made important contributions in the field. He has contributed scholarly papers to main Islamic economics journals around the World. He and late Sule Ahmed Gusau have contributed a lot to the development of manpower for former Habib Bank Nigeria plc. He currently serves as Shariah adviser to both Ja’iz Bank Nigeria plc and Lotus Capital plc. He was involved in the building process of Ja’iz Bank Plc right from the beginning of the move to establish the Islamic Banking giant.

LATE SULE AHMED GUSAU (PHD) – Usman Danfodio University, Sokoto
        Sule Ahmed Gusau of bless memory has made unforgettable contributions to the development of Islamic Economics, Banking, and Finance in Nigeria. He was very active in the process that led to the Islamization of economics courses at Usman Danfodio University Sokoto. His books and papers are still been used as reference materials in and outside of Nigeria. He was particularly very active in the then few movements and groups since 1980s that wanted the establishment of Islamic banks in Nigeria. He helps in the training of the next generation of Islamic Economics enthusiasts in Nigeria. Sule Ahmed Gusau and few other enthusiasts for Islamic Economics and finance remained steadfast at a period when few people have confidence in the area, a time when little was known about Islamic Economics, Banking and Finance in Nigeria. He has contributed papers on Islamic Economics (particularly Zakat) in conferences in and outside of Nigeria.

LATE ALHAJI ABDULLATEEF ADEGBITI – Former Secretary, Nigerian Supreme Council for Islamic Affairs (NSCIA)
       He was part of the pioneering team that supported the creation of Ja’iz Bank Nigeria Plc. Late Alhaji Adegbiti was very passionate about Islamic finance, he contributed to the actualization of Ja’iz bank both by his physical presence and capital. He has participated in setting up of conferences that help kept the fire of Islamic finance on, when few many had given up. His contributions to the development of Islam in Nigeria cannot be overemphasized. He served as patron to Zakat foundations in the South west of the country as well as contributed to the development of Islamic education in the country.

ALHAJI FALALU BELLO – former MD, Unity Bank Nigeria plc
     He is a pioneer in the field of Islamic banking operation in Nigerian right from his days as Managing Director of former Habib Bank Nigeria Plc, who started the first window of Islamic Banking by any conventional bank in the country. He continued with his interest in Islamic Banking and finance even when he left Habib Bank. He was part of the pioneers that help set up Ja’iz bank of Nigeria. He has made inputs in many government drafts on the development Islamic Banking in the country. At Unity Bank he started the movement for opening Islamic Banking window in the bank.

ALHAJI UMARU IBRAHIM –Chief Executive Officer, Nigeria Deposit Insurance Corporation (NDIC)
     He championed the introduction of programs for insuring non interest (Islamic) banks in Nigeria. The primary function of Nigerian Deposit Insurance Corporation is to insure Nigeria’s bank depositors against the risk of collapse of these banks. Before this time there was no any arrangement on the ground to protect depositors of Islamic Banks in the country. He has been very supportive of efforts to train manpower on Islamic banking and finance within NDIC, including staffs trainings abroad. His collaboration with the management of CBN towards the development of Islamic banking in the country is unique in itself.

PROFESSOR MAHDI ADAMU NGASKI – Former VC, Usman Danfodio University Sokoto
      He spearheaded the Islamization of academic courses offered at Usman Danfodio University Sokoto in the 1980s, the first time by any university in the country. The major beneficiary of this was Economic Department of the university. In 1985 Usman Danfodio University Sokoto under his leadership organized the first International conference on Islamic Economics on Nigerian soil that attracted the Who’s Who of Islamic Economics in the world as that period. Because of his Islamization efforts at the university, he was rewarded with the Vice Chancellorship of International Islamic University Uganda after the expiration of his tenure in Sokoto. As the VC of Usman Danfodio University Sokoto, he championed the training of manpower on Islamic Economics leading to PHDs in the field, and that of the fields of Islamic accounting and Management.

ALHAJI MOHAMMED BINTUBE – Pioneer MD, Ja’iz Bank Nigeria plc
      Alhaji Mohammed Bintube was the pioneer Managing Director of Ja’iz Bank right from the initial public offering of shares of the bank in 2003. He piloted the affairs of the bank for ten years including the period when the bank did not start operations. He left the bank earlier this year after attending ten years at the helm. He has participated and helped in organizing conferences on Islamic Banking in Nigeria. As a result of his efforts and that of other members of Ja’iz team, foreign investors were wooed into investing in the bank; particularly the Jeddah based Islamic Development Bank. He made wide ranging inputs into government formulation of policies for Islamic finance in the country.

ISMAIL M. ZAKARI – Partner, Zakari and Co. Chartered Accountants
       His accounting firm, Zakari and Co. pioneered Islamic accounting practice in the country. His company has in the last one decade help organized a number of international conferences on Islamic Banking in Nigeria; as well as in the area of manpower training for the nascent field of Islamic finance. His company is involve in the accounting of the two major corporate Islamic finance institutions in the country: Ja’iz Bank Plc and Lotus capital Plc. His dream of seeing to the actualization of Islamic finance in the country has taken him to many countries around the world.

MALAM BASHIR ALIYU UMAR (PHD) – Shariah Adviser to the CBN Governor
        Bashir Aliyu Umar is an Islamic scholar who has been contributing to the current efforts by CBN to develop Islamic Banking in the country. As the Shariah adviser to the apex bank governor he has help in formulating documents that guide Central Bank of Nigeria regulation of the Islamic finance industry. He has contributed also in advising other regulatory agencies such Security and Exchange Commission (SEC) and Nigeria Deposit Insurance Corporation (NDIC) on Shariah rulings pertaining Islamic Banking and finance. As Islamic scholar he preaches on Islamic Banking and finances to his numerous followers both during Friday sermons in his Juma’at mosque and lectures.