Islamic finance institute to partner TrustBanc Arthur

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By Rukayat Adeyemi

The Institute of Islamic Finance Professionals (IIFP) is seeking partnership with TrustBanc Arthur, a non-interest investment institution, to further deepen the penetration of Islamic finance in Nigeria.

IIFP Acting President, Dr Tajudeen Yusuf, made this known when he led associate members of the institute on a courtesy visit to the Chief Executive Officer of TrustBanc Arthur, Dr Basheer Oshodi, on Friday in Lagos.

Yusuf said that IIFP was seeking partnership with the Shariah compliant firm to gain intellectual support and to also benefit from its wealth of experience.

The IIFP leader commended Oshodi’s impressive passion for the islamic finance movement in Nigeria.

“It is commendable that even after taking a back seat from the helms of affairs of the Institute, you are still very open and ever ready to work with us,” he said.

He said that the institute had submitted a proposal to the University of Lagos for approval to commence postgraduate studies in Islamic finance  as part of the effort to widen the Islamic finance market.

He expressed optimism that enrolment for the programme would start by June for the studies to commence in September, while doctorate programmes was expected to start within three years.

Yusuf said the institute was building its academic and intellectual base to be able to compete globally.

He said the institute would be looking forward to have Oshodi among other Islamic finance academics to lecture in some of its courses.

The IIFP leader said that “the future is bright for the Islamic finance market in Nigeria because it is a market for everybody,” adding that all hands must be on deck to distribute and maximise its inherent benefits.

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In his response, Oshodi said it was important for the institute to measure its activities in terms of overall growth of capacity and the industry as a whole.

“By measuring, it means that we have to identify specific things to be done with timelines, so that by this time next year we should have moved from point A to B or M.

“For that to happen, we have to consider what should be put in place, in terms of membership strength for IIFP.

“Now we have more financial institution, Takaful companies, law firms, Assets management companies, among others, who are developing funds and they all need capacity.

“So, we must look into how to make all of them IIFP members, as some of them are not.

“They will be expected to pay minimum subscription, enjoy training programmes from time to time,” he said.

Oshodi urged the institute to look into the areas yet uncovered in the islamic banking such as the strategic model, the business strategy and presentation skills.

He also urged IIFP to package the curriculum vitae of its members to be appealing to employers upon graduation.

The News Agency of Nigeria (NAN) reports that other IIFP members present during the visit were Mr Monsur Musa, Hajia Wasilat Olanrewaju-Adesina, Mrs Adogie Momoh and Miss Kwathar Imam. (NAN)

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