Bank of Industry’s RAPID Initiative should not exclude Muslims, Onike of NASFAT appeals to Govt

.The Chief Missioner of Nasrul-Lahi-l-Fatih Society, NASFAT, Imam Abdul-Azeez Onike has appealed to the Federal Government of Nigeria to prevail on the board and management of the Bank of Industry (BOI) not to inadvertently exclude Muslims from its ongoing laudable programme, Rural Area Programme on Investment for Development (RAPID) aimed at financially empowering Nigeria’s rural dwellers.

According to Imam Onike in a statement, Muslims, who, according to the dictates of their religion, must not be involved in any interest-based transactions, “are being unknowingly edged out of one of the best initiatives of our populist and downtrodden lover, President Bola Hammed Tinubu”, the RAPID initiative which attracts an interest rate of five per cent”.

Allah (swt) says: “Believers! Have fear of Allah and give up all outstanding interest if you do truly     believe (Q2:279). But if you fail to do so, then, be warned of war from Allah and His Messenger.  If you repent even now, you have the right of the return of your capital; neither will you do wrong nor will you be wronged. (Q2:278-279)”

“The initiative, whose objective is to assist communities in rural and economically disadvantaged areas to tap into available resources for the development of enterprises that can provide employment, improve standard of living, contribute to national growth and tame insecurity arising from youth restiveness”, looks promising to provide economic inclusion, and the Muslims should not be shortchanged.

He appreciated the extension of the period of expression of interest by prospective subscribers to June 12, 2024, which gives ample time to right the wrongs done to the teeming population of Nigerian Muslims.

Onike added that one of the hallmarks of leadership was being fair to all and having listening ears.

“These attributes, which have been consistently demonstrated by the current President, have been reflected in his recent order for the review of the list of Nigeria’s higher institutions’ governing council, on the premise that the list is not inclusive and did not reflect the federal character law governing appointments in Nigeria.

“Hence, the RAPID initiative and other such similar initiatives of the Federal Government, and other State and Local Governments, including the National Consumer Credit Scheme must be designed to be inclusive and not be designed to exclude Muslims”, he stated.

Onike, who himself is a registered Shariah adviser by the Security Commission in Malaysia, concluded that fortunately, Islamic finance is so robust that it has alternatives to all forms of conventional finance instruments.

He prayed that the Almighty Allah should continue to guide the President and the management of the Bank of Industry to adjust the RAPID Initiative to be more inclusive and not disenfranchise Muslims who choose to obey the commandments of their creator.

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