Adoption of Islamic Economy Is Sole Way To Reduce Inflation In Nigeria —Prof. Chika Aliyu

[1] 2
at 08:08 PM, 25 May 17 (5 months ago)
(12761 | Hero) (f)

The adoption of Islamic economy can help reduce inflation in the country, a professor of Islamic economics and quantitative economics has said.

Prof. Chika Aliyu, who teaches at the Usman Danfodio University, Sokoto made this known in an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja.

Cue in audio (Aliyu)

“If Islamic economic principle is implemented and we abolish interest definitely the inflation will reduce because interest push up the cost of production.

 

 

“And if the cost of production is pushed because of interest, then the selling prices of goods and services will be very high and there will be inflation in the country.

“Where we will use profit and loss sharing arrangement there is every tendency that there will be stability in the economy, the prices will be low and the effect of recession will be cushioned, and there will be less effect of recession.’’

Cue out audio

Aliyu said Islamic economic principle emphasised on hard work, creativity, productivity and improvement in the lots of government and the society.

 

He said that if the principle of hard work was implanted on Nigerians it would help the country in this era of recession.

“Secondly, Islamic economy system emphases on justice. If there is fare play and there is justice being implemented the little we have will be used judiciously for the benefit of all.

“Islamic economy also emphasis on good governance.

“ A leader should be just and fare, they should be accountable and responsible.

“If we have responsible and accountable leadership, the meager resources we have will be judiciously used by the leaders.

“And the economy will be doing better than if we have the opposite “bad leaders’’ who will use the little resources we have to benefit themselves and enrich themselves,’’ he said.

According to Aliyu other systems have been tried in the country and had failed and now the Islamic economic system is gaining momentum.

He said that most of its institutions like the Islamic bank, Islamic insurance and Islamic finance were being adopted even among non-Muslim countries.

Aliyu stated that the difference between Islamic banking and conventional banking was in the interest.

He explained that Islamic bank does not deal with interest but rather it entails profit and loss sharing arrangement.

He said in the profit and loss sharing arrangement, capital is raised, people use the capital to do business and the profit shared among all parties involved.

According to him, when losses are incurred, they are borne by the provider of the capital and not the borrower.


gogoman at 08:11 PM, 25 May 17 (5 months ago)
(27386 | Addicted Hero) (m)
Professor just leave them!! as soon as they hear Islamic na another thing dem go think
Reply
crocatum at 08:43 PM, 25 May 17 (5 months ago)
(2545 | Gistmaniac) (m)
evil professor, this is not an islamic country.
Reply
starzx at 09:37 PM, 25 May 17 (5 months ago)
(700 | Upcoming) (f)
SO IS NW CALLED ISLAMIC ECONOMY? THIS ISLAMISTS U PLAY ARE ALIENS, SO WHT ABT THE CHRISTIAN ECONOMY HW CAN IT ALSO HELP THE COUNTRY TOO?
Reply
mjyabah2 at 09:51 PM, 25 May 17 (5 months ago)
(1114 | Gistmaniac) (m)
First of all, this miserable and twisted-identity prof needs to educate the general masses on what "Islamic Economy" is all about. Same way he has drawn a graph of Nigerian Inflation Rate, he can also draw one for his philosophy of Islamic  economy, and make better effort to push through such weak idea. . Every Nigerian did not study Islamic Economics.  
Reply
dynasty4all at 09:58 PM, 25 May 17 (5 months ago)
(4481 | Gistmaniac) (m)
GOD FORBID
ISLAMIC KINI?
Reply
Afriqueenn at 10:08 PM, 25 May 17 (5 months ago)
(513 | Upcoming) (f)
Quote from: dynasty4all on 09:58 PM, 25 May 17
GOD FORBID
ISLAMIC KINI?

U hear am, Abi?
Na your people...Chika Aliyu Nwamohammed
Reply
Sniper101 at 10:15 PM, 25 May 17 (5 months ago)
(1387 | Gistmaniac) Online (m)
which1 be Islamic economy again?

abeg o
anything pertaining Islam, 4get it
we would rather leave the economy as it is
Reply
Sniper101 at 10:17 PM, 25 May 17 (5 months ago)
(1387 | Gistmaniac) Online (m)
instead we will even introduce "Christianic Economy" to the nation
Reply
osarobo62 at 11:07 PM, 25 May 17 (5 months ago)
(10324 | Hero) (m)
so how come most of the islamic countries/states are poor and the people destitute Huh?
Reply
morgan1 at 11:43 PM, 25 May 17 (5 months ago)
(10622 | Hero) (m)
Why u no say Boko Banking,,,,
Reply
BournIdentity at 11:52 PM, 25 May 17 (5 months ago)
(45390 | Addicted Hero) (m)
Roll Eyes                                                                       
Reply
HUMANresurce at 12:51 AM, 26 May 17 (5 months ago)
(790 | Upcoming) (m)
we no need anthing related to islam .. please
Reply
starzx at 07:55 AM, 26 May 17 (5 months ago)
(700 | Upcoming) (f)
Quote from: starzx on 09:37 PM, 25 May 17
SO IS NW CALLED ISLAMIC ECONOMY? THIS ISLAMISTS U PEOPLE  ARE ALIENS, SO WHT ABT THE CHRISTIAN ECONOMY HW CAN IT ALSO HELP THE COUNTRY TOO?
Reply
angesco at 07:58 AM, 26 May 17 (5 months ago)
(6032 | Gistmaniac) (f)
Because our NORTHERN brothers are living in WEALTH?

Next we will be told to MARRY off our daughters at the age of NINE because it's what the Muslms do!!
Reply
starzx at 08:02 AM, 26 May 17 (5 months ago)
(700 | Upcoming) (f)
Quote from: osarobo62 on 11:07 PM, 25 May 17
so how come most of the islamic countries/states are poor and the people destitute Huh?
NICE QUESTION. IF THEIR ISLAMIC ECONOMY IS GUD THERE WILL BE  NO BEGGARS IN FRONT OF OUR CHRISTIAN CHURCHES BEGGING FOR FOOD AND MONEY. ISLAM IS A PLAGUE IN OUR SOCIETY AND ALL THT COMES ALONG WIT IT.IS A CANCER TO OUR NATION .
Reply
Larry28 at 09:50 AM, 26 May 17 (5 months ago)
(16311 | Hero) (f)
Quote from: osarobo62 on 11:07 PM, 25 May 17
so how come most of the islamic countries/states are poor and the people destitute Huh?
Thank u for that question
Reply
lawwy1 at 11:31 AM, 26 May 17 (5 months ago)
(12 | Newbie) (m)
Hi, i have been following this web for many years, I am surprised by the level of ignorance,  and hatred of people to other religion , tribal. People have been programmmed that nothing good come from Islam. I think we need to remove western programmming that have been bedelving us. Now , we are in era of knowlegde with internet in fronnt of . Pls google this, who started the first university, the first hospital in the world?. The answer will surprise u, may be the answer can remove some of the programming u are suffering
Reply
schmit at 09:32 PM, 26 May 17 (5 months ago)
(11825 | Hero) (f)
Pls shut up
Reply
starzx at 03:09 PM, 27 May 17 (5 months ago)
(700 | Upcoming) (f)
Quote from: lawwy1 on 11:31 AM, 26 May 17
Hi, i have been following this web for many years, I am surprised by the level of ignorance,  and hatred of people to other religion , tribal. People have been programmmed that nothing good come from Islam. I think we need to remove western programmming that have been bedelving us. Now , we are in era of knowlegde with internet in fronnt of . Pls google this, who started the first university, the first hospital in the world?. The answer will surprise u, may be the answer can remove some of the programming u are suffering
MUSLIM RELIGION IS NT WELCOME IN ANY CIVILIZED WORLD BCOS THEY DNT LIKE TO SEE PEOPLE HAPPY.THEY ARE BEEN DISTURBED WIT INFERIORITY COMPLEX AND I DNT THINK THT   BE OTHER PEOPLES PROBLEMS OR DIE FOR IT.OK?  ANYWHERE THEY OCCUPY IS ALWAYS PROBLEMS, ARE THEY THE ONLY RELIGION EXITING IN THIS WORLD? WE CAN COUNT UPTO A THOUSAND RELIGION IF NT MORE. MUSLIMS ONLY HV PSYCHOLOGICAL PROBLEMS. MUSLIMS SHOULD SHOW LV AND NT HATE. CAN WE CALL IT MURDERERS RELIGION?
Reply
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