27 Oct, 2021
The Islamic Development Bank Institute (IsDBI) organized a virtual workshop for various Nigerian and Cameroonian agencies to introduce the participants to the fundamentals and products of Islamic finance.
Held virtually during 18-19 October 2021, the workshop was attended by professionals from the Nigerian oil and finance ministries, the Niger state government, as well as representatives from the Republic of Cameroon.
The Nigerian ministries’ representatives at the workshop were drawn from the Ministry of Petroleum Resources; Nigerian National Petroleum Corporation; and International Energy Relations Department of the Ministry of Finance, Budget and National Planning.
The two-day workshop was conducted by Dr. Mohammed Ayyash, Senior Training Specialist at IsDB Institute. He provided the participants with a thorough grounding in the fundamentals and guiding principles as well as currently applied products of Islamic finance.
Areas covered during the sessions included the importance of avoidance of prohibitory elements in Islamic finance activities; the economic and operational features of Islamic finance businesses; the principles and contracts of trading and Ijarah activities in Islamic finance; and an illustrative conceptual and legal framework of the installment sale and Ijarah as applied by the Islamic Development Bank.
The workshop, which was positively received by the participants, also discussed in detail a comparison between mainstream multilateral development banking and Islamic multilateral development banking.