The Relationship Manager for Non-interest Banking,Stanbic IBTC, Ilorin branch, Mustapha Taofeeq has stated that Islamic banking is the future of banking system in the world.

He explains further while speaking with CEOAfrica that  Islamic finance has been gaining momentum on a global scale over the past 30 years, adding that many Islamic banks have sprung up over the last few years in various Muslim and non-Muslim jurisdictions.

According to him "non-interest Islamic products now available in 37 countries. Three hundred and forty-nine financial institutions now offering Islamic banking product including 86 insurance companies.

 "In 2013 the Islamic finance market was worth over $1.3tr and growing fast at 16% year on year since 2006. UK becomes first western government to issue a sovereign Islamic bond (sukuk) of £200m. Sub-saharan Africa reports over $10b of Islamic asset and still growing".

Taofeeq spoke at a Ramadan lecture organized by Al-Qiblah Islamic Foundation tagged "Islamic Banking Day", held at IMAN Centre, Ilorin, adding that Islamic banking eradicates inflation because it does not encourage speculation which normally brings about inflation through gambling and hoarding of commodities.

He said Islamic banking is a subset of the overall Islamic economic system that strives for a just, fair and balanced society as envisioned and deeply inscribed in the objectives of Shariah.

He added many prohibitions of Islamic banking system like interest, gambling and excessive risks are aimed at providing a level playing field to protect the interests and benefits of all parties involved in market transactions and to promote social harmony,

The banker noted Islamic banking was characterized by ethical norms and social commitments because it was grounded on the ethical and moral framework of Shariah,

"A major objective of Islamic banking is ensuring conformity to the legal technicalities and requirements of offering Islamic financial products. It is a system which aims at contributing to the fulfillment of the socio-economic objectives and the creation of a just society and therefore departs significantly from conventional banks".

He however expressed worry over the low patronage of non-interest banking which he blamed on lack adequate awareness.

He promised that the Islamic banking window under Stanbic IBTC bank would continue to intensify enlightenment campaign on advantages on non-interest banking system.