Yesterday, the Muslim Rights Concern (MURIC) called on the Federal Government to provide interest-free and soft loans to Muslims.
In a statement, Prof. Ishaq Akintola, the Executive Director of MURIC, emphasized that according to Islamic principles, it is forbidden for Muslims to either receive or give loans with interest.
The call comes in response to President Bola Tinubu’s recent national broadcast, where he pledged various palliatives, including interest-based loans amounting to about N75 billion at 9% interest, loans ranging from N500,000 to N1 million at 9% interest, and an additional N100 billion transportation loan also at 9%.
These measures were aimed at alleviating the impact of fuel subsidy removal and the subsequent increase in fuel prices on Nigerian citizens.
While expressing gratitude for President Tinubu’s concern for Nigerians during these challenging times, MURIC urges the government to consider offering loans in line with Islamic principles to better support the Muslim community in the country.
“However, Nigerian Muslims cannot and will not take interest loans as the latter is capable of constituting a wedge between Nigerian Muslims and their Creator (Almighty Allah). We prefer the everlasting peace of al-akhirah (the Hereafter) to the material gains of this world.
“Interest is haram and Allah explicitly forbids it when He said, “Oh you who believe, fear Allah and give up that interest which is still due to you, if you are true believers. But if you do not desist, then you are warned of the declaration of war against you by Allah and His Messenger….” (Glorious Qur’an 2:278 – 279),” Akintola said.