The Economic and Financial Crimes Commission (EFCC) yesterday said it had the capacity to monitor the sources of funds from foreign countries, including Arab sources, meant for the financing of Islamic Banking in Nigeria.
There have been speculations that some individuals may hijack the Islamic non-interest banking system to receive funds from sources sympathetic to Al-Qaeda, with the aim of financing militancy in the country.
But the EFCC spokesman, Mr. Femi Babafemi, yesterday gave assurance that the anti-graft commission was very much in a position to track all funds coming into the country and could determine their sources at any given time.
“There are several mechanisms in place for tracking the movement of funds from place to place, country to country by regulatory agencies.
“The EFCC also has this mechanism within our operations. So, we are able to establish sources of all funds using this technology that is available,” he said.
Meanwhile, several Christian leaders have continued to criticise the establishment and operation of Islamic Banking in Nigeria.
The prelate of the Methodist Church of Nigeria, the Most Reverend Sunday Ola Makinde, said that,
“The example of the countries that Lamido Sanusi is referring to as practicing Islamic Banking do not reflect what obtains in our clime. He’s talking about the advantages, but the disadvantages are more than the advantages.
Our lawmakers should look into it properly in the interest of this county,” Primate Makinde said.
Also, the director of Catholic Communications, Mosignor Gabriel Osu had criticised the proposal. “We don’t welcome it.
This is a secular state and the constitution is very clear about it. This is a time our banks are not doing well, many of the bankers are out of work and the economy is nose-diving. Is Islamic Banking the rescue operation?” he queried.