By InvestAdvocate

Lagos (INVESTADVOCATE) – Bank Directors Association of Nigeria (BDAN) has affirmed that the introduction of non-interest banking in Nigeria will attract offshore funds into the country.

Yemi Idowu, General Secretary of the BDAN made this affirmation recently in Lagos Nigeria at a press conference organised by the Association on its forthcoming annual Stakeholders Forum.

Idowu said that Non-interest banking is a well established practice all over the world and it has the potential to enhance offshore funds into the country.

“What was been introduced is non-interest banking, which is a normal type of banking, those referring to it as Islamic banking have another agenda. The term “Islamic banking is not appropriate” he said.

According to the BDAN General Secretary, there are many aspects of non-interest banking and Islamic banking is just one of them.

On BDAN, Idowu said is the umbrella body of non-executive directors of banks and it serves as a forum for improving the knowledge and the competence of Bank Directors, for the purpose of promoting honourable practice within the Banking Industry in Nigeria.

The BDAN General Secretary, while reacting to the forthcoming annual stakeholders’ forum of the Association, said the forum brings together executive and non-executive directors of banks, officials of other financial institutions, regulatory authorities, professional bodies and executives of other leading companies in Nigeria. “Thus an opportunity is created for us to network among ourselves and also share thoughts on the theme of the Forum” he said.

“You will note that the banking industry has went through phenomenal changes in the last three years viv-a-vis the global financial crisis, CBN intervention and banking reforms, licensing of Mobile Banking operators, introduction of Islamic Banking just to mention a few” Idowu affirmed.

According to him, these and many more changes are expected to change the practice and business of banking in Nigeria. “While change is inevitable, the best way to profit from change is to prepare for it and bank directors being key decision makers in the industry need to be abreast of how these changes would shape the future of banking in Nigeria so as to be prepared and position their organisations to benefit from these changes” he said.