Pentecostal Fellowship of Nigeria is not against Islamic mortgages

Fri, 19 Aug 2011
The Pentecostal Fellowship of Nigeria (PFN) has claimed it is not against the concept of Islamic mortgages and the wider use of Islamic finance.

According to thisdaylive.com, pastor Wade Adefarasin claimed that the organisation was concerned about the "agenda" behind the lending.

"PFN has no problem with Islamic banking and I must point out that we have no problem either with the name. Rather it's the way and manner it's being put forward," he is reported as saying.

"When Islamic banking is rolled out, I advise the Central Bank of Nigeria (CBN) governor Lamido Sanusi to give regulations that cover all forms of non-interest banking."

The pastor added that the CBN should be in charge of the financial side of Islamic mortgages and other fiscal agreements, while the religious side of the movement can be administrated by faith leaders.

This, he claimed, would help preserve the secular status of the CBN, which he claims is currently championing Islamic finance .

Islamic mortgages are designed to help Muslims keep within the laws of their faith, by allowing them to pay rent to a lender and only owning the property once it has been paid for in full.
Salaam-u-Allaikum
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