Bashir Ahmad, a former aide to ex-President Muhammadu Buhari, has praised Governor Alex Otti of Abia State for securing a $125 million loan from the Islamic Development Bank (IDB) to fund infrastructure projects in the state.
Ahmad emphasized that leveraging Islamic finance could empower Abia State to execute vital infrastructure projects without the enduring financial burdens associated with interest-bearing loans.
He remarked, “Governor Alex Otti has made a commendable choice by securing a $125 million loan from the Islamic Development Bank (IDB) for infrastructure development in Abia. Islamic banking, being interest-free, is in harmony with the ethical principles of Islam, viewing money as a medium of exchange rather than a commodity that generates income through interest.
This ensures that financial transactions directly contribute to economic growth without the encumbrance of interest charges, which can be constraining.”
Ahmad further highlighted the collaborative and risk-sharing nature of Islamic finance, fostering a culture of mutual accountability and ethical investment practices.
Overall, he underscored the potential benefits of utilizing Islamic finance to undertake crucial infrastructure projects in Abia State, emphasizing its capacity to alleviate long-term financial pressures associated with conventional interest-based loans.
