A faith-based organization, Muslim Rights Concern (MURIC) on Tuesday urged the Federal Government to give interest-free and soft loans to Muslims.
MURIC Executive Director, Prof. Ishaq Akintola, in a statement, noted that it is forbidden for Muslims to receive or give interest on loans.
The statement said the call was in view of President Bola Tinubu’s promise, in his national broadcast on Monday, of palliatives, including interest loans of about N75bn at 9% interest, N500,000 loan to N1m at 9% and another N100bn transportation loan also at 9%, to cushion the effects of fuel subsidy removal and fuel price hike on citizens.
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“We appreciate the concern of President Bola Ahmed Tinubu for Nigerians particularly in these difficult times. The offer of loans to cushion the effect of the withdrawal of oil subsidy shows that the president cares about the citizenry.
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“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.
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“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),” the statement said.
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