Islamic Finance will be integrated into the proposed Capital Market studies curriculum for secondary schools and tertiary institutions in Nigeria, Proshare reported.

Mr Akeem Oyewale the Chief Executive Officer, Marble Capital Limited and member of SEC Capital Market Financial Literacy Committee disclosed this while speaking on “Financial Literacy and Economic Development in Nigeria”.

According to him, Financial literacy covers different aspects of finance such as deposit, lending or securities where people can invest in. He said Financial Literacy is critical due to the fact that people need knowledge on what to do with their day-to-day earnings, where they can invest their money and how it will be beneficial to them and ultimately to the economy at large.

For Islamic financial literacy, Oyewale explained that knowledge is still poor in Nigeria. He noted that the main purpose of Islamic Finance is for people to understand that there is an alternative form of financing, which can give them the opportunity to manage their financial needs and get access to financial resources.

“This gives confidence when investing in ethical investment, Islamic Finance also helps government and authorities to raise money in order to provide social finance to the populace,” he said.

The expert cited Sukuk as the most visible Islamic Finance product globally which the federal government of Nigeria has issued on three occasions which were all oversubscribed. Islamic Finance according to him is not only for Muslims but for everybody that believes in investment that will add value to them and the community.