MURIC rejects Tinubu’s offer of loans with interests as palliatives

Islamic advocacy group, Muslim Rights Concern (MURIC), has called on the Federal Government to make available non-interest soft loans to Muslims in the country.

MURIC Executive Director, Prof. Ishaq Akintola, who made the demand in a statement on Wednesday, noted that the call was necessary as Islam forbids Muslims from taking or giving interest on loans.

Akintola further said the call for interest-free loans for Muslims was in view of President Bola Tinubu’s national broadcast on Monday where he promised that the government would “give loans of about N75 billion 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.”

READ ALSO: MURIC tasks governments on low-income housing

The MURIC DG added that though the moves are laudable, Muslims should not be forced to take loans that come with interest as that would go against Islamic tenets.

“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,” he said.

“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.

“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),” Akintola noted.