Don, others identify panacea to economic challenges as Muslim teachers hold Ramadan lecture

A university don, Professor Tajudeen Yusuf of the University of Lagos has identified structural weaknesses of Nigerian economy as the factor responsible for the current economic trouble of the country.
Delivering the Ramadan lecture of the Muslim Teachers’ Association of Nigeria (MUTAN) at the French Village, Badagry, Yusuf said the Nigerian economy has defied classification.
He identified some of the causes of the problems of the economy to include the colonial legacy, debt-based finance of expenditure, dwindling internal revenue and neglect of agriculture resources.
While condemning the interest-based economic system, Yusuf identified some of the consequences of the interest-based economy to include enslavement of borrowers who continue to pay until death and once the borrower dies the collateral is taken over.
The interest-based finance according to him also leads to reduced quality of goods, collapse of companies, devaluation of the currency, deterioration of public service, vicious circle of poverty as well as toxic conditionalities imposed by the borrowers.
He therefore called for a paradigm shift to embrace Islamic finance model which western countries like Britain and USA have already taken advantage of.
He also recommends the exploitation of institution of Zakat to alleviate poverty in the land.
The MUTAN President, Alhaji AbdulFatai Abiola Oladejo, in his address said Islamic model of finance provides solution as it deemphasises primitive accumulation of wealth to the detriments of others because it regards wealth as dominion of Allah.
“When man knows that whatever he acquires of the worldly materials is not for him, rather it is a trust, then he tends to seek for wealth through lawful means and spend it in accordance with the dictates of the ultimate owner (Allah). Thus, Islam prohibits usury, lavish spending and misappropriation of public fund,” he declared.
The Chief Imam of Badagry, Imam Abdulakeem Akewusola Uwais, in his admonition said the economic problem currently facing the country is as a result of battle between forces of light and darkness. He gave example of the surge in the value of the dollar despite strenuous efforts by the economic managers.
He therefore charged the congregation not to relent in their prayers, saying things would have been worse if not for the prayers that were held before and after the last general election which ushered in President Bola Ahmed Tinubu.
The Chairman of MUTAN Board of Trustees, Alhaji Ahmed Ajiboye, charged Muslim teachers to emphasise acquisition of Quran knowledge, saying the assertion that learning the Quran is hard is a fallacy.
“It is untrue that learning Arabic is difficult. It is a fallacy sold to us by enemies of Muslims. Unfortunately, we took it hook, line and sinker and paid a big price for it. In the Quran Chapter 54 verse 17, Allah said “Indeed, we have made this Quran easy to understand and remember”. Allah doesn’t lie. A seven-year old learns and understands the Quran. So what excuse do we have?” he declared.
Former MUTAN Chairman, Alhaji Raheem Jimoh, in his contribution implored all qualified Muslim teachers to apply for the post of tutor-general/permanent secretary advertised by the Lagos State government.