Otti Wise to Take Loan from Islamic Bank – Bashir Ahmad
Former presidential aide Bashir Ahmad has hailed Governor Alex Otti of Abia State for taking a loan from the Islamic Development Bank for capital projects in the state.
According to him, the loan from the bank can enable the state to undertake essential capital projects without the long-term financial strain that interest-bearing loans might impose.
Ahmad shared on X, “Governor Alex Otti has indeed made a wise decision as he secured a $125 million loan from the Islamic Development Bank (IDB) to finance capital projects in Abia.
“Islamic banking, being interest-free, aligns with the ethical guidelines of Islam, which perceive money as a means of exchange rather than a commodity that can generate income through interest. This principle ensures that financial transactions contribute directly to economic activities and development without the burden of interest, which can sometimes be prohibitive.
“Islamic finance emphasizes partnership and the sharing of profit and risks. This approach encourages a sense of mutual responsibility and ethical investment.
“In the context of Abia State, the utilization of Islamic finance can provide several advantages. It can enable the state to undertake essential capital projects without the long-term financial strain that interest-bearing loans might impose.”
