Why World Bank, IMF Loans Continue To Accumulate- Islamic Cleric

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An Islamic Cleric, Sheikh Zakariyyah Muhammad Thanni said on Monday that accumulation of world Bank and International Monetary Fund (IMF) debts owed by countries were as a result of extreme poverty.

He gave this renark while delivering lecture during the 12th Annual Hijrah (1441 A.H.) organized by the Lagos State House of Assembly, Alausa, Ikeja.
Speaking on the theme: ‘Poverty Alleviation: Challenges and Islamic Strategies,’ Sheikh Zakariyyah stated that the defects of programmes put in place by various Nigerian governments to tackle poverty were corruption, nepotism, poor intent among others.
The Cleric believes to address poverty Islamically there should be emulation of Prophet Muhammad’s teaching as laid down in the Qur’an and Sunnah.
According to him, “Poverty is the oldest enemy of mankind. As a result those who have become enemies of those who don’t have. Poverty must be fought because if poverty is extteme, it may lead to loss of faith.
“What is leading to accumulation of debts from world Bank and IMF loans is as a result of poverty. Islam comes not just to alleviate but to eradicate poverty entirely away from mankind,” the Cleric said.
Citing example in the Q24:55-56, the Cleric noted that, “Allah primises those who have faith that they shall overcome all challenges and reign supreme.”
Also speaking, the second lecturer, President of Nasfat, Sheikh Olaniyi Yusuf said “if one is devout to worship of Allah, Allah will take away poverty from him.”
Olaniyi noted an average worker in Nigeria spends “83.5 percent of income is spent on food, accommodation and clothing. When we add health, education and transportation, 94 percent is spent.”
He explained that, “In my opinion, we have spiritual and material needs,” saying if the spiritual needs are addressed, it would take care of the material needs.
In his opening remark, the Speaker, Rt. Hon. Mudashiru Obasa thanked all the dignitaries that attended the event, saying that the House would continue to give support to the programme
Obasa said, “We are only making effort to sustain the principles of Islam by organizing the Hijrah.”
The Speaker advised individuals to always be their brothers’ keepers, adding that “government alone cannot eradicate poverty.”
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