English, Article edition: Islamic financing/banking in the Nigerian economy: Is it workable? A review of related issues and prospects Ofurum Clifford Obiyo

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Islamic financing/​banking in the Nigerian economy: Is it workable? A review of related issues and prospects
Author
  • Ofurum Clifford Obiyo
Physical Description
  • article
Notes
  • Purpose – The purpose of this paper is to examine the concept of Islamic banking in Nigeria, against the backdrop of the country's peculiar socio-cultural background and economy. Design/​methodology/​approach – The paper reviews related issues and prospects in the context of Islamic banking in the Nigerian economy. Findings – Implementation and success of Islamic banking in Nigeria would require: re-shaping the society, restructuring of the economic system and re-framing of the laws according to the dictates of Islam. This will not be easy in Nigeria, given her multi-religious nature. The most difficult and important task, however, is the reformation of society, which has to be undertaken as an on-going process. The paper recommends a dual banking system, where the conventional system will run side by side with the Islamic banking system. Originality/​value – The paper offers some useful suggestions that may lead to effective interest-free banking operations in Nigeria.
  • Banking, Interest, Islam, Nigeria
  • RePEc:eme:imefpp:v:1:y:2008:i:3:p:227-234
Language
  • English
Contributed by
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