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