Benue State University, Makurdi

AN ASSESSMENT OF PROSPECTS AND CHALLENGES OF ISLAMIC BANKING IN NIGERIA

Shitile, T. Shimonkabir

Abstract

In this paper, an attempt has been made to explain the practical issues involved in the application of Islamic banking model (specialized non-interest banking) in Nigeria and provide possible solutions based on enlightenment reflection. The paper was motivated by the confusing debate on Islamic banking in Nigeria and need for further clarification. It has been alleged that Islamic banking is non-inclusive and “no good” for development of the country. Islamic banking experience from other jurisdictions speaks positive developments. Islamic banking in Nigeria is a complement to the mainstream banking which if explore comprehensively would potentially benefit all and sundry. Like in other jurisdictions, such model of banking and financial dealing would succeed through enabling regulatory environment, strict risk management and corporate governance.

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