Potentiality of Islamic Banking in Nigeria Beyond Critiques'' Points of View

Nadhirah, Nordin and Rahimah, Embong and Yunusa, Muzammilu (2015) Potentiality of Islamic Banking in Nigeria Beyond Critiques'' Points of View. In: International Conference on Empowering Islamic Civilization in the 21st Century, 6 September 2015, Universiti Sultan Zainal Abidin.

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Abstract

This paper aims to highlight the potential of Islamic banking in Nigeria as against the claims by its critiques. Islamic banking is a system of banking that prohibits the giving and receiving of interest in all transactions. It is seen as a better alternative for Nigerian citizens, particularly those who intentionally tend to avoid themselves from dealing with conventional banking activities due to its acceptability of interest. High demands and frequent requests for setting up Islamic banking from many individuals and groups, the Central Bank of Nigeria (CBN) has agreed to provide a legal framework for the establishment and operation of Islamic banking in Nigeria. In 2012, Islamic banking commenced with two types of banks, one is full-fledged Islamic banking and another is just as a window. The introduction of Islamic banking faced some great challenges and criticism from various parties particularly the religious authorities. The study employed a qualitative research approach using the content analysis method as a research design. Document analysis was used for the data collection process. Meanwhile, the process of data was analysed using descriptive and inductive approaches. The result shows that all the claims made by those who are antiIslamic banking carry no weight and therefore, prospectus benefits of the industry are worthwhile to the entire nation. These findings provide some significant implications for Islamic banking institutions in Nigeria.

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