Advanced Search
MyIDEAS: Login to save this paper or follow this series

Islamic banking and finance in Nigeria: issues, challenges and opportunities

Contents:

Author Info

  • Aliyu, Shehu Usman Rano

Abstract

With increasing wave of popularity and successes of Islamic finance across the world, Nigeria aspires to be the hub of Islamic finance of Africa. The country, for instance, has an estimated population of over 170 million people, a strong banking industry and a highly receptive and agile capital market in the continent, its dream is about to become a reality. This is despite the strong appearance of South Africa and Kenya into the scene. Early this year, the Nigeria’s apex bank issued a license to Jaiz Bank Plc, to operate as a full-fledged non-interest financial institution (NIFI), while other conventional bank were allowed to open a non-interest banking window. Similarly, the Nigerian government intends to float its first sovereign sukuk before the end of this year. Accordingly, the Nigeria’s Stock Exchange (NSE) market has recently introduced as Islamic index – Lotus Islamic Index (LII) in line with global trends, to monitor performance of sharia’ah compliant assets. These developments, no doubt raised a number of critical issues, posed a number challenges to both operators, regulators and investors alike, as well as opened doors of opportunities for the country. This paper attempts to allay some of the thorny issues, proffers way out to some of the challenges and brings to fore some of the opportunities for the country.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://mpra.ub.uni-muenchen.de/42573/
File Function: original version
Download Restriction: no

Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 42573.

as in new window
Length:
Date of creation: 26 Oct 2012
Date of revision: 05 Nov 2012
Handle: RePEc:pra:mprapa:42573

Contact details of provider:
Postal: Schackstr. 4, D-80539 Munich, Germany
Phone: +49-(0)89-2180-2219
Fax: +49-(0)89-2180-3900
Web page: http://mpra.ub.uni-muenchen.de
More information through EDIRC

Related research

Keywords: Islamic Banking and Finance; Capital market; Central Bank; Sukuk;

Find related papers by JEL classification:

This paper has been announced in the following NEP Reports:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Mirakhor, Abbas & Zaidi, Iqbal, 1988. "Stabilization and Growth in an Open Islamic Economy," MPRA Paper 56003, University Library of Munich, Germany.
  2. Aliyu, Shehu Usman Rano, 2011. "Reactions of stock market to monetary policy shocks during the global financial crisis: the Nigerian case," MPRA Paper 35581, University Library of Munich, Germany, revised 28 Dec 2011.
Full references (including those not matched with items on IDEAS)

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:42573. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.