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

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  • Ofurum Clifford Obiyo
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    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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    Article provided by Emerald Group Publishing in its journal International Journal of Islamic and Middle Eastern Finance and Management.

    Volume (Year): 1 (2008)
    Issue (Month): 3 (August)
    Pages: 227-234

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    Handle: RePEc:eme:imefpp:v:1:y:2008:i:3:p:227-234
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