The Survival of Islamic Banking Essay example

3680 Words 15 Pages
Arabian Journal of Business and Management Review

Vol. 1, No.4; November 2011

THE SURVIVAL OF ISLAMIC BANKING VIS-À-VIS NON-INTEREST BANKING IN NIGERIA, AN OVERVIEW
DR. AKINYEMI BALOGUN,*
Head of Department, Accounting and Banking &Finance/Business Administration, Achievers University, Owo, Ondo State, Nigeria

ABSTRACT This Paper Examines and gives an Overview of the Survival of Islamic Banking visà-vis Non-Interest Banking In the Nigerian Economy, its background and Origin, a review on non-interest banking system in Nigeria compared with other countries, arguments from different analyst on Non-interest banking System, the implication of statutory auditor, the implication, the role of auditor, the laws and guidelines guiding
…show more content…
Islamic banking operates in 45 countries encompassing most of the Muslim world, along with Europe, North America and various offshore locations. Non-interest banking was not a new development, pointing out that the system operates in countries such as Pakistan, Egypt, Britain and the United States. The broad aim of this paper is to introduce knowledge of Non-interest banking system and its implication for economic growth in Nigeria, as well as draw some useful insights on Islamic banking in Nigeria. Unfortunately, these recent developments are matched by a dearth of Non-interest banking knowledge in Nigeria. Secondly, there is dire need for banking policy makers to be fully enlightened on what Islamic banking is all about and the plausible insights of non-interest banking in Nigeria, as this will enable them brace up for the tasks and challenges that lie ahead.

LITERATURE REVIEW

The newly introduced non-interest banking system vis-à-vis Islamic banking system in Nigeria, can lead to financing of religious fanaticism and terrorism, says economic experts. Nigeria has,

Related Documents