[PDF] How Far Islamic Banking Has Gone Globally And Nigeria In Particular eBook

Author :
Publisher :
Page : 5 pages
File Size : 22,59 MB
Release : 2017
Category :
ISBN :

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Objective - Non interest banking, also known as Islamic banking is a system of banking that does not permit interest to either be given or received by the bank for the maintenance of their customers or client account or any contract between them and their clients. In its operation, it has witnessed rapid expansion globally since first established 30 years ago. In Nigeria, it is a new concept and its establishment has been challenging. This study was carried out with the aim of appraising its operation globally and in Nigeria in particular using the conceptual and theoretical frame work.Methodology/Technique - The challenges faced in its operation such as unfamiliarity and wrong perception by the populace, regulatory framework, implementation process, liquidity management, lack of professionals among others are highlighted. The differences between it and the conventional bank are also considered.Findings - The study recommends that there is a need to develop research and development units comprising of scholars, marketers, professionals and skilled bankers.Novelty - The Nigeria government and the central bank should not relent in public awareness campaign for wider acceptability as this will benefit the poor member of the community as they will have easy access to interest free loan for small scale business.Type of Paper: Conceptual.

Author : Mr.Mumtaz Hussain
Publisher : International Monetary Fund
Page : 35 pages
File Size : 26,51 MB
Release : 2015-06-02
Category : Business & Economics
ISBN : 1513565621

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Islamic finance has started to grow in international finance across the globe, with some concentration in few countries. Nearly 20 percent annual growth of Islamic finance in recent years seems to point to its resilience and broad appeal, partly owing to principles that govern Islamic financial activities, including equity, participation, and ownership. In theory, Islamic finance is resilient to shocks because of its emphasis on risk sharing, limits on excessive risk taking, and strong link to real activities. Empirical evidence on the stability of Islamic banks, however, is so far mixed. While these banks face similar risks as conventional banks do, they are also exposed to idiosyncratic risks, necessitating a tailoring of current risk management practices. The macroeconomic policy implications of the rapid expansion of Islamic finance are far reaching and need careful considerations.

Author : Bello Lawal Danbatta
Publisher :
Page : 616 pages
File Size : 38,38 MB
Release : 2011
Category : Banks and banking
ISBN :

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The Nigerian Banking and Other Financial Institutions Decree (BOFID No.25) of 1991 has been amended to permit banking transactions based on Profit and Loss Sharing (PLS) arrangement, but yet there is no single Islamic Bank in Nigeria. All efforts by both the regulators and the bankers to establish Islamic Banking system in Nigeria have become unrealizable because of certain unclear factors. This study was conducted to critically analyze the viability of Islamic banking system in Nigeria taking Lagos State as a case study. In making the study, dimensions of viability that includes Market, Economic, Financial, Business, Political and Social viability and their components such as interest, desire, awareness, attitude, perception, preferences, acceptance, business, social and political inclinations were investigated using three sets of questionnaires that were directed to five groups of respondents namely, potential individual customers, business entities, government agencies, professionals in the banking sector and regulators of the Nigerian banking industry. The data gathered for this research were sufficient and adequate for the analyses conducted. Using descriptive statistics, parametric and other non-parametric statistical techniques, it was found that religious sentiments, wrong perceptions and poor public awareness were the key factors that hindered the establishment of Islamic Banking. Other factors such as acceptance to participate, interest to bank, competence and attitude of the regulators and services providers, and economic instability also affect the overall viability of Islamic Banking system. This study gives some implications for some issues like taxation, regulatory framework and the two approaches in establishing Islamic Banking systems; i.e. full pledge and window schemes to be adopted in Nigeria.

Author : Nafis Alam
Publisher : Palgrave Macmillan
Page : 151 pages
File Size : 50,64 MB
Release : 2018-06-28
Category : Business & Economics
ISBN : 9783319833989

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This book focuses on current issues impacting the Islamic banking system globally. The contributions introduce readers to existing research and literature in the field and highlight areas of potential scholarly development within Islamic banking studies. The chapters are a variety of case studies, theoretical reviews, and empirical research within the world of Islamic banking. The contributions analyse new developments within Islamic banks from OIC member countries, Malaysia and the GCC. Particular attention is paid to the formative insolvency case of Arcapita Bank in chapter 6. Other chapters provide detailed discussion of the structures, marketing activities and products of Islamic banks, and contrast them with those of counterpart conventional banks. Through this edited collection, readers are given expert insight into contemporary, critical issues facing the growing sphere of Islamic banking.

Author : Oladapo Ibrahim Abiodun
Publisher :
Page : 172 pages
File Size : 50,70 MB
Release : 2009
Category : Capital market
ISBN :

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The Islamic banking and finance industry has been well-received in both the Muslim and non-Muslim countries. Reflecting the wide acceptance of the industry globally, many countries are developing the Islamic financial markets parallel to the existing conventional financial markets. In line with the global trend, there are also increasing demand for such financial market alternative in Nigeria. The Nigerian financial system is yet to have an operating Islamic bank left alone the Islamic capital market. For a vibrant Islamic financial system, both the Islamic banking and Islamic capital market are pertinent to create varieties of financial products as well as to ensure a well functioning and healthy growth of the Islamic banking and finance industry. Based on this concern, the objective of this study is to envisage developing an Islamic capital market in Nigeria and assessing the sustainability of the market in the country. The study focuses on the need to develop an alternative capital market with reference to Nigeria. The political, legal and societal constraints regarding the establishment of the Islamic capital market in a secular system will have some effects on the establishment and stability of the market especially to attract foreign Islamic funds. In achieving the objectives, the study uses both exploratory study and primary data by distributing questionnaires to five groups in Nigeria and analysing them using statistical package. In particular, the study intends to investigate three variables, namely awareness, acceptance and sustainability with respect to Islamic capital market in Nigeria. The study utilises descriptive statistics, correlation analysis and estimates the mean and standard deviation of the three variables in order to arrive at enriching discussion and conclusive evidence on this issue. The results of this study will shed some lights on the prospects and challenges in developing an Islamic capital market in Nigeria and contribute in terms of enriching the field of the Islamic capital markets studies. The study hopes to contribute in terms of coming up with policy recommendations that will be of interest to the policymakers to ensure healthy growth and sustain the development of the Islamic capital market in the country. Also, the study intends to contribute towards guiding and helping potential investors and industry players to become informed decision makers in the Islamic capital market.

Author : Mr.Enrique Gelbard
Publisher : International Monetary Fund
Page : 27 pages
File Size : 32,92 MB
Release : 2014-08-11
Category : Business & Economics
ISBN : 1498348661

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Islamic finance is a fast growing activity in world markets. This paper provides a survey on Islamic Finance in SSA. Ongoing activities include Islamic banking, sukuk issuances (to finance infrastructure projects), Takaful (insurance), and microfinance. While not yet significant in most Sub-Saharan countries, several features make Islamic finance instruments relevant to the region, in particular the ability to foster SMEs and micro-credit activtities. As a first step, policy makers could introduce Islamic financing windows within the conventional system and facilitate sukuk issuance to tap foreign investors. The entrance of full-fleged Islamic banks require addressing systemic issues, and adapting the crisis management and resolution frameworks. The IMF can play a role by sharing international experiences and providing advice on supervisory and regulatory frameworks as needed.

Author : Ibrahim Warde
Publisher : Edinburgh University Press
Page : 289 pages
File Size : 18,50 MB
Release : 2014-03-11
Category : Religion
ISBN : 0748696474

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A second edition of Islamic Finance in the Global Economy, substantially revised and updated to take into account the recent developments in the field.

Author : Hassan, M. K.
Publisher : Edward Elgar Publishing
Page : 359 pages
File Size : 15,8 MB
Release : 2022-10-20
Category : Business & Economics
ISBN : 1802209905

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Islamic Finance in Africa discusses the progress, issues and innovations in African Islamic financial markets. It provides a comprehensive overview of Islamic finance in Africa by exploring legal, regulatory and governance challenges while balancing the issues and innovations found in both Islamic commercial and social finance.

Author : Rafay, Abdul
Publisher : IGI Global
Page : 888 pages
File Size : 14,24 MB
Release : 2019-12-27
Category : Business & Economics
ISBN : 1799802205

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As an emerging global phenomenon, Islamic economics and the financial system has expanded exponentially in recent decades. Many components of the industry are still unknown, but hopefully, the lack of awareness will soon be stilled. The Handbook of Research on Theory and Practice of Global Islamic Finance provides emerging research on the latest global Islamic economic practices. The content within this publication examines risk management, economic justice, and stock market analysis. It is designed for financiers, banking professionals, economists, policymakers, researchers, academicians, and students interested in ideas centered on the development and practice of Islamic finance.

Author : Mr.In Song
Publisher : International Monetary Fund
Page : 42 pages
File Size : 14,29 MB
Release : 2014-12-12
Category : Business & Economics
ISBN : 1498319270

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The growing presence of Islamic banking needs to be accompanied by the development of effective regulation and supervision. This paper examines the results of the survey conducted by the International Monetary Fund to document international experiences and country practices related to legal and prudential frameworks governing Islamic banking activities. Although a number of countries have made considerable progress in creating legal, regulatory, and supervisory frameworks that accommodate Islamic banking, there are substantial differences. This paper also identifies a number of challenges faced by regulatory and supervisory agencies regarding Islamic banking.