International Journal of Development and Economic Sustainability (IJDES)

EA Journals

INTEREST FREE BANKING IN NIGERIA—THE UNFINISHED BUSINESS

Abstract

This paper provokes a re-visit of the decision, by the Central Bank of Nigeria (CBN), to establish interest-Free Islamic Banking in Nigeria, against the backdrop of the country’s status as a secular State. It notes that the only difference between an Islamic Bank and a conventional Bank is that the latter charges interest, while the former does not; and that the findings of various empirical studies indicate that Nigeria has a fertile financial environment for interest free banking to thrive. However, its religious colouring, which was the subject of the raging controversy that followed its initial announcement, is a constraint to its availability to non-Muslim Nigerians. Hence, it is an unfinished business that require formulation of new guidelines, to enable formation of non interest banks for the benefit of non Muslim Nigerians.

Keywords: CBN, Christian Precepts, Interest Free Banking, Non-Muslim Nigerians

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This work by European American Journals is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 4.0 Unported License

 

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Email ID: editor.ijdes@ea-journals.org
Impact Factor: 7.72
Print ISSN: 2053-2199
Online ISSN: 2053-2202
DOI: https://doi.org/10.37745/ijdes.13

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