Realities and Opportunities in the Islamic Finance Industry in Nigeria

Abstract

The experience of Islamic finance in Europe, the GCC and Malaysia may have been quite different from many African countries. While more advanced economies have greatly contributed to the rapid growth of Islamic finance especially through investment banking and corporate banking, Africa is still trying to identify where the competitive advantage lies. As retail banking pushes its way to gain market attention, the realisation to grow exponentially may be heavily dependent on large ticket transactions. Then Africans ask for the application of the Maqasid al Shariah (achieving communal good life and human wellbeing) in Islamic finance in a bid to reduce the poverty challenge.

Keywords: Islamic finance; Sukuk; Maqasid al Shariah