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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:The development finance institutions in Nigeria and the Islamic finance since 1964
Author:Kewuyemi, Kareem MuritalaISNI
Periodical:Journal of Oriental and African Studies
Geographic term:Nigeria
Abstract:Since 1964 various development finance institutions have been established at both the national and state levels in Nigeria to cater for the economic development of specific sectors. It was anticipated that the development finance institutions would be able to cover the areas neglected by commercial banks and that they would become specialist in their respective fields. However, despite all the restructuring and reforms of the development finance institutions over the years, they have remained passive and irrelevant in the drive towards development. A brief historical overview of the development finance institutions since 1964 and the present structure of the Nigerian financial system is followed by a presentation of the major Islamic financial products and services in relation to national development: 'mudaarabah' (combination of entrepreneurship and capital), 'mushaarakah' (partnership that involves contribution of labour and capital from both the financier and the would-be customer), 'ijaarah' (to give one's property on rent), 'muraabahah' (cost plus mark-up), 'salam' (advance payment), 'istisnaa?' (a sale of what is not in existence), 'bay mu?ajjal' (deferred payment), 'sukuuk' (Islamic investment certificates or bond), 'qardu hasan' (free loan or benevolent loan) and 'takaaful' (Islamic insurance). All the products and services of the five development finance institutions in Nigeria - Bank of Industry, Federal Mortgage Bank of Nigeria, Nigeria Agricultural Cooperative and Rural Development Bank, Nigeria Export Import Bank and Urban Development Bank of Nigeria - can be financed successfully, efficiently and effectively through these Islamic financial products. Bibliogr., sum. [Journal abstract, edited]