(De)legitimising I-banks: the controversy over Islamic banking in contemporary Nigeria

bibliographic database
Line

Periodical article

Title:	(De)legitimising I-banks: the controversy over Islamic banking in contemporary Nigeria
Author:	Sampson, Isaac Terwase
Year:	2013
Periodical:	Canadian Journal of African Studies (ISSN 0008-3968)
Volume:	47
Issue:	3
Pages:	405-426
Language:	English
Geographic term:	Nigeria
Subjects:	banking Islam
External link:	https://www.tandfonline.com/doi/abs/10.1080/00083968.2013.831364
Abstract:	Since the Central Bank of Nigeria (CBN) published guidelines on the establishment and regulation of Islamic banking (I-banking) in Nigeria, differing sentiments have been offered to (de)legitimize this financial product. This paper evaluates contending perspectives on the institutionalization of I-banking in Nigeria. It argues that in spite of the globally acknowledged benefits of I-banking, the peculiar character of religiosity in Nigeria may render this financial product an instrument of conflict, and ultimately trivialize its anticipated advantages. Although some of the negative opinions against I-banking are informed by sectarian sentiments, the legal, constitutional and social arguments advanced by some of its antagonists seem persuasive. Consequently, the paper recommends some alternative options that will bring about a liberalized non-interest banking regime that reflects Nigeria's national peculiarities without necessarily compromising peace and unity. Bibliogr., notes, ref., sum. in English and French. [Journal abstract]