Riba Regime, Lean Purses And Angry Heavens: Palliatives And Opportunities In The Nigerian Economy
By Mubarak Oladosu
ABSTRACT
The notion that Islam offers a blueprint for a viable and vibrant society is well established in theory and history. However, the evolution of the economic dimension of the Islamic social order founded on interest-free economy into a globe-wide alternative ideological contender in political economics has a history that is less than half a century old. The first modern experiment with Islamic banking being undertaken in 1963 in Egypt and the first international academic conference on Islamic economic system was held in Jeddah in 1976. Prior to these ventures, many Muslim communities and nations practiced interest-free commerce under colonial economic regimes, under the states that succeeded these colonial governments, and before colonisation came to be. For Muslims in Nigeria, the challenges that inspired the early initiatives on Islamic economic system remain, and they remain in an atmosphere of economic woes, the centre of which is widespread and grinding poverty such that the middle class in Nigeria remains middle, in the last thirty years, only in the social sense but relegated to the lower class in the economic sense. Though two conventional banks offer interest-free banking services, interest-free economic atmosphere in Nigeria largely endures in the realm of theories, experimentation and intuitive practice in contraindication to the population of Muslim citizens, Muslim rulers and Muslim policy makers in Nigeria. The university community typifies the middle class in Nigeria and this paper sets out to examine issues surrounding Nigeria’s absence on the global map of Islamic Banking and Finance and the opportunities obtainable to address Muslim poverty and absence in the global shari‘ah compliant economy using the university of Ilorin as a case study.
Contents
Recent Abstracts
- Establishment and Operational Mechanisms of Islamic Crypto-asset August 27, 2021
- Towards a Sustainable Islamic Microfinance Model in Pakistan August 27, 2021
- Microfinance in Sudan and Ethiopia August 27, 2021
- The Role of Fairness in Contract: An Insight for Islamic Contracts August 27, 2021
- Exploring the Impact of Shariah Training on Islamic Banking Employees in Pakistan August 27, 2021
Comments are closed.