Full Project-ISLAMIC BANKING AND NIGERIA ECONOMY: THE WAY FORWARD

Full Project-ISLAMIC BANKING AND NIGERIA ECONOMY: THE WAY FORWARD

Click here to Get this Complete Project Chapter 1-5

ISLAMIC BANKING AND NIGERIA ECONOMY: THE WAY FORWARD,

 

CHAPTER ONE

INTRODUCTION

1.5.  BACKGROUND OF THE STUDY

Islamic banking is defined by (institution of Islamic banking & insurance IIBI 1991:3) as a system of banking activity that is consistent with the principles of the shariah [Islamic rulings] and it’s practical appreciation through the development of Islamic Economics.

The origin of modern Islamic bank can be traced back to the very birth of Islam, when the prophet himself acted as an agent for his wife’s trading operations. Islamic partnership [Modarabah] dominated the business word for centuries and the concept of interest found very little application in day-to-day transactions. Such partnership performed an important economic function. They combined the three most important factor of production namely: capital, labour and entrepreneurship the letter two function usually combined in one person. The capital owner contributed the money while the partner managed the business. Each shared in a pre-determined share of the profits. If there was a loss, the capital provider lost his money and the money and the manager lost his time and labour.

Then in1990s, Mr. Charles Chukwuemeka Soludo  introduced Islamic banking formally in Nigeria, which began in 1991 through the amendment & to the banks and other financial institution Act, BOFIA. In 1996, the central bank of Nigeria [CBN] granted approval to Habib Nigeria bank to deal in Islamic banking principals. In 2004, Jaiz international bank plc applied for full pledged Islamic banking license and was however granted approval in principal to that effect. In 2008 Islamic balance working group comprising of Nigeria deposit insurance corporation, NDIC, National insurance commission, NAICOM etc, was established and in 2009, the CBN under the immediate past governor proff. Charles Soludo, applied for membership of Islamic finance service board and got admitted in taking cognizance of the fact that the operational license can not be granted without a supervisory/ regulatory framework. The CBN decided to expose the draft framework on non interest banking for the comments and inputs by industry stakeholders.

The legality of the non interest Islamic banking is derived from section 33(B) of the Central Bank of Nigeria Act of 2007 which states that in addition to any of this powers under the act. A guideline was left for comment about the introduction of Islamic banking for eight months by the stakeholders and released in January 2011. It was further revised in June 2011 to address some stakeholders observation.

1.6.           STATEMENT OF THE PROBLEM

Islamic banking is very important and have been widely acknowledgment as the most authentic value system for human centered economic development and social justice in the world body.

According to “Mustapha Bintuble 1991”, the governor of Jaiz Bank. The future of Islamic finance in Nigeria by bright and promising with huge resources Nigeria stands to benefit from Islamic banking through financial sector diversification, new product, employment opportunities and possible access to foreign direct investment. he also said that Nigeria cannot afford to miss the rejuvenating waves of Islamic finance and it’s empirical development that has been witnessed globally in all strata of the society.

Get the Complete Project

This is a premium project material and the complete research project plus questionnaires and references can be gotten at an affordable rate of N3,000 for Nigerian clients and $8 for International clients.

Click here to Get this Complete Project Chapter 1-5

 

 

 

 

 

You can also check other Research Project here:

1, Accounting Research Project

  1. Adult Education
  2. Agricultural Science
  3. Banking & Finance
  4. Biblical Theology & CRS
  5. Biblical Theology and CRS
  6. Biology Education
  7. Business Administration
  8. Computer Engineering Project
  9. Computer Science 2
  10. Criminology Research Project
  11. Early Childhood Education
  12. Economic Education
  13. Education Research Project
  14. Educational Administration and Planning Research Project
  15. English
  16. English Education
  17. Entrepreneurship
  18. Environmental Sciences Research Project
  19. Guidance and Counselling Research Project
  20. History Education
  21. Human Kinetics and Health Education
  22. Management
  23. Maritime and Transportation
  24. Marketing
  25. Marketing Research Project 2
  26. Mass Communication
  27. Mathematics Education
  28. Medical Biochemistry Project
  29. Organizational Behaviour
  30. Other Projects
  31. Political Science
  32. Psychology
  33. Public Administration
  34. Public Health Research Project
  35. More Research Project
  36. Transportation Management
  37. Nursing

 

 

Need a Project Writer for a Different Topic