The Prospects for Deepening Non-Interest Banking for an Inclusive Nigerian Economy
The principles of 'Islamic banking also known as non-interest banking in Nigeria is based on the balance between well-being and prosperity. It is a system of banking that is in accordance with the spirit, character and value system guided by Shari'ah principles.
An overview of non-interest banking in Nigeria revealed that the BOFIA Act 1991, granted approval to the defunct Habib Bank limited to operate an Islamic banking service window but was unsuccessful. In 2010, the Central Bank of Nigeria introduced a new banking model which gave birth to Nigeria's first full-fledged non-interest bank, Jaiz in 2011, but started its operation fully in 2012, Since then the number of non-interest banks has risen and there are still prospects for more.
This edition of Islamic Finance Weekly anchored by Bukola Akinyele-Yisau features Dr. Sirajo Salisu, Executive Director, Business Development, North, Jaiz Bank. He speaks on "Ways to Improve Non-Interest Banking Services in Nigeria". According to him, continuous awareness and education is key for people to understand how Islamic banking works.