THE VIABILITY OF ISLAMIC (NON-INTEREST) FINANCE IN NIGERIA'S FINANCIAL LANDSCAPE
Nigeria's financial landscape is experiencing a significant and transformative shift through the emergence and expansion of non-interest financial institutions and instruments. While often rooted in faith-based principles, non-interest finance is fundamentally driven by ethical tenets that prohibit interest, champion asset-backed financing, foster risk-sharing and prioritise responsible investment. This approach is proving to be a viable and inclusive financial alternative, attracting both religious and secular stakeholders who recognise its broader developmental potential. It is strategically important for Nigeria's financial resilience and growth, offering innovative tools for infrastructure financing, enhancing financial inclusion and promoting responsible economic practices for all Nigerians, regardless of belief.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
