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The Role of Islamic Banking and Challenges in Global Financial Crisis: In Nigeria

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The Role of Islamic Banking and Challenges in Global Financial Crisis: In Nigeria.

TABLE OF CONTENT

Title page i
Approval page ii
Dedication iii
Acknowledgement iv
Table of content vi

CHAPTER ONE
1.1 Introduction 1
1.2 Starting the intention of the research. 4
1.3 Statement of the problems 8
1.4 research Questions 9
1.5 Objective of the study 9
1.6 Significant of the study 10
1.7 Scope and Limitation of the study 11

CHAPTER TWO: Literature review and theoretical frame work
2.1 Introduction 13
2.2 The concept of Riba (interest) 13
2.3 Basic principle of Islamic Banking 16
2.3.1 concept of frame work 18
2.3.2 Definition of Islamic Banking 18
2.3.3 Empirical Review on Islamic banking 20
2.4 Problem of Non Interesting Banking 27
2.5 Problem and Challenges of Islamic Banking 31
2.6 Islamic Banking theories and Practices 40

CHAPTER THREE RESEARCH METHODOLOGY
3.1 Introduction 44
3.2 Population of the study sample size 44
3.3 Sample Techniques 45
3.4 Method of Data collection 45

CHAPTER FOUR: Data presentation, analysis and interpretation
4.1 Introduction 47
4.2 Presentation and Data Analysis 47
4.3 Prospects for Islamic Banks 54
4.4 Discussions and Implications 54
4.5 Summary of findings 57

CHAPTER FIVE: Summary, conclusion and recommendation
5.1 Summary 59
5.2 Conclusion 60
5.3 Recommendation 62
References 65

INTRODUCTION  

Islamic banking or interest free banking as it is alternatively called is a banking system based on the principles of profit and loss sharing by all the stake holders. Islamic banking concept owes its origin to the Islamic concept of money. In Islam money does not in itself produce interest or profit, and is viewed as a medium of exchange and not as a commodity. Already Ribah (interest) is prohibited in Islam.

The status of Islamic bank in relations to its clients is that of partner – investor and trader. Whereas, in conventional banks of the West the relationship is that of creditor or debtor. Islamic banking will be based on the universally recognized principles of Shirakah (partnership). That is, the whole system of banking in which the holders, the depositors, the investors and the borrowers will participate on a partnership basis i.e through the application of the external principle of Mudarabah – labour and capital combine as partner for work.

In their actual operation, Islamic banks use various techniques and method of investment such as Mudarabah contracts, under which a financier provides capital and the Mudarib (labour partner) provides his technical know – how and skill, and the profit is shared between the partners according to and agreed percentage. Islamic banks are also involved in Mudarabah (cost plus) contracts, under which banks purchase a certain commodity according to its client’s specifications and give delivery on the basis of sharing on an agreed ratio profit. 

REFERENCES

Abduh and Omar (2012): Farahani and Dastan 2013; Hassanudin et al
2013.

Abdul-Fattah, M. M. (2014) Simplified Islamic Jurisprudence (Based
on the Qur’an and Sunnah) Vol. 2 Dai Al-Manara for
Translation, Publications & Disiribu El-Mansouration, – Egypt.

Aftab, M. (1986): Pakistan moves to Islamic banking, The Banker,
June: 5760.

Ahmad.S M. (1952): Economics of Islam, Lahore. n.d. Interest and
Unemployment, Islamic Studies, Islamabad, VIII (1); 946.

Amad, Y. A. (1999): Prohibition of Riba in Islam: it’s Economics
Rationale Implications. Paper presented at a seminar on
Emerging Opportunities Divine Banking in Nigeria. At Royal
Tropicana Hotel, Kano 25 March 2007.

Alarabi, M. A. (1966) Contemporary banking transactions and Islam’s
views there on Islamic Review, London may, 1966 1016.

Aharbi, M. A. (1983) A monetary and financial structure for an
interest free economy, institution. Mechanism and policy in
Ziauddin, Ahmad at all (eds.), money and Banking in Islam,
International Center for research Islamic Economics. Jeddah,
and Institute of Policy Studies Islamabad.

Ariff, M. (1982): “Monetary policy in an interest-free Islamic
economy, nature and scope’ in M. Ariff, (ed.), Monetary and
fiscal Economics of Islam, International (Centre for Research
in Islamic Economics, Jeddah.

(1988) Islamic banking in Southeast Asia, institution of studies,
Singapore.

CSN Team.

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