Islamic Banking: A Comparative Survey with Christianity and Conventional Banking
International Journal of Economics, Finance and Management Sciences
Volume 8, Issue 3, June 2020, Pages: 108-111
Received: Sep. 16, 2019; Accepted: May 26, 2020; Published: Jun. 8, 2020
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Authors
Ubesie Madubuko Cyril, Department of Accountancy, Faculty of Management Sciences, Enugu State University of Science and Technology (Esut), Enugu, Nigeria
Ugah Helen, Department of Accountancy, Faculty of Management Sciences, Enugu State University of Science and Technology (Esut), Enugu, Nigeria
Ukwuezue Sylvanus Ucheson, Department of Accountancy, Faculty of Management Sciences, Enugu State University of Science and Technology (Esut), Enugu, Nigeria
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Abstract
Nigeria as a secular state is dominated by Christianity and Islam hence the name Islamic Banking raises curiosity. This study is purely a theoretically based discussion on Islamic accounting, banking and finance in Nigeria. Nigeria is generally recognized and widely referred to as the ‘giant of Africa’. Again, she is being recognized and looked upon to be the hub of economic development of the whole of Africa. To maintain this great name, Nigeria has to improve her economy in all ramifications, hence, the issue of Islamic accounting, banking and finance among scholars provided evidence of economic benefits and development in Nigeria and among countries that have Islamic financial institutions (IFIs). The primary characteristics of Islamic Banking are; prohibition of interest, low consumer lending, sharing of risks, sharing of profit or loss and high real sector investing, which seem to be in divergence with the conventional banking concept and practice. The Study adopted a literary review of Islamic and Christian literature on economic matters in relation to their faith/ belief system. The principal information apart from commentaries of scholars are derived from the Holy Bible and the Quran. The concept can also refer to the investments that are permissible under Shariah. This study recommends that both the government and promoters of Islamic accounting, banking and finance should make sincere effort through collaboration that will bring about a more detailed guideline for full operationalization of Islamic accounting, banking and finance in Nigeria.
Keywords
Islamic, Mudarabah, Riba, Banking
To cite this article
Ubesie Madubuko Cyril, Ugah Helen, Ukwuezue Sylvanus Ucheson, Islamic Banking: A Comparative Survey with Christianity and Conventional Banking, International Journal of Economics, Finance and Management Sciences. Vol. 8, No. 3, 2020, pp. 108-111. doi: 10.11648/j.ijefm.20200803.13
Copyright
Copyright © 2020 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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