Introduction
Globally, in the last decade, there has been unprecedented
growth in the non-interest banking and finance, which is generally
known as Islamic Banking. The existence of Islamic finance has
become imperative in many jurisdictions of the world and it is
expected to continue to spread in view of the economic growth in
countries with huge Muslim population.
Nigeria is home to the largest population of Muslims in
sub-Saharan Africa. It accounts for over 80 Million Muslims. In
recent times, Nigeria is opening itself to Islamic financing with
hope of establishing a hub for non-interest banking.
Nature of Islamic Banking
Islamic finance is a financial system that is based on adherence
to the Sharia or Islamic law. It offers services, products and
instruments based on compliance to this Divine Law.
