3rd International Conference on Islamic Banking and Finance
Islamic finance has emerged as a viable alternative to conventional finance in the last four decades. It has grown from a single and practical initiative to 2 trillion dollar investment in 2015. The basic philosophical foundation lies in its equity, fairness and benevolence as against the conventional finance that is built on inequitable distribution of wealth and income through profiteering, rent seeking, interest based lending, gambling and uncertainties to mention but a few. Hence Islamic finance provides the basis for financial inclusion for the teeming population of Muslims who averse conventional interest - based financing. It is also important for sustainable development which is seen as the development that is responsive to social needs, aimed at reducing extreme poverty and promoting the development and utilisation of human and natural resources.
In Nigeria, EFInA survey in 2008 revealed that about 53.0% of Nigeria's adults were financially excluded. In a similar study EFInA (2014) finds that 52% of adults prefer to get financing through non-Interest finance providers as against conventional providers. In view of this....Read More
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