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Islamic Banking: A Comparative Survey with Christianity and Conventional Banking

Received: 16 September 2019     Accepted: 26 May 2020     Published: 8 June 2020
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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.

Published in International Journal of Economics, Finance and Management Sciences (Volume 8, Issue 3)
DOI 10.11648/j.ijefm.20200803.13
Page(s) 108-111
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2020. Published by Science Publishing Group

Keywords

Islamic, Mudarabah, Riba, Banking

References
[1] Aliyu, Shehu Usman Rano (2012). Islamic Banking and Finance in Nigeria: issues, challenges and opportunities.
[2] Khan, A and Mould, H. (2008) Islam and debt, Islamic Aid, April.
[3] Siddigi, M. N (1993). Issues in Islamic Banking: Selected papers, Leicester. The Islamic foundation.
[4] Adewusi, Yewande. (2011) Non-Interest Banking and Finance Inclusion, a paper presented at an International Conference on Non-Interest Banking organized by the central Bank of Nigeria in collaboration with the Islamic Development Bank (IDB), Jeddah held at Transcop Hotel, Abuja, Nigeria on 4th July, 2011.
[5] European Central Bank (2011). The monetary policy of the ECB, 3rd edition, May.
[6] Filippo, D. M, Pierluigi G; Stephane C.; Baljeet K. G.; Sergio M.; Steven O. & Sajjad Z. (2-13). Finance in Europe. European central banke. Occasional paper No 146/June, 2014.
[7] Olanipekun, W. D., Brimah, A. N., & Ajagbe, S. T. (2015). Islamic banking and finance evolution: A panacea for sustainable development in Nigeria. International Journal of Accounting Research, 2 (5).
[8] Ahmed, I. (1999). Islamic banking and finance. The concept, the practices and the challenges, Islamic society of North al-suwailemn S (1999). The law, agency, and policy in Mediaval Islam.
[9] Abraham, I. (2008). Riba and Recognition: Religion Finance and Multiculturalism. Essays from the AASR Conference.
[10] Lawal, Y. O. (2010). Islamic Economics the Cornerstone of Islamic Banking. Journal of Economics and Engineering, ISSN: 2078-0346, №4, December, 2010 (95).
[11] Gruening, V. H. &Iqbal, Z. (2008). Risk analysis for Islamic banks. The World Bank, Washington D. C.
[12] Aburime, U. T. and Alio, F. (2009. Islamic Banking: Theories, Practices and Insights for Nigeria, International Review of Business Research Papers, 5 (1), 321-339.
[13] Bello, A. (2014). Challenges and Solutions to Islamic Banking System in a Pluralistic-Secular Country like Nigeria. Mediterr. J. soc., 5: 25-25.
[14] The Holy Bible.
Cite This Article
  • APA Style

    Ubesie Madubuko Cyril, Ugah Helen, Ukwuezue Sylvanus Ucheson. (2020). Islamic Banking: A Comparative Survey with Christianity and Conventional Banking. International Journal of Economics, Finance and Management Sciences, 8(3), 108-111. https://doi.org/10.11648/j.ijefm.20200803.13

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    ACS Style

    Ubesie Madubuko Cyril; Ugah Helen; Ukwuezue Sylvanus Ucheson. Islamic Banking: A Comparative Survey with Christianity and Conventional Banking. Int. J. Econ. Finance Manag. Sci. 2020, 8(3), 108-111. doi: 10.11648/j.ijefm.20200803.13

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    AMA Style

    Ubesie Madubuko Cyril, Ugah Helen, Ukwuezue Sylvanus Ucheson. Islamic Banking: A Comparative Survey with Christianity and Conventional Banking. Int J Econ Finance Manag Sci. 2020;8(3):108-111. doi: 10.11648/j.ijefm.20200803.13

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  • @article{10.11648/j.ijefm.20200803.13,
      author = {Ubesie Madubuko Cyril and Ugah Helen and Ukwuezue Sylvanus Ucheson},
      title = {Islamic Banking: A Comparative Survey with Christianity and Conventional Banking},
      journal = {International Journal of Economics, Finance and Management Sciences},
      volume = {8},
      number = {3},
      pages = {108-111},
      doi = {10.11648/j.ijefm.20200803.13},
      url = {https://doi.org/10.11648/j.ijefm.20200803.13},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijefm.20200803.13},
      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.},
     year = {2020}
    }
    

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    AU  - Ubesie Madubuko Cyril
    AU  - Ugah Helen
    AU  - Ukwuezue Sylvanus Ucheson
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    JF  - International Journal of Economics, Finance and Management Sciences
    JO  - International Journal of Economics, Finance and Management Sciences
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    EP  - 111
    PB  - Science Publishing Group
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    UR  - https://doi.org/10.11648/j.ijefm.20200803.13
    AB  - 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.
    VL  - 8
    IS  - 3
    ER  - 

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Author Information
  • Department of Accountancy, Faculty of Management Sciences, Enugu State University of Science and Technology (Esut), Enugu, Nigeria

  • Department of Accountancy, Faculty of Management Sciences, Enugu State University of Science and Technology (Esut), Enugu, Nigeria

  • Department of Accountancy, Faculty of Management Sciences, Enugu State University of Science and Technology (Esut), Enugu, Nigeria

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