Enhancing financial inclusion in Nigeria: the role of Islamic finance
Financial inclusion helps in reducing extreme poverty, supporting inclusive development, and enhancing the well-being of the people. As a result, policy makers, regulators and development institutions have made financial inclusion a priority in promoting economic growth and reducing poverty and ine...
| Main Authors: | , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Smart Ever Konferans Organizasyon Limited
2020
|
| Subjects: | |
| Online Access: | http://irep.iium.edu.my/82527/ http://irep.iium.edu.my/82527/8/82527_Enhancing%20financial%20inclusion%20in%20Nigeria.pdf |
| _version_ | 1848789313503887360 |
|---|---|
| author | Abdullahi, Abdurrahman Othman, Anwar Hasan Abdullah Kassim, Salina |
| author_facet | Abdullahi, Abdurrahman Othman, Anwar Hasan Abdullah Kassim, Salina |
| author_sort | Abdullahi, Abdurrahman |
| building | IIUM Repository |
| collection | Online Access |
| description | Financial inclusion helps in reducing extreme poverty, supporting inclusive development, and enhancing the well-being of the people. As a result, policy makers, regulators and development institutions have made financial inclusion a priority in promoting economic
growth and reducing poverty and inequality. One important channel used in promoting access to finance among the poor is Islamic finance. This paper, therefore, reviewed theory and literature in order to synthesize the role of Islamic finance in enhancing financial inclusion. The review revealed that Islamic finance helps in ensuring
financial inclusion through the provision of Shariah compliant, risk-sharing financial products and services. In addition, the Islamic social finance products such as Zakah, Sadaqah and Waqaf compliments the commercial aspects. Consequently, Islamic finance helps in reducing voluntary financial exclusion and extreme poverty. The paper also highlighted the role of government in promoting financial
inclusion through the development of appropriate regulatory and supervisory frameworks, financial inclusion strategies, protecting consumers and advancing financial literacy. The paper recommends the sustained application of risk-sharing financial products by Islamic
financial institutions in Nigeria. In addition, Islamic banks should complement their financing products with Zakah, Sadaqah and Waqaf. Furthermore, government should sustain its efforts towards consumer education and financial literacy. |
| first_indexed | 2025-11-14T17:54:44Z |
| format | Article |
| id | iium-82527 |
| institution | International Islamic University Malaysia |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T17:54:44Z |
| publishDate | 2020 |
| publisher | Smart Ever Konferans Organizasyon Limited |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | iium-825272021-02-11T02:14:31Z http://irep.iium.edu.my/82527/ Enhancing financial inclusion in Nigeria: the role of Islamic finance Abdullahi, Abdurrahman Othman, Anwar Hasan Abdullah Kassim, Salina HG3368 Islamic Banking and Finance Financial inclusion helps in reducing extreme poverty, supporting inclusive development, and enhancing the well-being of the people. As a result, policy makers, regulators and development institutions have made financial inclusion a priority in promoting economic growth and reducing poverty and inequality. One important channel used in promoting access to finance among the poor is Islamic finance. This paper, therefore, reviewed theory and literature in order to synthesize the role of Islamic finance in enhancing financial inclusion. The review revealed that Islamic finance helps in ensuring financial inclusion through the provision of Shariah compliant, risk-sharing financial products and services. In addition, the Islamic social finance products such as Zakah, Sadaqah and Waqaf compliments the commercial aspects. Consequently, Islamic finance helps in reducing voluntary financial exclusion and extreme poverty. The paper also highlighted the role of government in promoting financial inclusion through the development of appropriate regulatory and supervisory frameworks, financial inclusion strategies, protecting consumers and advancing financial literacy. The paper recommends the sustained application of risk-sharing financial products by Islamic financial institutions in Nigeria. In addition, Islamic banks should complement their financing products with Zakah, Sadaqah and Waqaf. Furthermore, government should sustain its efforts towards consumer education and financial literacy. Smart Ever Konferans Organizasyon Limited 2020-08-27 Article PeerReviewed application/pdf en http://irep.iium.edu.my/82527/8/82527_Enhancing%20financial%20inclusion%20in%20Nigeria.pdf Abdullahi, Abdurrahman and Othman, Anwar Hasan Abdullah and Kassim, Salina (2020) Enhancing financial inclusion in Nigeria: the role of Islamic finance. International Journal of Research on Technology, Engineering, Science, and Humanities (IJRTESH), 1 (1). pp. 1-10. ISSN 2717-8854 |
| spellingShingle | HG3368 Islamic Banking and Finance Abdullahi, Abdurrahman Othman, Anwar Hasan Abdullah Kassim, Salina Enhancing financial inclusion in Nigeria: the role of Islamic finance |
| title | Enhancing financial inclusion in Nigeria: the role of Islamic finance |
| title_full | Enhancing financial inclusion in Nigeria: the role of Islamic finance |
| title_fullStr | Enhancing financial inclusion in Nigeria: the role of Islamic finance |
| title_full_unstemmed | Enhancing financial inclusion in Nigeria: the role of Islamic finance |
| title_short | Enhancing financial inclusion in Nigeria: the role of Islamic finance |
| title_sort | enhancing financial inclusion in nigeria: the role of islamic finance |
| topic | HG3368 Islamic Banking and Finance |
| url | http://irep.iium.edu.my/82527/ http://irep.iium.edu.my/82527/8/82527_Enhancing%20financial%20inclusion%20in%20Nigeria.pdf |