Thematic review of sukuk ijarah issued in Nigeria: an opportunity for economic development
Ijarah Sukuk is becoming one of the most improved products in Islamic finance. It has become an alternative source of financing and liquidity for both private and public sectors. Also, it plays important role in development of the economy of Muslim and no-Muslim countries. The objective of this p...
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| Main Authors: | , , |
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| Format: | Conference or Workshop Item |
| Language: | English English English |
| Published: |
2020
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| Subjects: | |
| Online Access: | http://eprints.unisza.edu.my/1802/1/FH03-FPP-20-43078.pdf http://eprints.unisza.edu.my/1802/2/FH03-FPP-20-43079.pdf http://eprints.unisza.edu.my/1802/3/FH03-FPP-20-43080.pdf http://eprints.unisza.edu.my/1802/ |
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| Institution: | Universiti Sultan Zainal Abidin |
| Language: | English English English |
| Summary: | Ijarah Sukuk is becoming one of the most improved products in Islamic finance. It has
become an alternative source of financing and liquidity for both private and public sectors.
Also, it plays important role in development of the economy of Muslim and no-Muslim
countries. The objective of this paper is to clarify the concept of Sukuk Ijarah and discuss its
opportunity for economic development of the country. Also, the issues and challenges related
to the implementation of Islamic finance particularly Sukuk by the Federal government of
Nigeria (FGN) and also as an alternative to conventional bond. The paper adopts content
analysis of relevant previous studies. Findings reveal the potential of Sukuk ijarah as an
alternative for rapid economic growth and its functional role in attracting government and
client to invest in it. Furthermore, the authors observe that misunderstanding among religious
leaders is a major challenge to the growth of Islamic banks and implementation of Sukuk in
Nigeria. It is recommended that workshops, seminars and conferences are to be organized by
Islamic centres, financial institutions and academicians in Universities to spread knowledge
and create awareness among Nigerians Muslims and non-Muslims about benefit and
advantage of Islamic finance products and Sukuk in particular. |
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