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Islamic Microfinance Banks in Nigeria: Challenges and Opportunities for Growth

Dec 10, 2021   •   by   •   Source: Others   •   eye-icon 2580 views
 
Islamic microfinance which involves the Shari'ah-compliant way of financing and providing credit is one of the most popular tools deployed to address poverty in Nigeria. Out of a population of 200 million, about 83 million Nigerians are living in abject poverty, and inequality is rising at an alarming rate due to a lack of access to financial services for a vast section of the public.

As part of efforts to curb this menace, the Central Bank of Nigeria in 2012 initiated the National Financial Inclusion Strategy" to reduce the number of adults excluded from financial services. This has led to the establishment of over 900 microfinance institutions in Nigeria since 2012. Out of the 900 MFIs, the percentage of Islamic Microfinance Banks is very low despite a huge Muslim population.

This edition of the Islamic Finance Weekly anchored by Bukola Akinyele-Yisau features Adnan Opeyemi Salaudeen, Research Assistant, International Islamic University, Malaysia. He speaks on "Factors Hindering the Establishment of More Islamic Microfinance Banks in Nigeria and Opportunities for Growth". According to him, millions of Nigerians can have access to micro-credit through the activities of Islamic microfinance banks in the country.

He also believes if institutions like the Non-Interest Financial Institutions, Central Bank of Nigeria, and the government can key into establishing more Islamic microfinance banks, it will play a major role in tackling poverty and serve as a tool for economic empowerment.

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Please visit https://conference.iifpnigeria.org/#registration to register or contact Monsur - 08034459801, Tunmishe - 08035803197 Wasilat -08132501405 for partnership, sponsorship, and registration.


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