Islamic Banking: A Comparative Survey with Christianity and Conventional Banking

Ubesie Madubuko Cyril; Ugah Helen; Ukwuezue Sylvanus Ucheson

doi:doi:10.11648/j.ijefm.20200803.13

| Peer-Reviewed

Islamic Banking: A Comparative Survey with Christianity and Conventional Banking

Ubesie Madubuko Cyril, Ugah Helen, Ukwuezue Sylvanus Ucheson

Published in International Journal of Economics, Finance and Management Sciences (Volume 8, Issue 3)

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

Views: Downloads:

Download PDF

Share This Article

Twitter
Linked In
Facebook

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 4^th 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

Plain Text BibTeX RIS

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

Copy | Download

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

Copy | Download

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

Copy | Download

@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}
}

Copy | Download

TY  - JOUR
T1  - Islamic Banking: A Comparative Survey with Christianity and Conventional Banking
AU  - Ubesie Madubuko Cyril
AU  - Ugah Helen
AU  - Ukwuezue Sylvanus Ucheson
Y1  - 2020/06/08
PY  - 2020
N1  - https://doi.org/10.11648/j.ijefm.20200803.13
DO  - 10.11648/j.ijefm.20200803.13
T2  - International Journal of Economics, Finance and Management Sciences
JF  - International Journal of Economics, Finance and Management Sciences
JO  - International Journal of Economics, Finance and Management Sciences
SP  - 108
EP  - 111
PB  - Science Publishing Group
SN  - 2326-9561
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  -

Copy | Download

Author Information

Ubesie Madubuko Cyril

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

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

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

Download PDF

Sections

Plain Text BibTeX RIS

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

Copy | Download

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

Copy | Download

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

Copy | Download

@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}
}

Copy | Download

TY  - JOUR
T1  - Islamic Banking: A Comparative Survey with Christianity and Conventional Banking
AU  - Ubesie Madubuko Cyril
AU  - Ugah Helen
AU  - Ukwuezue Sylvanus Ucheson
Y1  - 2020/06/08
PY  - 2020
N1  - https://doi.org/10.11648/j.ijefm.20200803.13
DO  - 10.11648/j.ijefm.20200803.13
T2  - International Journal of Economics, Finance and Management Sciences
JF  - International Journal of Economics, Finance and Management Sciences
JO  - International Journal of Economics, Finance and Management Sciences
SP  - 108
EP  - 111
PB  - Science Publishing Group
SN  - 2326-9561
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  -

Copy | Download