This research examines the effect of religiosity on the cash holding. The method used to test the model is panel data regression by investigating the effect of religiosity on the cash holding of shari'a and non-shari'a companies. The results show that  Religiosity (Islamic Dichotomic), showing a positive and significant coefficient on cash holdings. Companies with a high level of religiosity hold significant amounts of cash. The companies hold cash to reduce risk by reducing debt financing. Keywords: cash holdings, religiosity, risk

The Central Bank of Nigeria approved the license of Non-interest financial institutions in the country in 2012. The approval has generated many issues and religious arguments everywhere in the country. Some supported the initiative to address poverty and financial exclusion, while others perceived Islamizing the financial sector. The study adopted a survey approach, while the questionnaires used and analyzed public perception, specifically in the Plateau State, Nigeria, using Structural Equation Modeling (SEM). The primary data survey questionnaire got 360 respondents. Some feel sensitive enough to oppose the system that is not imposed on any religious or ethical background, while others criticize the entire process of Islamic Banks in Nigeria. The study found that Islamic banks are established based on the fundamental Islamic teachings and originated from the Qur'an and the authentic Prophet Muhammad's teachings, which challenged some conventional financial institutions' practices that indicate a clear note of avoidance of such conventional facilities. Further, indicate that the Christian Association of Nigeria is sabotaging the momentum of Non-interest financial institutions through religious hate, and ignorance and sabotaging government policy to prevent the institutional contribution toward national development and economic growth in the country; using different approaches to frustrate the funding process of some government projects through Non-interest financial institutions. The paper recommends that regulatory bodies of financial institutions, specifically the Central Bank of Nigeria, should clear misunderstandings of the Christian Association of Nigeria towards national development, create awareness, and avoid discrimination in service delivery by pinpointing Islamic banking in the county.

The Northeast region of Nigeria has been experiencing the devastating impact of Boko Haram insurgencysince 2009, which triggeredhumanitarian crisis and destruction of infrastructure,such as schools, hospitals, roads, bridges as well as homes and farmlands, leading to many becoming internally displaced persons and refugees. Both governmental and non-governmental organizations have been mostly providing relief services and materials, whilst only few Federal Government agencies and State Governmentsare providing reconstruction and rehabilitation due to insufficient sources of funds(Olaseni, 2012).The emergence of Sukuk to Nigerian Capital Market is a new development that provides alternative funding avenue for both State and Federal Governments to finance projects and infrastructure development for nation building (Alaro, 2020).It is against this backdrop that this study aims to reviewthe approaches of financing rehabilitation and reconstruction programmes in the Northeast and examines how the potentials ofSukuk financing could properly be utilized to complement the infrastructural deficit in the region. Thus, the research is an exploratory qualitative research that sourced cross sectional primary data collected through the use of structured questionnaire. Multistage purposive sampling method was employed in selecting the respondents for the study across the study area. Thematic Analysis was employed as the method of data analysis. Both descriptive and inferential statistics were used to summarize and interpret the results of the thematic analyses of the data obtained.Keywords: North-East, Reconstruction, Rehabilitation and Sukuk Financing

No abstract

The North East region of Nigeria has been experiencing the devastating impact of Boko Haram insurgency which triggered humanitarian crisis and destruction of infrastructure, leading to many becoming internally displaced persons in their country. The Federal Government and the Northeast State Governments, alongside the local and international Non-governmental organizations and development partners have been mostly providing relief services and materials to the IDPs, but despite all these efforts, there is still a funding gap, thus the need to bridge this vacuum; to supplement the efforts of governmental and non-governmental organizations in providing a long term and sustainable welfare model. It is against this backdrop that this study aims at unlocking the potentials of waqf financing model in catering for short-term and long-term welfare of IDPs in the Northeast and how the model could be properly utilized to complement the efforts of governmental and non-governmental organizations in the region. Multistage sampling method was employed in selecting respondents for the study. In the first stage, three States were purposively selected out of the six States of the region based on the devastation level by the insurgency. Thematic Analysis was employed as the method of data analysis. Both descriptive and inferential statistics were used to summarize and interpret the results of the thematic analyses of the data obtained. The findings of this research have shown the potentials of Waqf financing in bridging the funding gap of IDPs welfare in the north-east. The study also found out that food and clothing are the most critical areas that require immediate attention in the Waqf based IDPs welfare and that, the Investment Waqf Model will be the best means of financing the IDPs Welfare programme in the Northeast due to its modest unique potential advantages over other models. Finally, the study also identified that Conversion of IDPs Support Waqf to Less privilege Support Waqf in case of return of IDPs to their respective communities is the best exit plan for Waqf based IDPs welfare model amongst all other listed exit plans. Key Words: North-East, IDPs, Welfare and Waqf Financing