This study investigates the factors influencing the intention to invest in Sukuk towards infrastructural development in Nigeria. The study used a quantitative research approach and obtained data through survey method and online questionnaires. Data were obtained in Abuja, the capital of Nigeria, from 163 investors and potential investors in Sukuk. The result revealed that attitude, subjective norms, perceived behavioral control, and religiosity have a positive significant relationship with intention to invest in Sukuk. In addition, the finding of the study revealed that the amount of information has a negative significant relationship with intention to invest in Sukuk. Therefore, the result of this study may help Sukuk issuers in identifying the factors that influence the intention to invest in Sukuk among the potential investors. This study contributes to the Islamic financial institutions by confirming the factors that may influence the intention of Nigerian to invest in Sukuk for infrastructural development.
Poverty is on the increase in Africa in general and specifically in Nigeria despite the numerous poverty alleviation programs of successive governments. Lamentably, most poverty alleviation initiatives have failed to produce meaningful outcomes despite billions of Naira committed to them. Nigerians and Nigeria still ranked among the poorest, with the poverty rate rising since the 1980s. Base on the theory of planned behavior, this study examines the influences of attitude, subjective norm, perceived behavioral control, Religiosity, and available information on the intention to establish Waqf in Oyo state, southwestern Nigeria. Survey data from 218 Islamic scholars revealed that all the variables, as mentioned earlier, except available data, have a significant positive influence on the intention to establish Waqf according to the respondents. Based on the results, the study made relevant policy recommendations regarding how authority can explore Waqf's institution as a formidable alternative to government-driven poverty alleviation programs in the interest of the Nigerian Muslims and the Nigerian Muslims, the larger population cutting across different religions.
As at the end year of 2019, the Covid-19 pandemic outbreak had caused an unparalleled human crisis around the world. The disease is causing not just a health problem but also economic crisis. Numerous countries fell into meltdown and more people fell into poverty. The government may not be sufficiently able to take the economy back to its track. The concentration has now moved from the spread of the virus to the economic consequences it will bring to the community. The lack of production will lead to the deficiency of supply and therefore will end as loss of employment and jobs for a large number of people around the globe. The most significant sections of our society are SMEs and daily wage will bear the major burn of the crisis. Therefore, Islamic social finance, incorporating zakat and waqf, has to be adopted to address the Covid-19 pandemic crisis. Zakat and waqf are commonly practised in Muslims countries majority. Zakat and waqf function show the possibility and economic advantages of zakat and waqf properties for people’s prosperity. Moreover, zakat and waqf can be utilized to fill financial gaps and can likewise be utilized to create social wellbeing. This study explores the application and potential of zakat and waqf institutions for the social wellbeing of the people and economic development during and after Covid-19 pandemic. The study reviewed past studies on the potential of zakat and waqf as an alternative way for social development and economic growth. The study, therefore, observed that zakat and waqf institutions can improve economic activity through zakat and waqf properties use for various purposes such as health services, infrastructure, SMEs, poverty eradication and education.
The objective of this study is to examine the trends related to the Shariah compliance practice among Islamic banks in Nigeria. It is also conducted to establish the loopholes in the existing Islamic banking system and to suggest measures to remove Shariah non-compliance in Islamic banks in Nigeria. The study is based on primary data. The data was gathered through a questionnaire survey with the employees, researchers, and Islamic banking experts. The study is based on descriptive findings by analysis of mean, standard deviation, and variance to examine the trends of Shariah compliance practice in Islamic banks in Nigeria. The study found that Islamic banks in Nigeria are doing well in terms of Shariah compliance practice relating to their products and services. Besides, the advisory committee of experts are quite knowledgeable in determining fatwa and rulings in all Islamic banking matters in Nigeria. This is because Shariah compliance is considered as the backbone of Islamic banking as it gives legitimacy to their products and services. The study has implications for all the banks, customers, Shariah Advisory Committee, regulatory bodies, and other stakeholders in Nigeria to further checkmate the various factors that could prevent Shariah non-compliance. The study, therefore, recommends extensive efforts via Shariah knowledge and seriousness of the bank employees as well as regulatory authorities to enforce Shariah compliance thereby guiding customers to choose Islamic banking products in a better and improved way.
This study has critically reviewed both empirical and theoretical literature and the importance of Sukuk being an Islamic finance mechanism as a major player to solve socio-economic problems and human development in general. It is observed that Islamic finance products, especially Sukuk have gained prominence across the globe. Considering part of its importance to human life, previous studies have established that it is working successfully in several countries through the adoption of Sukuk to tackle socio-economic vices such as the alleviation of poverty, lack of shelter, illiteracy that in the long-run has positive impacts on the small and medium enterprise; economic; rural and sustainable development. Given this, the study focuses on the effectiveness of the concept of Sukuk as a mechanism to solve socio-economic vices listed above. As earlier mentioned, the Islamic finance market is succeeding with its approach in a comprehensive manner towards empowering people and their wellbeing. In support of this, the proceed generated from Sukuk investments can be used by investors to improve the education of their wards and personal health condition. The outcome of this study revealed that Islamic finance products, bearing Sukuk in mind is capable of solving socio-economics vices facing the world.
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