Awareness and Use of Islamic Banking in Nigeria

Unegbu, Vincent E.; Onuoha, Uloma Doris

doi:10.12816/0002355

Cited by 7 publications

(8 citation statements)

References 1 publication

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“…These findings signify that graduates of Accounting, Banking and Finance, Business Administration and Economics would have no or a low level of awareness and knowledge of Islamic banking and finance. It is in line with earlier studies that established the low level of awareness and knowledge of Islamic banking and finance (Rammal and Zurbruegg, 2007;Naser et al, 2013;Uneghu and Unuoha, 2013;Ali, 2016;Halim, 2017;Jameel, 2017;Hidayat et al, 2020). However, they contradict the finding by Elbrassi et al (2020).…”

Section: Discussion Of Findingssupporting

confidence: 91%

“…Besides, considering the crucial role played by academic institutions in the creation of awareness and knowledge, there are studies that investigated the level of awareness and knowledge of Islamic banking and finance in academia. For example, Uneghu and Unuoha (2013) examined the level of awareness and usage of Islamic banking products in Nigeria through the distribution of questionnaires to some selected lecturers at Babcock University. The study found that most of the respondents were not fully knowledgeable of the practice of Islamic banking.…”

Section: Review Of Empirical Studiesmentioning

confidence: 99%

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Do academic and professional institutions promote the awareness and knowledge of Islamic banking and finance in Nigeria?

Umar

Abubakar

Baita

et al. 2021

JIABR

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Purpose The purpose of this study is to examine the contribution of academic and professional institutions in promoting the awareness and knowledge of Islamic banking and finance in Nigeria. Design/methodology/approach The data were generated through a documentary research method by examining the Benchmark Minimum Academic Standards (BMAS) for Nigerian universities and Nigerian university curricula for the relevant undergraduate programs, as well as examination syllabi and training brochures for the relevant professional associations. Findings The study found that universities do not promote significantly the awareness and knowledge of Islamic banking and finance. Similarly, the relevant professional associations through their examinations and training programs contribute little or nothing to the promotion of awareness and knowledge. Research limitations/implications This study solely relied upon documentary evidence upon which the findings were based. In addition, for academic institutions, only undergraduate BMAS and curricula were examined. Practical implications There should be collaborations between the National University Commission of Nigeria, relevant Islamic and non-Islamic professional bodies and Nigerian Universities to ensure that courses (subjects) that could promote the awareness and knowledge of Islamic banking and finance are fully integrated into academic and professional curricula and training programs. Social implications The integration of an adequate number of relevant courses/topics into academic curricula and professional institution examination syllabi and their Mandatory Continuing Professional Development programs would greatly contribute to the production of competent and skillful employees to work for the growth and development of the Islamic banking and finance industry. Originality/value This study provides better ways of ensuring that knowledgeable and qualified employees are produced to work for the sustainability of the global Islamic banking and finance industry.

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Section: Discussion Of Findingssupporting

confidence: 91%

Section: Review Of Empirical Studiesmentioning

confidence: 99%

Do academic and professional institutions promote the awareness and knowledge of Islamic banking and finance in Nigeria?

Umar

Abubakar

Baita

et al. 2021

JIABR

View full text Add to dashboard Cite

show abstract

“…The best appropriate promotional policies that can attract more banking customers are service quality, product awareness and public sensitisation of the Islamic banking industry (Bashir, 2013). The proprietors of Islamic banks should struggle to create awareness of the existence and usefulness of Islamic banking in Nigeria (Unegbu and Onuoha, 2013). Awareness without having fundamental knowledge about Islamic banking has a positive influence on Islamic banking (Abduh and Idrisov, 2014).…”

Section: Islamic Microfinance For Financial Inclusionmentioning

confidence: 99%

Realising financial inclusion in Islamic finance

Shinkafi

Yahaya

Sani

2019

JIMA

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Purpose The purpose of this paper is to evolve a theoretical account that highlights the determinations for achieving financial inclusion in Islamic finance. Design/methodology/approach The methodology used is a library approach where the existing and relevant document remains the sources of concern. Findings The outcome of the study designates that robust technology; microcredit and microfinance services; legal and regulatory commitment of the regulators and policymakers of the Islamic financial institutions; extensive public awareness of Islamic financial services and products; financial proficiency and literacy; and financial infrastructure are some of the imperative drives for realising financial inclusion particularly for women, low income earners and rural poor. Research limitations/implications The paper limited itself to realising financial inclusion in Islamic finance. Thus, anything beyond the stated limitation is outside the scope of our objective. The paper has an inference for the concerned professional bodies, regulators, policymakers, stakeholders and practitioners of Islamic financial institutions. Originality/value The paper is original in its nature, it is also a pearl and a reference to those who may conceive and cherish the relevance of its capacity.

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“…Several studies have examined the level of Islamic banking awareness across the globe, such as that of: (Cheteni, 2014;Unegbu, 2016;Khattak, 2010;Naser et al, 2013;Wasimah et al,2015;Yahaya, 2016) but these studies among others, to the best of our knowledge looked at the issue of awareness in the general form, no one has segregated the different Islamic banking products and measure the level of customers' awareness of those different individual products like done in this work. The style of literature review in this study was done purposely to serve as an avenue for awareness creation about those products (mudarabah, musharakah, muarabah, istisna and ijara).…”

Section: Introductionmentioning

confidence: 99%

Islamic Banking Roducts Awareness Among Islamic Banks’ Customers in Northen Nigeria

Abubakar

Yusuf

Yau

2022

gujaf

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This paper analysed the level of customers’ awareness about unique Islamic banking products in Nigeria. The data used for the study was obtained through the distribution of well-structured questionnaires among the Islamic banking customers in which out of 400 sampled respondents, 370 questionnaires were properly filled and returned (that is, a 92.5% response rate) for further analysis. Also, to ensure proper data triangulation in this research, a semi-structured interview was conducted among the Jaiz Bank officials. Using descriptive statistics, the result indicated more than 50% of the customers were not aware of such unique products, though the level of this awareness differs from one product to another as some customers have had practical experience with some of these products like in case of murabahah and ijara. Therefore, the study recommends that, improving information dissemination about Islamic banking products will go a long way in enhancing the consumers’ perception and adoption of this unique system of banking, which will eventually make more individuals to be financially included due to the spiritual, economic and ethical considerations of Islamic financial system.

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Awareness and Use of Islamic Banking in Nigeria

Cited by 7 publications

References 1 publication

Do academic and professional institutions promote the awareness and knowledge of Islamic banking and finance in Nigeria?

Do academic and professional institutions promote the awareness and knowledge of Islamic banking and finance in Nigeria?

Realising financial inclusion in Islamic finance

Islamic Banking Roducts Awareness Among Islamic Banks’ Customers in Northen Nigeria

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