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

Abstract

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.

Compatibility of the CSR practices of Islamic banks with the United Nations SDGs amidst COVID-19: a documentary evidence

“…For example, Richards and Safari (2021) used the archival data kept by Australia’s Parliamentary Joint Committee on Corporations and Financial Services and the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry with a view to assessing the extent to which financial planning is disclosed in Australia. Umar and Kurawa (2021) applied the documentary research method to justify the reasons why the awareness and knowledge of Islamic accounting standards for Islamic financial institutions are very low in Nigeria. Similarly, Umar et al (2021) applied the same method to explain the insignificant contributions of educational institutions and professional associations to spreading awareness and knowledge of Islamic banking and finance in Nigeria.…”

“…Umar and Kurawa (2021) applied the documentary research method to justify the reasons why the awareness and knowledge of Islamic accounting standards for Islamic financial institutions are very low in Nigeria. Similarly, Umar et al (2021) applied the same method to explain the insignificant contributions of educational institutions and professional associations to spreading awareness and knowledge of Islamic banking and finance in Nigeria.…”

“…According to Ahmed (2010), a documentary method is applied in various fields, such as business, economics, communications, medicine, education, medicine, anthropology, political science, social work and sociology. However, few studies have been found to apply the documentary method in the general field of accounting, business and finance (Umar et al , 2021; Umar and Kurawa, 2021). Hence, our study provides an alternative way of examining not only CSR initiatives and activities of companies but also other areas of research in accounting and finance.…”

Evaluation of Awareness and Perception of Islamic Microfinance Institutions and Higher Education Institutions in Indonesia Towards the Implementation of Sharia Governance: Dyad's Perspective

“…The contrasting perceptions and insights between Islamic Microfinance Institutions show the need to place sharia governance as the main course in higher education. In line with the opinion of Umar et al (2021), it was found that Islamic banking and finance issues have not received special attention to the extent that awareness and knowledge will be promoted. Universities can see the potential of developing student knowledge and insights for the future of students themselves and also universities.…”

“…From the previous findings, insights regarding SG need to be considered. So this study aims to evaluate and According to Umar et al (2021), nature of this, academic and professional institutions can play an important role in promoting awareness and knowledge of Islamic banking and finance.…”