Arts Literature & Linguistics
Received: 28 Apr 2018 , Published: 11 May 2018
Views: 392 , Download: 182
|1||Sulaiman Garba Abubakar and Balarabe Aliyu Adiyyah|
This paper will examined the Impact of Islamic banking on socio-economic development among the Muslim community. The research has been conducted at a Jaiz bank in Sokoto Nigeria. A case study research design was employed, targeting a population of 121 confirmed staffs of the Islamic banking situated in Sokoto state, with a sample size of 93 confirmed staffs that were randomly selected. Findings of the study reveal a sharp difference in the financial activities of conventional banks and Islamic banks. Such differences include value of money, interest rate, equity contribution, level of agreement on capital finance, and return of asset (ROA). Based on the findings of this paper, it was recommended that Government of Sokoto state should establish an interest free bank based on Islamic ethics and values. Muslim customers should shun Riba (Usury). This can be achieved by investing in Islamic banks for the betterment of the state and also for the betterment of their personal lives in this world and the hereafter.
Al Rajhi, A. S. (1999). Islamic Banks: Technology and Global Challenges and Opportunities. Proceedings of the Third Harvard University Forum on Islamic Finance. Center for Middle Eastern Studies, Harvard University, 177-178. Amin, F. M. (2005). Social Science Research: Conceptions, Methodology, and Analysis. Kampala: Makarere University Printing Press. Bahar, A. A. (1999). Islamic Finance and Investment: A New Era. Proceedings of the Second Harvard University Forum on Islamic Finance. Center for Middle Eastern Studies, Harvard University, 179-181. Bagehot, W. (1873). Lombard Street: A Description of the Money Market. London: Henry S. King and Co. Beck, T., Levine, R., & Loayza, N. (2000). Finance and the Sources of Growth. Journal of Financial Economics, 58:1, 261-300. Beck, T., Demirguc-Kunt, A., & Merrouche, O. (2010). Islamic vs. Conventional Banking: Business Model, Efficiency and Stability. World Bank Working Paper No. 5446. Choudhury, M. A., & Malik, U. A. (1992). The Foundations of Islamic Political Economy, London: MacMillan. Choudhury, M. A. (1999). Resource Mobilization and Development Goals for Islamic Banks. Proceedings of the Second Harvard University Forum on Islamic Finance. Center for Middle Eastern Studies, Harvard University, 31-50. Cihak, M., & Hesse, H. (2008). Islamic Banks and Financial Stability: An Empirical Analysis. IMF Working Paper. Demirguc, K., A., Feyen, E.,& Levine, R. (2012). The Evolving Importance ofBanks and Securities Markets. National Bureau of Economic Research Working PaperNo. 18004. Furqani, H. (2009). Islamic Banking and Economic Growth: Empirical Evidence from Malaysia. Journal of Economic Cooperation and Development, 30:2, 59-74. Hasan, M., & Dridi, J. (2010). The Effects of the Global Crisis on Islamic and Conventional Banks: A Comparative Study. IMF Working Paper. Imam, S., Patrick, M., Kpodar, C., & Kangni. (2010). Islamic Banking: How Has it Diffused? IMF Working Paper. Jain, L.C. (1929). Indigenous Banking in India, London: MacMillian & Co. Johnson, K. (2013). The Role of Islamic Banking in Economic Growth. CMC Senior Theses. Paper 642. http://scholarship.claremont.edu/cmc_theses/642 Keynes, J. M. (1936). A General Theory of Employment, Interest and Money. London: MacMillan & Co.