Comparative Analysis Of Conventional Finance Products And Non-Interest Finance Products In Nigeria
A Conceptual Analysis
Abstract
The emergence of Islamic Financial System (IFS) in Nigeria has generated many questions with respect to its similarities and differences with conventional finance banking system products. There were also agitations on its modes of operations, especially with a view to ascertain its purpose and whether it deviates significantly from conventional financial system. This study was conducted to look into the issues of contemporary relevance to Islamic finance products in Nigeria. It began with examination of scriptural evidences in the Bible, Qur’an and the Torah that outlaw usury. It also x-rays the similarities and differences between both Islamic and conventional financial system products. The study notes practice of IFS and its products is widespread except for its imposition of restriction on morally repugnant transactions. The study recommends its acceptance by business including individuals as well as the government in order to bring the sustainable development goals closer to realization.
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