SUSTAINABLE ISLAMIC BANKING: A CONCEPTUAL FRAMEWORK FOR NON-INTEREST BANKS IN NIGERIA
DOI:
https://doi.org/10.31436/ijema.v22i1.252Abstract
This research proposes the use of structure, functions, capacities, Islamic moral economic mode, banking business and accountability as consolidated framework for Islamic banking sustainability in Nigeria. The study introduces the framework and assesses its suitability in Nigeria using content analysis of thematic coding units. Qualitative analyses of the six documents were carried out in the research, out of which five of them were issued by the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) drafted the remainder document. The paper
also uses exhortations from the noble QurÒÉn and HadÊth on good practice of morality, justice and equity relating to business and monetary issues. The findings reveal that all themes had met the criterion of acceptability and supported the framework applicability and suitability in Nigeria. It is suggested for the existing Islamic bank (Jaiz) to adopt this proposed framework for its sustenance in the system. Finally, the paper recommends for method and data triangulation in further research.
References
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Banks and Bank Systems6, no. 1 (2011): 99-109.
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Overcoming the Social Failure of Islamic Banking and Finance:
Examining the Overpowering of Homoislamicusby
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Management 15, no. 2 (2007): 167-95.
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Role of the Central Bank of Nigeria†Australian Journal of
Business and Management Research 1 no.2 (2011):14-29.
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Operators’ Behaviors.†M. Sc. Thesis, University of
Pennsylvania 2010.
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for Business. West Sussex, England: John Wiley & Sons Ltd.,
2007.
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Hasan, Z. “Corporate Governance of Islamic Financial Institutions.â€
Paper presented at the Conference on Malaysian Study of
Islam,University of Wales, Lamperter, United Kingdom: 28-29
June, 2008.
________.“Corporate Governance from Western and Islamic
Perspective.â€Paper presented at the Annual London Conference
on Money, Economy and Management, Imperial College, South
Kensington, United Kingdom, 3-4 July 2008.
________. “Corporate Governance in Islamic Financial Institutions:
An Ethical Perspective.†Prime Journals of Business
Administration and Management (BAM) 2, no.1 (2012):405-11,
http://www.primejournal.org/BAM/pdf/2012/jan/Hasan.pdf
________. “Money Creation and Control from Islamic Perspective.â€
Journal of Islamic Business and Management 1 no.1, (2011):49-68.
Honorati, M., L. Rawlings, and J.V. Domelen. “Results-Based
Lending Approaches in Social Protection and Labor-World Bank
Experiences.†no. 1, World Bank (2011) :1-8.
http://siteresources.worldbank.org/socialprotection/resources/280
558-1321035196097/SPL_Policy_Note_1.pdf
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60 International Journal of Economics, Management and Accounting 22, no. 1 (2014)
Izhar, H. and M. Asutay. “A Theoretical Analysis of the Operational
Risk Framework in Islamic Banks. â€IIUM Journal of Economics
and Management 18, no. 1 (2010): 73-113
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Magazine, January 2008:47-53.
http://www.criticmagazine.pk/PDF/CRITIC_Business_Managem
ent_in_Quran.pdf
Kahf, M. “Success Factors of Islamic Banks: Based on a Study of the
Actual Conduct of Some Islamic Banks.†Paper prepared for the
Brunei Symposium on Islamic Banking and Finance, jointly
organized by Islamic Research and Training Institute and
University of Brunei: Darussalam, Brunei, 5-7, January 2004.
Kama, U.I. “The Constraints and Prospects of Effective Financial
Surveillance in Nigeria.â€In Central Bank of Nigeria Seminar on
issues in financial institutions surveillance in Nigeria, 60-67.
Lagos: Central Bank of Nigeria Training Centre, no. 3,
2003.http://www.cenbank.org/out/publications/guidelines/pid/20
04/surveillance.pdf
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of Consumer Research, 4, no. 1(1977): 8-18.
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Money. London: Macmillan, 1936.
Khan, M.M. “ØaÃÊà al-BukhÉrÊ: English Translation of the Meaningsâ€
Dar-us-Salam Publications, Volume 8, Book 82, number 840:
(1997).http://muttaqun.com/files/PDF/sahih-bukhari.pdf
Lewis, M.K. “Comparing Islamic and Christian attitude to Usury.â€In
Handbook of Islamic Banking, edited by Hassan, M. K.and
Lewis, M.K. 64-81.Cheltenham; Edward Elgar Publishing
Limited, 2007.
Marktanner, M. “Addressing the Marketing Problem of the Social
Market Economy.†In 60 Years of Social Market Economy
Formation, Development and Perspectives of Peacemaking
Formula, edited by Christian L. Glossner D. G. 170-88. Berlin,
Germany: Konrad-Adenauer-Stiftunge. V., 2010.
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edition). Thousand Oaks, C.A: Sage, 1994.
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Quantitative Approaches (2nd Edition). Boston: Pearson
Education Inc. 2007.
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non-interest deposit insurance schemeâ€, 2011. http://www.ndic.org.ng/draft-framework-for-non-interest-depositinsurance-scheme.html.
Noor, S. “Is this really Islamic Banking? A panel Discussion.â€Critic
Magazine, January 2008: 14-23. www.criticmagazine.pk/PDF/CRITIC_Islamic_Banking.pdf
Nor, M.S. and M. Asutay, “Re-Considering CSR and Sustainability
Identity of Islamic Banks in Malaysia: An Empirical Analysis.â€
Paper presented during the 8th International Conference on
Islamic Economics and Finance. Doha, Qatar;
2011.http://conference.qfis.edu.qa/app/media/324
Nwoha, I. “Operational Requirements for Banking Supervision and
Examination in Nigeria.â€In Central Bank of Nigeria Seminar on
issues in financial institutions surveillance in Nigeria, 26-36.
Lagos: Central Bank of Nigeria Training Centre, no. 3,
2003.http://www.cenbank.org/out/publications/guidelines/pid/20
04/surveillance.pdf
Olorunshola A.J. “Financial System Regulation in Nigeria:
Theoretical Framework and Institutional Arrangements.â€In
Central Bank of Nigeria Seminar on issues in financial
institutions surveillance in Nigeria, 18-25. Lagos: Central Bank
of Nigeria Training Centre, no. 3, 2003.
http://www.cenbank.org/out/publications/guidelines/pid/2004/sur
veillance.pdf
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(7th Edition). Singapore: McGraw-Hill, 2008.
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Paper Presented at Mark field Institute of Higher Education
(MIHE), Leicestershire, United Kingdome, 17 June, 2011.
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Building Approach (5th edition). West Sussex, England: Wiley,
2010.
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the development challenges of the 21st century.†Addressed by
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Nigeria, at the Special Meeting of the Bankers’ Committee,
Abuja, 6 July 2004.
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in Islamic Banking Institutions Islamic Banking Department
Circular No: 02 of 2008.
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for the Printing of the Holy Quran, Madina, K.S.A. 1419AH.
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Emerging Economies 1, no. 2 ( 2011):100-33.
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Handbook. UNDG 2010.
Warde, I. Islamic Finance in the Global Economy. Edinburgh
University Press: George Square, Edinburgh, 2000.
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Realities of Islamic Economics: a Political Economy Approach
to Bridging the Divide.†IIUM Journal of Economics and Management 17, no. 1 (2009): 73-96.
Economics and Management 10, no. 1 (2002): 1-30.
Adegbaju A.A and F.O. Olokoyo. “Recapitalization and Banks’ Performance: A Case Study of Nigerian Banks.†African Economic and Business Review 6, no. 1 (2008): 1-17.
Adeyemin B. “Bank Failure in Nigeria: A Consequence of Capital Inadequacy, Lack of Transparency and Non-Performing Loans?â€
Banks and Bank Systems6, no. 1 (2011): 99-109.
Ahmad, A., K.Rehman, and A.A. Humayoun, “Islamic Banking and Prohibition of Riba/interest.â€African Journal of Business Management 5 no. 5 (2011): 1763-67.
Aliyu, S. “Implications of Child Poverty on the Nigerian Economy.â€
Paper Presented at Tenth Academic Staff Union of Polytechnic
National Conference, Bauchi, Nigeria, 8-11 October, 2012.
Asutay, M. “Conceptualisation of The Second Best Solution in
Overcoming the Social Failure of Islamic Banking and Finance:
Examining the Overpowering of Homoislamicusby
Homoeconomicus.†IIUM Journal of Economics and
Management 15, no. 2 (2007): 167-95.
Berelson, B. Content Analysis in Communications Research.
Glencoe, III: Free Press, 1952.
Brinkerhoff, D.W. “Accountability and Health systems: Toward
Conceptual Clarity and Policy Relevance.†Health Policy and
Planning 19, no. 6 (2004): 371-9.
Central Bank of Nigeria, (CBN). Competency Framework for the
Nigerian Banking Industry.Abuja: Central Bank of Nigeria, 2012.
http:www.cenbank.org/Out/2012/CCD/Competency%20Framework.pdf.
________. Framework for Consolidated Supervision of Financial
Institutions in Nigeria.Central Bank of Nigeria, Abuja, 2013.
http://www.fsrcc.gov.ng/files/Framework%20for%20Consolidated%
20Supervision.pdf.
________.Framework for the Regulation and Supervision of Noninterest
Financial Institutions in Nigeria.Central Bank of Nigeria, Abuja, 2011.http://www.cenbank.org.
________. Guideline on Non-interest Window and Branches
Operations of Conventional Banks and Other Financial
Institutions.Central Bank of Nigeria, Abuja, 2011.http://www.cenbank.org/out/2011/circulars/fpr/final%20guidelines%20on%20windows.pdf.
58 International Journal of Economics, Management and Accounting 22, no. 1 (2014)
________. Guidelines for the Regulation and Supervision of
Institutions Offering Non-Interest Financial Services in Nigeriaâ€
Central Bank of Nigeria. Abuja, 2011. http://www.cenbank.org/Out/2011/pressrelease/gvd/NonInterest%20Banking%20Guidelines%20June%2020%202011.pdf
________. Guidelines on Electronic Banking in Nigeria.Central
Bank of Nigeria, Abuja 2003. http:www.cenbank.org/out/publications/bsd/2003/ebanking.pdf.
________. Supervisory Intervention Framework for the Banking
Industries in Nigeria. Abuja: Central Bank of Nigeria,
2011.http://www.cenbank.org/out/2011/publications/bsd/cbn%20
supervisory%20intervention%20guideline%202011%20final%2
0to%20publish%20v%202.pdf.
________. Guideline on Shariah Governance for Non-interest Financial Institutions in Nigeria. Abuja: Central Bank of Nigeria,
2010.http://www.cenbank.org/out/2011/circulars/fpr/final%20gui
dleines%20on%20shariah%20governance.pdf.
________. Prudential Guidelines for Deposit Money Banks in
Nigeria.Central Bank of Nigeria, Abuja, 2010.
http://www.cenbank.org/out/2010/publications/bsd/prudential%2
0guidelines%2030%20june%202010%20final%20%20_3_.pdf.
Cooper, D.R. and P. S. Schindler. Business Research Methods (11th
Edition). Singapore: McGraw-Hill, 2011.
Dakhlallah, K. and H. Miniaoui. “Islamic Banks vs. Non Islamic
Ethical Dimensions.â€Proceedings of the 2nd International
Conference on Business and Economic Research, Global
Research Agency, Holiday Villa Beach Resort and
Spa,Langkawi, Kedah, Malaysia,14-16 March,2011: 2141-48.
Daud, M., I. Yussof and A. Abideen. “The Establishment and
Operation of Islamic Banks in Nigeria: Perception Study on the
Role of the Central Bank of Nigeria†Australian Journal of
Business and Management Research 1 no.2 (2011):14-29.
Emefiele, G. “Financial System Surveillance: The Operators
Perspective†In Central Bank of Nigeria Seminar on issues in
financial institutions surveillance in Nigeria, 54-59. Lagos:
Central Bank of Nigeria Training Centre, no. 3,
2003.http://www.cenbank.org/out/publications/guidelines/pid/20
04/surveillance.pdf
Ernest, I.E. “Bank Consolidation in Nigeria: Marketing Implications
and Challenges for the Surviving Banks†Arts and Social
Sciences Journal31 (2012): 1-13.
Federal Republic of Nigeria “Banks and Other Financial Institutions
Act (BOFIA)â€, Federal Republic of Nigeria, Lagosno. 25 (1991)
as amended. http://ndic.org.ng/files/bofia.pdf.
Federal Republic of Nigeria.“Companies and Allied Matters Act
(CAMA)†Federal Republic of Nigeria; LagosDecree no. 1
(1990) as amended. www.placng.org/new/laws/C20.pdf
Francis C.C. “Corporate Governance in the Nigerian Banking Sector:
An Ethical Analysis of the 2009 Regulator Intervention and
Operators’ Behaviors.†M. Sc. Thesis, University of
Pennsylvania 2010.
Hair, J., F.A.Money, H.P. Samouel and M. Page. Research Methods
for Business. West Sussex, England: John Wiley & Sons Ltd.,
2007.
Hassan, A. Sunan Abu Dawud: English translation of the meaning
Book 22, Number 3327 (2000).
http://islamicbulletin.com/free_downloads/resources/sunan_abu_
dawud.pdf
Hassan, M.K. A Primer on Islamic Banking and
Finance.http://www.uibk.ac.at/wuv/pdf/ss2009/primer_on_ibsinnsbruck_kabir_hassan.pdf.
Hasan, Z. “Corporate Governance of Islamic Financial Institutions.â€
Paper presented at the Conference on Malaysian Study of
Islam,University of Wales, Lamperter, United Kingdom: 28-29
June, 2008.
________.“Corporate Governance from Western and Islamic
Perspective.â€Paper presented at the Annual London Conference
on Money, Economy and Management, Imperial College, South
Kensington, United Kingdom, 3-4 July 2008.
________. “Corporate Governance in Islamic Financial Institutions:
An Ethical Perspective.†Prime Journals of Business
Administration and Management (BAM) 2, no.1 (2012):405-11,
http://www.primejournal.org/BAM/pdf/2012/jan/Hasan.pdf
________. “Money Creation and Control from Islamic Perspective.â€
Journal of Islamic Business and Management 1 no.1, (2011):49-68.
Honorati, M., L. Rawlings, and J.V. Domelen. “Results-Based
Lending Approaches in Social Protection and Labor-World Bank
Experiences.†no. 1, World Bank (2011) :1-8.
http://siteresources.worldbank.org/socialprotection/resources/280
558-1321035196097/SPL_Policy_Note_1.pdf
International Trade Centre-ITC Islamic Banking: A Guide for Small
and Medium-Size Enterprises. Geneva: ITC, 2009.
60 International Journal of Economics, Management and Accounting 22, no. 1 (2014)
Izhar, H. and M. Asutay. “A Theoretical Analysis of the Operational
Risk Framework in Islamic Banks. â€IIUM Journal of Economics
and Management 18, no. 1 (2010): 73-113
Javaid, O. “Business Management as Taught by Quran.†Critic
Magazine, January 2008:47-53.
http://www.criticmagazine.pk/PDF/CRITIC_Business_Managem
ent_in_Quran.pdf
Kahf, M. “Success Factors of Islamic Banks: Based on a Study of the
Actual Conduct of Some Islamic Banks.†Paper prepared for the
Brunei Symposium on Islamic Banking and Finance, jointly
organized by Islamic Research and Training Institute and
University of Brunei: Darussalam, Brunei, 5-7, January 2004.
Kama, U.I. “The Constraints and Prospects of Effective Financial
Surveillance in Nigeria.â€In Central Bank of Nigeria Seminar on
issues in financial institutions surveillance in Nigeria, 60-67.
Lagos: Central Bank of Nigeria Training Centre, no. 3,
2003.http://www.cenbank.org/out/publications/guidelines/pid/20
04/surveillance.pdf
Kassarjian, H.H. “Content Analysis in Consumer Research.â€Journal
of Consumer Research, 4, no. 1(1977): 8-18.
Keynes, J. The General Theory of Employment, Interest, and
Money. London: Macmillan, 1936.
Khan, M.M. “ØaÃÊà al-BukhÉrÊ: English Translation of the Meaningsâ€
Dar-us-Salam Publications, Volume 8, Book 82, number 840:
(1997).http://muttaqun.com/files/PDF/sahih-bukhari.pdf
Lewis, M.K. “Comparing Islamic and Christian attitude to Usury.â€In
Handbook of Islamic Banking, edited by Hassan, M. K.and
Lewis, M.K. 64-81.Cheltenham; Edward Elgar Publishing
Limited, 2007.
Marktanner, M. “Addressing the Marketing Problem of the Social
Market Economy.†In 60 Years of Social Market Economy
Formation, Development and Perspectives of Peacemaking
Formula, edited by Christian L. Glossner D. G. 170-88. Berlin,
Germany: Konrad-Adenauer-Stiftunge. V., 2010.
Miles, M. B and A.M. Huberman. Qualitative data analysis (2nd
edition). Thousand Oaks, C.A: Sage, 1994.
Neuman L.W. Basics of Social Research Qualitative and
Quantitative Approaches (2nd Edition). Boston: Pearson
Education Inc. 2007.
Nigeria Deposit Insurance Corporation (NDIC). “Draft framework for
non-interest deposit insurance schemeâ€, 2011. http://www.ndic.org.ng/draft-framework-for-non-interest-depositinsurance-scheme.html.
Noor, S. “Is this really Islamic Banking? A panel Discussion.â€Critic
Magazine, January 2008: 14-23. www.criticmagazine.pk/PDF/CRITIC_Islamic_Banking.pdf
Nor, M.S. and M. Asutay, “Re-Considering CSR and Sustainability
Identity of Islamic Banks in Malaysia: An Empirical Analysis.â€
Paper presented during the 8th International Conference on
Islamic Economics and Finance. Doha, Qatar;
2011.http://conference.qfis.edu.qa/app/media/324
Nwoha, I. “Operational Requirements for Banking Supervision and
Examination in Nigeria.â€In Central Bank of Nigeria Seminar on
issues in financial institutions surveillance in Nigeria, 26-36.
Lagos: Central Bank of Nigeria Training Centre, no. 3,
2003.http://www.cenbank.org/out/publications/guidelines/pid/20
04/surveillance.pdf
Olorunshola A.J. “Financial System Regulation in Nigeria:
Theoretical Framework and Institutional Arrangements.â€In
Central Bank of Nigeria Seminar on issues in financial
institutions surveillance in Nigeria, 18-25. Lagos: Central Bank
of Nigeria Training Centre, no. 3, 2003.
http://www.cenbank.org/out/publications/guidelines/pid/2004/sur
veillance.pdf
Ross, P.S. and S. Hudgins, Bank Management & Financial Services
(7th Edition). Singapore: McGraw-Hill, 2008.
Sanusi L.S. “Islamic Finance in Nigeria: Issues and Challenges.†A
Paper Presented at Mark field Institute of Higher Education
(MIHE), Leicestershire, United Kingdome, 17 June, 2011.
Sekaran, U. and R. Bougie. Research Methods for Business: A skill
Building Approach (5th edition). West Sussex, England: Wiley,
2010.
Shordt, K. Action Monitoring for Effectiveness: Improving Water,
Hygiene and Environmental Sanitation Programmes. IRC
International Water and Sanitation Centre Delft, the Netherlands,
Part I: 2000.
Soludo, C.C. “Consolidating the Nigerian banking industry to meet
the development challenges of the 21st century.†Addressed by
Mr Charles Chukwuma Soludo, Governor of the Central Bank of
Nigeria, at the Special Meeting of the Bankers’ Committee,
Abuja, 6 July 2004.
State Bank of Pakistan, (SBP) Instructions for Shariah Compliance
in Islamic Banking Institutions Islamic Banking Department
Circular No: 02 of 2008.
Taqi-ud-Din, M. and M.M. Khan. The Noble Quran: English
Translation of Meaning and Commentary. King Fahd Complex
for the Printing of the Holy Quran, Madina, K.S.A. 1419AH.
Turvey, G.C. He, G.G. Kong, J. Ma, and P. Meagher. “The 7 Cs of
rural credit in China.â€Journal of Agribusiness in Developing and
Emerging Economies 1, no. 2 ( 2011):100-33.
United Nations Development Group. Results-Based Management
Handbook. UNDG 2010.
Warde, I. Islamic Finance in the Global Economy. Edinburgh
University Press: George Square, Edinburgh, 2000.
Zaman, N. and M. Asutay, “Divergence between Aspirations and
Realities of Islamic Economics: a Political Economy Approach
to Bridging the Divide.†IIUM Journal of Economics and Management 17, no. 1 (2009): 73-96.
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Published
2014-06-30
How to Cite
Aliyu, S. (2014). SUSTAINABLE ISLAMIC BANKING: A CONCEPTUAL FRAMEWORK FOR NON-INTEREST BANKS IN NIGERIA. International Journal of Economics, Management and Accounting, 22(1). https://doi.org/10.31436/ijema.v22i1.252
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