ISLAMIC FINANCE IN NIGERIA: A GEM IN THE DIRT OR A HOARSE

The study evaluates the strategies adopted by Islamic banks in Nigeria to enhance performance using mixed-methods approach combining SWOT AND PESTEL analyses with survey data to evaluate the competitive strategies. The findings revealed several strengths including innovative financial products, effective differentiation from conventional banks, exceptional customer service and a strong online presence. Opportunities for growth and development were also identified indicating a positive perception among customers, which can be leveraged to expand customer base. However, the study highlights some weaknesses and threats such as economic fluctuations. The findings suggest that Islamic finance in Nigeria can be considered a ‘gem’ with significant potentials and recommends the need to address the weaknesses and capitalizing on strengths and opportunities in order to continue to thrive and contribute to the country’s financial sector.