Research Article

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

Oladimeji Johnson Abiodun1*, Alexander Ezekiel1
1 Department of Finance, University of Lagos
* Corresponding author: joladimeji@unilag.edu.ng
Published: Dec, 2023
DOI: 10.67894/bjms.2023.xove9cea
Pages: 124-139

Abstract

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. 

Keywords

Islamic Banking Gem Sharia-compliant Competitive strategies Risk-Sharing Green banking.

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How to Cite

Abiodun, O. J., & Ezekiel, A. (2023). ISLAMIC FINANCE IN NIGERIA: A GEM IN THE DIRT OR A HOARSE. Bayero Journal of Management Sciences, 5(2), 124-139. https://doi.org/10.67894/bjms.2023.xove9cea

O. J. Abiodun, and A. Ezekiel, "ISLAMIC FINANCE IN NIGERIA: A GEM IN THE DIRT OR A HOARSE," Bayero Journal of Management Sciences, vol. 5, no. 2, pp. 124-139, December 2023. doi: 10.67894/bjms.2023.xove9cea

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