1. What is Non-interest Finance?
Non-interest finance is a way of providing financial services without charging interest.
Instead, it uses:
- Profit and loss sharing
- Asset-backed financing
- Leasing arrangements
- Partnership-based investments
All transactions follow ethical and commercial principles.
2. Is Non-interest (Islamic) Finance new in Nigeria?
No. It is not new.
Non-interest finance has been part of Nigeria’s financial system since 2011, with:
- Licensed Islamic banks
- Takaful (Islamic insurance) operators
- Sukuk (Islamic bonds)
3. How has Non-interest Finance contributed to Nigeria’s economy?
It has made clear contributions, including:
- Sukuk bonds funding roads and bridges nationwide
- Takaful insurance expanding ethical insurance options
- Islamic banks supporting small and medium-sized businesses
Today, the sector is worth about ₦2.5 trillion and continues to grow.
No Comment! Be the first one.