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All Journal LECTURES: Journal of Islamic and Education Studies ORGANIZE: Journal of Economics, Management and Finance Al-Fadilah: Islamic Economics Journal
Olaitan Abdulkabir Oladapo
Unknown Affiliation
Religion Economics, Econometrics & Finance Education Social Sciences

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Rethinking Solutions: Utilizing Islamic Ethics to Tackle Nigeria's Multifaceted Challenges Olaitan Abdulkabir Oladapo
LECTURES: Journal of Islamic and Education Studies Vol. 2 No. 4 (2023): Progressive Islamic and Education Studies
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58355/lectures.v2i4.64

Abstract

Nigeria, a country endowed with abundant natural resources, is plagued with multidimensional challenges that have hindered its progress and development. The challenges include poverty, corruption, insecurity, ethnic and religious conflicts, unemployment, poor infrastructure, and economic instability, among others. This study examines the potential of Islamic ethics as a solution to the multidimensional problems in Nigeria. Using a qualitative research approach, the study explores the ethical principles of Islam and how they can be applied in Nigeria to address the challenges facing the country. The findings of this study could contribute to the development of policies and strategies for sustainable development in Nigeria, providing a new perspective on how to address the challenges facing the country.
Legal and Ethical Dimensions of Islamic Microfinance in Poverty Alleviation: A Critical Analysis Olaitan Abdulkabir Oladapo
ORGANIZE: Journal of Economics, Management and Finance Vol. 3 No. 4 (2024): Economic Transformation and Development
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58355/organize.v3i4.116

Abstract

According to the World Bank’s (2019) study, poverty accounts for more than 70% of the total population in Nigeria, implying that over 130 million people in the country, live in poverty. This pathetic situation is further aggravated by financial exclusion whereby low-income people are neglected away from the financial system because they are considered uneconomical to serve or too difficult to reach. According to the World Bank’s Global Findex, 1.7 billion adults globally are financially excluded, living without formal credit or savings (FINCA International, 2024).  Recently, microfinance has emerged as an important instrument of poverty alleviation in the developing countries with more than 7000 micro lending institutions providing loans to more than 25 million poor individuals across the world (Dahiru and Hassan, 2008). Despite the number of microfinance banks in Nigeria with over 800 of them in the country, Microfinance banks’ contribution to Nigeria’s economy is less than 1% (National Bureau of Statistics (NBS), 2020). The question now is, where lies the problem? Through a doctrinal approach, it is observed that the system of operation and management of Microfinance banks in Nigeria has eroded their primary objective (financial inclusion). This is mainly due to the imposition of high interest rate by Microfinance Institutions, poor risk management mechanism, weak organizational structure, insufficient capital, shortage of experts, among others. With its success in some parts of Nigeria such as Al-Barakah Microfinance Bank in Lagos state, Islamic microfinance is recommended to be the real solution in achieving financial inclusion through its products that are interest-free and customer-friendly to the poor and middle-class citizens, in a bid to ensure optimum poverty alleviation in a well regulated and ethical business environment.
Enforcement of Islamic Finance Contracts: A Comparative Study of Common Law And Shari’ah Court Olaitan Abdulkabir Oladapo
Al-Fadilah: Islamic Economics Journal Vol. 2 No. 2 (2024): Potential and Innovation in Islamic Economic
Publisher : Penerbit Hellow Pustaka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61166/fadilah.v2i2.30

Abstract

It is unarguably that Islamic finance is a fast-growing financial system that left everyone in bewilderment. Despite the blows of resistance to its growth, Islamic finance has grown to involve over three hundred financial institutions in both Muslim countries and international financial markets for the past three decades (Rodney, 2002). More than 50 Islamic Financial Institutions among the 600 institutions in the world today are situated in Africa (ICD, 2015 report). Coming down to Nigeria, an estimated size of United States Dollars (USD) 2.3 billion was recorded from the Islamic finance industry in 2021 (Amarachi and Ibrahim).  Proponents of Islamic finance viewed the growth of Islamic finance as an “explosion”, describing it as the rise of Islam and an important trend in global finance (Umar and Ahmad, 2009). Despite all the business opportunities that Islamic finance proffers, enforcement of agreements arising out of Islamic finance principles especially in courts of common law origin poses a major hindrance to the speedy growth of Islamic finance across the globe with Nigeria as a case study. Employing a doctrinal methodology, this paper envisages that with proper orientation of customers and business people about the prospects of Islamic finance as an ethical and interest-free financial system, positive approach to Islamic finance by members of the public, acting within the scope of Shari’ah principles by parties to Islamic finance contracts and governmental supports together with  conducive operational and legal frameworks, a progressive Islamic finance administration can be sustained in the society.
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