The need to reassess the opportunities provided by the Islamic finance system in combating the current financial crisis is a welcome development. The collapse of leading Wall Street institutions, notably Lehman Brothers, and the subsequent global financial crisis and economic recession, are encouraging economists around the world to consider alternative financial solutions. Nigeria has however stuck to its traditional western styled banking system.
Until recently discussions on Islamic banking and finance as an alternative model have been in muted tones and the reason is simple. Nobody wanted to stir the hornet nest and spun religious jingoism. In real terms, Islamic banking is actually an economic practice that has proven successful even in the United Kingdom and United States of America among others………………………………………..Full Article: Source