Scholarly Works
Permanent URI for this collectionhttps://repository.ui.edu.ng/handle/123456789/318
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Item Customers' awareness, attitude and patronage of islamic banking in Nigeria(International Institute of Advanced Islamic Studies, Malaysia, 2015-07) Kareem, M. K.This study examines customers’ awareness of Islamic banking products and services in Nigeria and explores their attitude towards them. It also investigates their patronage of the banks. An 18-item questionnaire was designed for businesspersons, Muslims and non-Muslims, to obtain information on issues such as awareness of Islamic banking, loans without interest, collateral security, agency, partnership based on sharing of profits and losses and patronage of an interest free financial system. The results show the willingness of the Muslims and a large number of non-Muslims to patronise Islamic banking products and services. Products and services offered by a large number of the respondents were sharī‘ah-compliant. Their readiness to give collateral security, which is neither compulsory nor against the dictates of Islam, indicates their attitude and preparedness to patronise Islamic banks. However, a few non-Muslim respondents state they will not patronise Islamic banking products even if they are profitable and they are the only products in the banking sector in Nigeria. This study will assist promoters of Islamic banks in Nigeria to know where they can establish full-fledged Islamic banks. There is need for the existing and the potential Islamic banks to create more public awareness on Islamic banks.Item Time value of money and the chronological revelations on riba in the quran(Department of Religious Studies, Obafemi Awolowo University, Ile-Ife, Nigeria, 2016) Kareem, M. K.While some Scholars are of the view that Islam permits simple interest but frowns at compound interest due to time value of money, many consider both to be prohibited. It is against this backdrop that the paper examines and interprets the meaning of the word riba in the contexts in which they are used in the four places in the Qur’an and the Hadith. Using the analysis in these sources, the study finds that ad'afan mudd ‘afah in Q3:130 means a continual increment which could lead to the doubling and re-doubling of the original capital against confining it to compound interest. Our analysis shows that the usury that was forbidden for the Jews was the same with the usury of the pre-Islamic period that was banned for Muslims. It is noted that the Qur’an (Q2:278-279) prohibits all forms of riba, simple or compound, at the beginning of the contract or at the due date. The paper reveals that Islam does not attach value with time. Spot market where commodity and price are exchanged simultaneously is in line with the dictates of Islam. However, it is allowed to postpone delivery of commodity or price. Both cannot be delayed. Our analysis shows that if the same commodity is being exchanged, there should be equality in quantity and prompt delivery. By making the quantity equal, the quality has been ignored. If the quality is to be considered, both the qualities need to be converted into money and exchanged at market prices. If the commodities being exchanged are different, then there should be prompt delivery. Keywords: Riba, time value of money, Qur’an, Hadith, interest.Item Time value of money and the chronological revelations of riba in the Quran(2017) Kareem, M. K.While some Scholars are of the view that Islam permits simple interest but frowns at compound interest due to time value of money, many consider both to be prohibited. It is against this backdrop that the paper examines and interprets the meaning of the word riba in the contexts in which they are used in the four places in the Qur’an and the Hadith. Using the analysis in these sources, the study finds that ad'qfan muda'afah in Q3:130 means a continual increment which could lead to the doubling and re-doubling of the original capital against confining it to compound interest. Our analysis shows that the usury that was forbidden for the Jews was the same with the usury of the pre- Islamic period that was banned for Muslims. It is noted that the Qur’an (Q2:278-279) prohibits all forms of riba, simple or compound, at the beginning of the contract or at the due date. The paper reveals that Islam does not attach value with time. Spot market where commodity and price are exchanged simultaneously is in line with the dictates of Islam. However, it is allowed to postpone delivery of commodity or price. Both cannot be delayed. Our analysis shows that if the same commodity is being exchanged, there should be equality in quantity and prompt delivery. By making the quantity equal, the quality has been ignored. If the quality is to be considered, both the qualities need to be converted into money and exchanged at market prices. If the commodities being exchanged are different, then there should be prompt delivery.