BAKOLORI JOURNAL OF GENERAL STUDIES

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Sani, Y. (2020). ISLAMIC BANKING SYSTEM: A PANACEA FOR FINANCIAL INCLUSION IN NORTHERN NIGERIA. BAKOLORI JOURNAL OF GENERAL STUDIES, 10, 1-2. https://doi.org/10.xxxx/abcd

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Abstract

The problem of financial exclusion has been a lingering issue that continues to render many underprivileged and sometimes religious-minded people financially excluded in northern Nigeria. This undermines their contributions to the various sector of the Nigerian economy and thus a stumbling block to the realization of sustainable development goals. Using the questionnaire survey and descriptive analysis with the help of SPSS the study identifies the high cost of finance, lack of trust, irregular income, proximity, and lack of awareness and illiteracy as the major causes of financial exclusion in northern Nigeria. The paper concludes that the use of the Islamic banking system is not only a solution to the problem of financial exclusion but also a veritable tool for providing an alternative financial service that enhances financial inclusion in compliance with Shari’ah.

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