Impact of Islamic Banking on Socio-economic development among Muslim Community: A Study at Jaiz Bank in Sokoto Nigeria
International Journal of Research Publication, 3 (1003142018108):
19 (April 2018)DOI: 1003142018108.pdf
Abstract
This paper will examined the Impact of Islamic banking on socio-economic development among the Muslim community. The research has been conducted at a Jaiz bank in Sokoto Nigeria. A case study research design was employed, targeting a population of 121 confirmed staffs of the Islamic banking situated in Sokoto state, with a sample size of 93 confirmed staffs that were randomly selected. Findings of the study reveal a sharp difference in the financial activities of conventional banks and Islamic banks. Such differences include value of money, interest rate, equity contribution, level of agreement on capital finance, and return of asset (ROA). Based on the findings of this paper, it was recommended that Government of Sokoto state should establish an interest free bank based on Islamic ethics and values. Muslim customers should shun Riba (Usury). This can be achieved by investing in Islamic banks for the betterment of the state and also for the betterment of their personal lives in this world and the hereafter.