Islamic Microfinance Banks Can Enable Nigerians Access to Micro-Credit

According to Adnan Opeyemi Salaudeen, Research Assistant at International Islamic University Malaysia (IIUM), Nigerians could be able to access micro-credit through Islamic microfinance banks in the country which would be significant in tackling poverty and also be utilised as a tool for economic empowerment.

Why it Matters?

Explaining the role of Islamic microfinance institutions, Salaudeen said these institutions have the ability to provide micro-savings, increase financial inclusion as well as provide the poor, low-income earners and unbanked communities accessibility to other financial services in addition to providing micro-credit. However, Salaudeen stated that factors such as high share capital requirements, obtaining licenses not being feasibl...