Shariah-Compliant Services can Close the Gap in Nigeria’s Non-Interest Finance Market

Speaking about the current state of Nigeria’s non-interest finance market, Executive Director of Stanbic IBTC Group, Shuaib Audi highlighted that there is currently a major opportunity in Nigeria’s non-interest finance market, considering 51% of the country’s population is Muslim.

He stated that the Central Bank of Nigeria has granted licenses to around 23 banks to operate in the non-interest banking space, a commendable feat for the country.

He also noted that the main challenges facing the growth and development of the Islamic banking and finance sector in Nigeria include a lack of understanding of the market amongst potential customers, as well as growing need fo...