Government Policies On NIF And NICM For SD In Nigeria By Prof Kabir Tahir Hamid
By KABIR TAHIR HAMID
9 months ago
According to the IFSB, Islamic finance industry's assets grew by 11.4% in 2019 to USD2.44 trillion from USD 2.19 trillion recorded in 2018. This positive growth was partly fueled by the increase of Sukuk Issuances amidst continuous appetite from investors for alternative assets (Abbas, 2021). In Nigeria, the Islamic finance sector continues to grow arising from strong enthusiasm from existing and new players, which has resulted in the following developments.Islamic conception of development is endogenously "sustainable" (as defined by the sustainable community) due to its emphasis on responsible use of resources; empathy for others (e.g., through both optional and mandatory charity); and recommendations for simpler lifestyles and minimal consumption. The main principles of Islamic finance are that: Wealth must be generated from legitimate trade and asset-based investment. (The use of money for the purposes of making money is expressly forbidden). Investment should also have a social and an ethical benefit to wider society beyond pure return. The purpose of this paper is to discuss role of government policies on NIF and CM on sustainable development in Nigeria.