Interest Free Banking in Nigeria: a Key Driver of Nigerian Economi Transformation Agenda

INTRODUCTION

Economic growth and development policies of the third world countries, including Nigeria continue to focus on unpragmatic and less result oriented approaches towards resolving the problems of poverty, despite the critical significance and overwhelming challenges of poverty elimination to the socio-economic progress of these nations.

Overtime this deficiency and the growth complex of the scale of poverty has been recognized; it received a national and international discourse after its relegation to the background by both the “developed” and developing” countries.

The modern economic systems, however, have overtime or strategic for resolving and inconsistent approaches or strategies for resolving many of the socio-economic problems, including of course mass poverty of the third world countries. The modern economic system of capitalism for instance, itself lost firm focus from market to state and back to market again. While socialism on the other hand also adopted in human and unsustainable economic allocations and distribution system, which ended up in reducing human beings to permanent state of wage slavery and this killed their initiatives and spirit of enterprises by collectivization of decision making, the man-made economic system has therefore failed. However, to believes with this statement, just refers yourself to recent global economic melt down caused by capitalism system which of course affects highly countries that adopts man made economic system. The question to ask is why? Without contradicting oneself, we must agree that this occur as a result of neglecting God Almighty’s mode of economic system. However, ````````the Holy Bible and the Holy Qur’an warns against receive and payment of interest especially in the following chapters and verses ’’proverbs 28:8; Exodus 22:25-27; Leviticus 25:35-38; Deuteronomy 23:19-20 etc. Al-Baqarah 2:275-276; Al-Baqarah 2:278-281; Ali-Imran 3:130-131; An-NNisai 4:160-161; Ar-Rum 30:39 etc respectively...