Browsing by Author "Aremu , Afis Taiwo"

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    ISLAMIC ASSESSMENT OF NON-INTEREST BANKING AND ITS IMPACT ON SMALL AND MEDIUM SCALE ENTERPRISE (SMSE) IN FCT ABUJA, NIGERIA
    (DEPARTMENT OF ISLAMIC STUDIES, FACULTY OF ARTS, NASARAWA STATE UNIVERSITY, KEFFI NIGERIA 1, 2021-02-18) Aremu , Afis Taiwo
    The demand for fund is mandatory for the Small and Medium Scale Enterprises (SMSE) in FCT Abuja, Nigeria. SMSE has been denied access to fund by commercial banks due to high interest rate and collateral security problem, which is unethical, immoral and prohibited by the Islamic jurisprudence and has worsen the unemployment position and crime rate in FCT. Non interest banking is grounded on the motion that interest on loan is sternly prohibited and its base on sharVah principle with profit and loss sharing (PLS) mechanism. The research is aimed to identify the concepts of non-interest bank, explore the Islamic principle of non-interest bank, to assess the impact of Non- interest bank on SMSE in the area of study and to assess the challenges and prospects of non- interest bank in FCT. The selected population of 180 individual from 3 area councils out of the 6 local councils that constitute FCT were interviewed which consists of entrepreneurs in Bwari area council, Gwagwalada area council and Abuja Municipal council. Primary data were collected through information gathered from the interview conducted, the secondary data were collected from related literature and analyzed through a narrative method and random sampling techniques were used. The research shows that non interest banking has recorded a great impact on SMSE in FCT. The study recommends that Central Bank should provide more regulatory framework to checkmate the activities of the non interest banking so that it would not be confused with the conventional Bank