Akosile, Tesleem Olajuwon Isa and Mohd. Zain, Nor Razinah and Engku Ali, Engku Rabiah Adawiah and Kassim, Salina (2025) The Nigerian sustainability journey: exploring social and financial inclusion. Al-Qanatir: International Journal of Islamic Studies, 34 (1). pp. 205-214. E-ISSN 2289-9944
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Abstract
This study appraises sustainability issues in Nigeria and how Islamic social finance instruments, rather than the current emphasis on financial inclusion, may assist the country in achieving an economically inclusive and prosperous society. The nation struggles with the critical imperatives of financial inclusion in its search for a more just, affluent, and environmentally responsible future. This study offers a thorough analysis of Nigeria's sustainable environment with an emphasis on giving adequate attention to social inclusion through Islamic social finance instruments. The study adopts a qualitative methodology and exploratory research design. It relies on primary data sourced from interviews, and official publications, as well as secondary data from working papers, articles, e-books, websites, and online resources. This study finds that, currently, activities around financial inclusion by banks in Nigeria are seen as a form of business. On the other hand, Islamic social finance activities are largely carried out by not-for-profit organizations with minimal government involvement in promoting or regulating them. The study consequently recommends that beyond the business of financial inclusion, there is the need to encourage the institutionalization of Islamic social finance practices and instruments. Further, the Central Bank of Nigeria (CBN), being the key regulator of Nigeria’s financial industry, is enjoined to evolve and issue regulations and guidelines that will facilitate the institutionalization of Islamic social finance instruments as a way to achieve sustainability through social inclusion. This study intends to offer insightful viewpoints for decision-makers, practitioners, and stakeholders as Nigeria plots its course toward a more sustainable future. It emphasizes the importance of achieving balanced inclusion in promoting sustainable development while acknowledging the difficulties and dangers that may arise along the way. The lessons learned from Nigeria's experience can be applied on a far larger scale because it acts as a microcosm of the global fight for sustainability
| Item Type: | Article (Journal) |
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| Uncontrolled Keywords: | Sustainability, Social Inclusion, Social Finance, Financial Inclusion |
| Subjects: | BPH Islamic Economics > BPH72 Economic development. Growth. Sustainable development. Sustainability H Social Sciences > HG Finance > HG3368 Islamic Banking and Finance K Law > KBP Islamic Law > KBP1 Islamic law.Shariah.Fiqh > KBP490 Furūʻ al-fiqh. Substantive law. Branches of law. > KBP1468 Social laws and legislation |
| Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): | Kulliyyah of Economics and Management Sciences Institute of Islamic Banking & Finance (IIiBF) |
| Depositing User: | Asst. Prof Nor Razinah Mohd. Zain |
| Date Deposited: | 07 Jul 2025 16:02 |
| Last Modified: | 07 Jul 2025 16:02 |
| URI: | http://irep.iium.edu.my/id/eprint/121949 |
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