The role of Islamic banking in the development of halal science and industry in Nigeria

Bello, Nabil and Jaiyeoba, Haruna Babatunde (2021) The role of Islamic banking in the development of halal science and industry in Nigeria. In: Virtual International Halal Science Conference 21: "Enhancing and Strengthening Halal Industry through Science", Kuala Lumpur.

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Abstract

While halal industry has attracted interests from both developed and developing countries around the world due to its ability to contribute significantly to the nation’s GDP, Nigeria is yet to be seen as active player in this noble industry despite its huge Muslim population with over 50% of its entire population. Given this situation, Islamic banks in Nigeria are well positioned and are expected to remain active in the development of halal industry. As such, this article explores the role of Islamic banking in the development of halal science and halal industry in Nigeria. To achieve this aim, relevant studies were reviewed to discuss how Islamic banks in Nigeria can play enormous roles in positioning and promoting halal industry in the country to become leader in Africa. We posit that Islamic banks can make use of their financial instruments to provide finances for other components of halal ecosystem in the country, such as halal food and beverages, halal cosmetic and personal care, halal ingredients, halal pharmaceutical, halal models fashion, halal medical tourism, halal medical devices, Muslim friendly hospitality, and halal logistics services. Besides, this study also discusses how Islamic banks can play active role in financing researches and sponsoring halal science education to promote halal science in Nigeria. Similarly, they can also play active role in harmonising various certification bodies in Nigeria.

Item Type:	Conference or Workshop Item (Plenary Papers)
Uncontrolled Keywords:	Halal Industry, Halal Science, Islamic Banking, Nigeria
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HG Finance > HG1501 Banking
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	International Institute for Halal Research and Training (INHART)
Depositing User:	Dr. Haruna Babatunde Jaiyeoba
Date Deposited:	14 Sep 2021 14:43
Last Modified:	14 Sep 2021 14:43
URI:	http://irep.iium.edu.my/id/eprint/92253

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