Embedding Islamic Financial System (IFS) in the Curricula of Schools in Nigeria

Author(s): Lukman Raimi, M. O. Shokunbi, I. B. Suara, A.O. Fadipe

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Abstract: This paper discusses the dynamics of Islamic Financial System (IFS) and the need to have the knowledge embedded in the curricula of schools in Nigeria. The inclusion of this emerging concept becomes imperative in order to enrich the present curricula thereby allowing Nigerians to be better informed and the economy benefit from the sustainable ethical principles inherent in IFS. The authors shed light on the theoretical foundation and the thirteen (13) modes of investment in IFS. The findings from this paper indicate that IFS portends several economic, monetary and fiscal benefits in addition to some surmountable limitations. The important features of Islamic banking & finance are its policy controllability & reliability, customer-friendly services and entrepreneurial-driven nature of its policies, credits and channels of investment. The authors conclude that IFS is not a panic but a panacea to complement the Conventional Financial System.

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