The Way Forward for Islamic Banking System

A Comparative Study between Malaysia and Nigeria

Abstract

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This study sheds light on the way forward for the development and growth of the Islamic banking system. The study employs qualitative approach making use of the indepth field interview with regulatory officers, practitioners, academicians, who are directly involved into the operations of Islamic financial institutions in two countries namely Nigeria and Malaysia. This study has policy implications for the Central Bank of Nigeria (CBN) and other stakeholders in the area of Islamic banking system. The findings of this study will be a source of reference for Nigeria and other countries in formulating a similar concept of Islamic banking system because it identifies the gap which needs to be filled in order to make the system a success. However, this research also affects the policy implications for international societies and also championing the course of financial inclusion.