Original Research Article | OPEN ACCESS
Public Perception of the Role of CBN in the Establishment and Operation of Islamic Banks in Nigeria

S. O. Igbinosa Hussein Momoh

Department of Banking and Finance, Faculty of Management Sciences, University of Benin, Benin City.;

For correspondence:-  S. Igbinosa   Email: osaretin.igbinosa@uniben.edu

Received: September 2, 2020        Accepted: September 28, 2020        Published: September 30, 2020

Citation: Igbinosa SO.Momoh H. Public Perception of the Role of CBN in the Establishment and Operation of Islamic Banks in Nigeria. Account Tax Rev 2020; 4(3):120-138 doi:

© 2020 The authors.
This is an Open Access article that uses a funding model which does not charge readers or their institutions for access and distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0) and the Budapest Open Access Initiative (http://www.budapestopenaccessinitiative.org/read), which permit unrestricted use, distribution, and reproduction in any medium, provided the original work is properly credited..

Abstract

The study focused on public perception of the role of CBN in the establishment and operation of Islamic banks in Nigeria. The study sample composed of 100 questionnaires, eighty-five per cent of which were returned and functional. SPSS version 18.0 was employed and the data collected were subjected to statistical analysis and one-sample, and independent-sample t-tests were used for analyses. The finding revealed that the CBN's role in establishing and operating Islamic Banking in Nigeria is irrelevant. Nonetheless, this result is categorised as Type II error since it contradicts the established theoretical and empirical evidence in the world of central banking Certain findings suggest that the CBN should actively encourage appropriate Islamic banking studies, further improve the legal framework of Islamic banking and that the CBN should partner with the Judiciary in creating Shariah courts to adjudicate Islamic cases.

Keywords: Islam, Sharia law, banks, non-Interest, financial innovation


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