Non-interest financing, also known as Islamic finance, has gained prominence in Nigeria as an alternative to conventional interest-based financial models. This system is rooted in the principles of ethical investment, emphasising risk-sharing, asset-backed transactions, and the prohibition of interest (riba), uncertainty (gharar), and speculative transactions (maysir). Given Nigeria’s expanding financial market and the growing need for diversified funding sources, non-interest financing presents significant opportunities for businesses seeking ethical and sustainable financial solutions.
KEY ELEMENTS OF STRUCTURING NON-INTEREST FINANCING MODELS IN NIGERIA: OPPORTUNITIES AND CHALLENGES FOR BUSINESSES
