Reiterating the need for Islamic banking in Nigeria

Islamic banking has been slow to develop throughout Africa, even though Nigeria's large Muslim population provides a viable market for Islamic financial products and a useful means to help eradicate proverty. While there is no legislation that deals directly with profit and loss sharing banks, Nigeria's system places no limitations on the development of Islamic banks or on the ability of conventional banks to provide these services. There remains a lack of Islamic banking services in Nigeria, a trend that may be best remedied by attracting foreign banks.