A Relook into Awareness, Perceptions and Infrastructure Needs: A Case of Sukuk and the Nigerians

Year: 2018

Related Event : Global Conference on Islamic Economics and Finance 2018
Date : 24th October 2018
Venue : Kuala Lumpur, Malaysia
Year : 2018

School of Business
Universiti Malaysia Perlis
School of Business Management
Universiti Utara Malaysia

Traditionally, capital market has been a significant source of financing for the government and private  sector in Nigeria to finance their infrastructure development projects through bond issuance. Over the last decade, trillions of Nigerian Naira has been raised for the conventional bond, but not for the Islamic based bond, or sukuk to finance such development projects. In its effort at promoting Nigeria`s capital market, Securities and Exchange Commission(SEC)has considered the introduction of the non-interest capital market to ensure that, the market achieve its role of financing infrastructure development in the country. This paper attempts to investigate the extent to which Nigerians are aware and perceived sukuk as a viable alternative to financing infrastructural development in Nigeria Using a convenient sampling on200 respondents in Kano state, questionnaires were personally distributed to examine the relationship between awareness and perceptions, and the need for Islamic mode of financing in Nigeria. The result indicates a positive influence of awareness of sukuk on the perception of sukuk among Nigerians.  The study suggests the need for more enlightenment among the people bythe government and other stakeholders in the market.


Keywords:  Awareness: Perceptions: Sukuk: Nigerians



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