Busari Shaamsuddeen Akande

‘Islamic banks facing identity crisis’

Islamic banking has gradually been making inroads into the Nigerian banking system. But as a renowned Islamic finance and risk management expert and Registrar of the Islamic Institute of Accounting and Finance in Nigeria (IIAF), Dr. Busari Shaamsuddeen Akande said, there are grey areas in the strict practice of Islamic banking. Islamic banks, Dr Akande asserts, suffer from an identity crisis in practising the system. He delivered the paper titled, “Ethical Challenges and Product Innovation Crisis for Islamic Banks”at the South-South Summit on Islamic banking. The underlying fact of the paper is that the major crisis is that Islamic banking products are modelled after existing conventional bank products.

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