Awareness and Perception of Nigerian Muslims in Kano State Towards Sukuk Financing
DOI:
https://doi.org/10.53840/ijiefer31Keywords:
Awareness, Perception, Sukuk, Nigerian MuslimsAbstract
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 Nigerian Muslims are aware and perceived sukuk as a viable alternative to financing infrastructural development in Nigeria. Using a convenient sampling on 200 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 Nigerian Muslims in Kano state. The study suggests the need for more enlightenment among the people by the government and other stakeholders in the market.
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