A Review of Islamic Financial Planning Process in Oman and Nigeria
Journal Title: International Journal of Management Sciences - Year 2014, Vol 2, Issue 8
Abstract
This study discussed the issues of Islamic financial planning process in Oman and Nigeria. The study reviews Islamic financial planning as an embryonic financial sector in the market which needs backing and support by the regulators, practitioners and other stakeholders. However, the study focused on the method with which Oman and Nigeria can capitalize on the global recognition of Islamic financial status to push further the boundaries of Islamic financial planning along with the growth of Islamic finance which is as well a new development in both countries. Islamic banking was just started in Oman in 2013 with the launching of two full-fledged Islamic banks after being issued a license by the Central Bank of Oman (CBO) to offer shari’ah-compliant products through their branch networks while in Nigeria the introduction of Islamic banking is part of a drive by the Central Bank of Nigeria (CBN), to propel Nigeria’s economy and promote financial inclusion with the introduction of alternative products. Thus, this study used qualitative method through library research and it can help to contribute in the knowledge development of wealth management and financial planning in both countries.
Authors and Affiliations
Abdul Azeez Oluwanisola Abdul Wahab
Keywords
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