The Effectiveness of Sukuk Ijarah in Educational Financing in Osun State, Nigeria: Lesson to other States

Abstract

The current conventional infrastructure financing in Nigeria has caused negative effect to the country education and economy, resulted to high level of liquidity, reckless lending, high level of corruption, lack of accountability and transparency and many others. Some African countries have already started tapping in to Sukuk market to support their infrastructure financing deficit, among others are South Africa, Senegal, morocco, Nigeria, cotevoire, Sudan, Kenya etc. Therefore, the objective of this paper is to draw some lesson from Osun state Sukuk Ijarah to other states. This research model uses thematic analysis to analyze the data collected through the interview using focus coding techniques. The result of the study depict out that lesson can be derived from Osun state Sukuk Ijarah to other states. The study concludes that lesson can be derived from Osun state Sukuk to other state. The study also recommends that there is great need for awareness to the investors in the market and the entire citizen in the country by arranging a kind of seminars, workshop and conferences to enlighten investors and general public about the Sukuk instrument and great need to initiate a legal rule that will give way to ownership and taxation, doing this will attract foreign investors to come and invest in Sukuk and also other states may tap in to the market.