Abstract
For long, there has been controversy as to the banking system which involves no interest. The non- interest banking system has raised huge controversy and argument as to its relevance to the banking sector. It has also raised argument as to whether this type of banking system is relevant to entrepreneurs. This paper tends to look at the relevance of non-interest banking on entrepreneurs. It would show to the reader that non- interest banking is very relevant to entrepreneurs. It would also show to the reader that non- interest banking helps entrepreneurs in raising capital and funds.
Highlights
Non-interest banking otherwise or known as Islamic Banking is one which raised a lot of fumes in Nigeria and in the world over
Islamic banking is very relevant to entrepreneurs
As the most difficult factor to every entrepreneur is the sourcing of capital, Islamic banking has come into existence to break this barrier and ensure that entrepreneurs are no longer affected by capital
Summary
Non-interest banking otherwise or known as Islamic Banking is one which raised a lot of fumes in Nigeria and in the world over. Ricky Griffin in his book titled ‘management’ [2] described entrepreneurs as a person who directs the process of planning, organizing, operating and assuming the risk of a business venture. Horngren in his book titled Accounting defines an entrepreneur as an individual who employs all the needed resources (land, labour and capital) having identified an opportunity and taken the needed risks so as to attain and procure profit through the production of desired products which will satisfy the needs of consumers. These banks were more than financial institutions rather than commercial banks as they pay or charge interest on transactions. We can say that the history of Islamic banking in Nigeria begins from 2010 and was propelled by the CBN governor [5]
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