The impact of Islamic Finance towards Socio-Economic Development of Sokoto State - Nigeria: Problems and Prospects

Abstract

This research is on the impact of Islamic Finance towards the Socio-Economic Development of the Muslim Community in Sokoto State of Nigeria. The purpose of this research is to highlight the role played and contributions gained from the practice of Islamic Finance and also to explore possible challenges experienced so far with the hope that such challenges will be overcome in the near future. The research results revealed that although Islamic finance was practiced in Sokoto for over two hundred years, a lot still needs to be explored from the contemporary practice of Islamic Finance being experienced globally to achieve the desired socio-economic development. The research finally concluded by drawing the attention of the government and people of Sokoto State to explore more avenues in utilizing Islamic Finance window so that there will be paradigm shift from the shackles of conventional finance experienced over the years.