Islamic banking, corporate governance and corporate social responsibility in Nigeria: prospects and challenges

This paper explores corporate governance and corporate social responsibility issues in the emerging Islamic Banking sector in the Nigerian context. The paper shows that the peculiarity of the Islamic Banking system, as opposed to the conventional banking system, raises issues which are different and unique to the Islamic Banking sector. It is therefore pertinent to examine the development of both conventional and Islamic Banking in Nigeria. The paper notes that there is a link between the concept of corporate social responsibility and Islamic Banking which may play an important role in the Nigerian context. Similarly the corporate governance framework is important especially in relation to the proper functioning of the Islamic system and its ability to abide by its unique operating principles. The paper also drew some insights from the United Kingdom which has introduced framework for Islamic Banking within its secular system.