Nigeria, a country wracked by Jihadist violence in recent years, is poised as a growth market for the financial jihad.
The West African nation plans to license at least two Shariah-Compliant financial institutions this year. In addition, three non-Islamic banks have expressed interest in opening Shariah-compliant “windows.”
Nigeria also signed an agreement with Malaysia’s central bank to cooperate in “Islamic” financial services.
Nigeria is Africa’s top oil producer and home to about 77 million Muslims.