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Cash waqf linked sukuk: a tool to empower SMEs in Southwestern Nigeria

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Date
2023
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Abstract
The economic situation in Nigeria needs intervention from various sectors to achieve sustainable results. One sector that has been proven to have a round effect on the economy is Small and Medium scale Enterprises (SMEs). The cash waqf linked sukuk has recorded huge success in jurisdictions that have practiced it, hence it is worth implementing in other jurisdictions. This research aims to study the applicability of cash waqf linked sukuk in promoting SMEs in the southwestern region in Nigeria. The research employed the qualitative approach through the use of interviews to professionals in the field of Islamic social finance in Nigeria. Using the thematic analysis to analyse the data, the research found out that indeed SMEs are very important to the economy, they currently have problems with financing and that cash waqf linked sukuk can serve as a viable and effective alternative and sustainable source of financing to the SMEs. The implementation will be successful if there is proper awareness and management, trainings of staffs to handle the cash waqf and proper and workable framework. The study found that the culture and religious factor of the region will enhance the acceptability of cash waqf linked sukuk and also identified possible challenges such as lack of regulation and policies for the implementation of cash waqf linked sukuk. The study concluded by proposing a workable framework for the implementation of cash waqf linked sukuk taking into consideration the findings of the research done.
Keywords
SMEs , Cash waqf linked sukuk , Southwestern Nigeria , Project paper (MIFP)
Citation
Opere-Adebayo, R. O. (2023). Cash waqf linked sukuk: a tool to empower SMEs in Southwestern Nigeria (Master dissertation). INCEIF, Kuala Lumpur. Retrieved from https://ikr.inceif.org/handle/INCEIF/3962
Publisher
INCEIF

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