A Case for Non Interest Banking in Nigeria amidst the Collapsing Paradigms in the Global Economy

This paper argues for reconsideration and reevaluation of the underlying assumptions and paradigms of the world

capitalist system in particular and that of economics in general. This is against the backdrop of an increasing discontent of

majority of the world’s people against the growing inequality between the rich and the poor. It contends that the genesis of

the problem is rooted in the concept of the selfish, individuated economic man, which has fueled our appetite for greed,

selfishness and unbridled primitive capitalist accumulation. Thus these clannish and narrow assumptions must be relaxed

to bring in the more altruistic, non-material components of man. This new philosophy and concept of our economic man

incidentally aligns with the principles of Islamic banking, a variant of non-interest banking. But it cautions that the

imperatives of citizen education and a de-emphasis on religious sentiments are central to guaranteeing the success of the

programme.

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