Citation:

Akilu Aliyu Shinkafi, Sufiyanu Mustapha, Sani Yahaya, Lawan Yusuf Saleh, Muhammad Abdullahi, Baraatu Bala Adamu. "The Impact of Islamic Finance on Entrepreneurship for Sustainable Economic Development in Nigeria" International Research Journal of Economics and Management Studies, Vol. 2, No. 3, pp. 15-22, 2023.

Abstract:

This study aims to investigate how Islamic finance affects the growth of entrepreneurship for Nigeria's sustainable economic development. Face-to-face interviews served as the primary method of data gathering for the project, which adopted a social constructivist methodology. Four [4] public universities in northern Nigeria were chosen as the sample locations, and a sample size of 12 participants, including experts in Islamic finance, economic development, and entrepreneurship, were drawn from those institutions. The data collected from the participants were analysed using thematic and theoretical data interpretations. The study's findings indicate that Islamic finance tools such the Mudarabah, Musharakah, Wakala, Qard alHasan, and Ijarah have a big impact on the growth of SMEs, microbusinesses, and entrepreneurship. The results also show that Islamic finance significantly affects socio-economic welfare, enhances household financing, economic goals, employment creation, recovers the capital requirements, promotes business operations, and stimulates sustainable economic development in Nigeria.Stakeholders, policymakers, Islamic bankers, Islamic economists, and businesspeople can all benefit practically from the study. The study suggests that Islamic finance may have an effect on entrepreneurship for sustainable economic growth, adding to the body of knowledge and the growing body of literature. The incorporation of Islamic finance, Islamic financing products, entrepreneurship, and sustainable economic growth makes this paper novel. It is quite different from the previous researches for its focus on the social constructivist worldview using both epistemological and ontological approaches, making it distinctive from the previous studies.

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Keywords:

Islamic finance, entrepreneurship development, sustainable economic development, Nigeria.