Open AccessA Case for Non Interest Banking in Nigeria amidst the Collapsing Paradigms in the Global Economy
Author(s) -
Lionel Effiom,
Peter Ubi,
Emmanuel Okokondem Okon
Publication year - 2012
Publication title -
international journal of business administration
Language(s) - English
Resource type - Journals
eISSN - 1923-4015
pISSN - 1923-4007
DOI - 10.5430/ijba.v3n4p20
Subject(s) - selfishness , neoclassical economics , economics , inequality , political economy , islam , islamic economics , positive economics , sociology , market economy , economic system , political science , law , philosophy , mathematical analysis , mathematics , theology
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.