Publication:

The potential of using Islamic finance for the National Housing Fund (NHF) of Nigeria

Show simple item record
DC FieldValue
dc.contributor.authorMusa Ahmed
dc.contributor.supervisorMagda Ismail Abdel Mohsin
dc.date.accessioned2024-03-18T00:54:10Z
dc.date.available2024-03-18T00:54:10Z
dc.date.issued2021
dc.description.abstractNigeria's national housing fund is a closed saving scheme that's supposed to mobilise a loanable pool of funds to provide affordable houses for Nigerians at affordable prices. Its operational structure is conventional, and the fund has not impacted Nigerian seeking Sharia-compliant housing financing. The fund is overwhelmed with challenges and has failed to address the difficulty of raising long-term funds and affordable housing loans. The national housing funds' current operational structure has resulted in non-compliance in contributions and lack of trust due to the funds' perceived mismanagement that has impeded its performance. The different housing policies have also failed due to various challenges, including limited access to finance, high interest rates, absence of long-term capital, the rigid process of obtaining title documents, and lack of Sharia-compliant funds. These problems have immensely contributed to the non-performance of the national housing fund. Therefore, our study examined the various constraints of the national housing fund and proffer solutions to Nigeria's endemic housing problems using applicable mortgage financing models. Hence, we identified musharakah mutanaqisah, ijarah muntahiya bittamlik, and ijara mawsufah fi al-dhimmah as a suitable alternative model for the operation of the national housing fund. Despite the limitation in using secondary data and some Islamic housing products' criticisms, our study would help implement a composite national housing fund that will impact Muslims' seeking Sharia-compliant NHF structure. To accentuate the potentials of Islamic housing finance, Sultan Choudhury (2008), reiterated "Our products are open to everyone and customers who aren't Muslims choose the banks products because of its ethics. Because of the nature of our investments, we are an ethical provider, and, increasingly, that's what people want."en_US
dc.identifier.citationAhmed, M. (2021). The potential of using Islamic finance for the National Housing Fund (NHF) of Nigeria (Master dissertation). INCEIF, Kuala Lumpur. Retrieved from https://ikr.inceif.org/handle/INCEIF/4004en_US
dc.identifier.urihttps://ikr.inceif.edu.my/handle/INCEIF/4004
dc.languageEnglish
dc.language.isoengen_US
dc.publisherINCEIFen_US
dc.rights2021. INCEIF
dc.sourceSGPS
dc.subjectNational Housing Fund
dc.subjectFederal Mortgage Bank of Nigeria
dc.subjectNigeria Mortgage Refinance Company
dc.subjectIslamic housing finance
dc.subjectMusharakah muntanaqisah
dc.subjectBai bithaman ajil
dc.subjectIjara muntahiya bittamlik
dc.subjectIjara mawsufah fi al-dimmah
dc.subjectIjara wa iqtina
dc.subjectIstisna
dc.subjectProject paper (MSc)
dc.titleThe potential of using Islamic finance for the National Housing Fund (NHF) of Nigeriaen_US
dc.typeMasteren_US
dspace.entity.typePublication
ikr.doctypeTheses
ikr.licenseAvailable in PDF format. Kindly email to kmc@inceif.edu.my to access the item
ikr.topic.maintopicIslamic financeen_US
Appears in Collections
Master
Files

Abstract View

2666715

View & Download

183530