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Abstract

            The paper focuses on evaluating and comparing the justification of Islamic and conventional modes of finance in Nigeria. This study also intends to inspire the adoption of alternative ethical finance to harness its benefits in Nigeria. The acclaimed one hundred billion Sukuk bond lunched by the Federal Government of Nigeria is just one of the critical plus Nigeria as a nation can benefit from Islamic finance. A structured questionnaire was distributed to the respondents in Bauchi metropolis; thereby convenience sampling technique was used. Results were analyzed with Chi-square employed to test hypothesis at confidence level of 95% (0.05), that is, confidence and significance level respectively. This study believed that Nigerians are quick to concern about their state of economy, therefore it’s suggested that there is urgent need for everyone including the students of business and finance, the product developers for the emerging industry and banking personnel to have proper knowledge of the principles of Islamic finance vis-a-vis conventional finance about the essential requirements of different modes of finance and how they can be applied to various operations and services of banks and financial institutions in the dual economy.

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