Adoption of Islamic trade financing facilities among SMEs in North-West Nigeria: A preliminary investigation

Nurudeen Abdulkadir; Safeza Mohd Sapian; Norhazlina Ibrahim

doi:10.33102/jmifr.v19i1.414

Authors

Nurudeen Abdulkadir Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, 71800 Bandar Baru Nilai, Malaysia; Central Bank of Nigeria, Jalingo, Taraba State, Nigeria, 660211 Taraba, Nigeria
Safeza Mohd Sapian Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, 71800 Bandar Baru Nilai, Malaysia
Norhazlina Ibrahim Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, 71800 Bandar Baru Nilai, Malaysia

DOI:

https://doi.org/10.33102/jmifr.v19i1.414

Abstract

The existence, growth and development of Small and Medium-sized Enterprises (SMEs) depend on trade and commercial activities. Trading activities, especially cross-border trade, have been acknowledged as an important instrument for sustainable economic growth, development, poverty alleviation, inclusiveness and global stability. However, for the smooth flow of trade and commercial activities, SMEs need a specialized form of financing (i.e., trade finance). North-West Nigeria being a Muslim-majority region, Islamic trade finance should be a better alternative than conventional trade finance. Thus, this preliminary study aims to examine the significant factors influencing the adoption of Islamic trade financing products among SMEs owner-managers in North-West Nigeria. Besides, the study investigates the moderating effects of age, gender and education on the adoption of Islamic trade financing products among SMEs owner-managers. To achieve this aim, a quantitative survey of 36 randomly selected SMEs was undertaken of which 35 were valid for analysis. A hierarchal multiple regression approach was employed to analyse the data. The results of hypotheses testing revealed that religious obligation and awareness have a direct and significant influence on the adoption of Islamic trade financing products. On the contrary, relative advantage, compatibility, complexity, perceived risk, social influence, and government support were found to be insignificant. Also, age, gender, and education were found to be insignificant moderators in this study. The results of this preliminary study indicate the need for massive awareness and the importance of promoting the “Islamicity” of Islamic trade financing facilities by Islamic banks in North-West Nigeria.

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Author Biographies

Nurudeen Abdulkadir , Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, 71800 Bandar Baru Nilai, Malaysia; Central Bank of Nigeria, Jalingo, Taraba State, Nigeria, 660211 Taraba, Nigeria

Safeza Mohd Sapian, Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, 71800 Bandar Baru Nilai, Malaysia

Norhazlina Ibrahim, Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, 71800 Bandar Baru Nilai, Malaysia

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