Vol. 1 No. 2 (2026): IMANIF: Islamic Economics Management and Finance Journal
Articles

Role of Islamic Microfinance in Promoting Science and Technology Education in Nigeria: A Comprehensive Review and Policy Analysis

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  • Ibrahim Umar,
  • Mu'azu Samalia Lawal
Ibrahim Umar
Umaru Sanda Ahmadu College of Education
Mu'azu Samalia Lawal
Umaru Sanda Ahmadu College of Education

Published 2026-06-17

Keywords

  • Islamic microfinance,
  • islamic financial instrument,
  • science education,
  • education financing,
  • Nigeria,
  • Human Capital Development
    • ...More
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Copyright (c) 2026 Ibrahim Umar, Mu'azu Samalia Lawal (Author)

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Abstract

Nigeria's science and technology (S&T) education sector faces chronic deficits in financing, infrastructure, and equitable access that constrain human capital development and national competitiveness. This systematic review investigated the role of Islamic microfinance in addressing these challenges, guided by Human Capital Theory as its analytical framework. Secondary data were collected from peer-reviewed journals, institutional reports, and policy documents published between 2020 and 2025, and analyzed through qualitative content analysis. Findings reveal that Islamic microfinance contributes to S&T educational development through four principal mechanisms: direct student financing via interest-free instruments (Qard al-Hasan); educational infrastructure investment through Waqf endowments; entrepreneurship and skills development support utilizing Mudarabah and Musharakah arrangements; and household poverty reduction that indirectly expands educational access. These instruments offer structurally sustainable, equity-oriented alternatives to conventional financing. However, significant constraints including weak regulatory frameworks, limited Waqf and Zakat mobilization, geographic service concentration, and low public awareness currently limit their impact. Deliberate policy integration, institutional strengthening, and government Islamic finance collaboration are recommended to unlock Islamic microfinance's full potential for advancing S&T education in Nigeria

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