SUSTAINABLE DEVELOPMENT: THE ROLE OF PRECAUTIONARY PRINCIPLE IN ADVANCING ISLAMIC BANKING IN AFRICA

Abstract

Principle 16 of the Rio Declaration on Sustainable Development defined Precautionary Principle as the taking of preventive measures without having to wait until the reality and seriousness of the threat become fully known. The study examines the measures adopted by Islamic Banks in Nigeria to create essential mechanisms to achieve sustainable development. The study identifies the relationship between Islamic banking and sustainable development. The qualitative approach is used. The qualitative approach includes content, deductive, and inductive analysis as well as comparative method. The references used in this study are the primary and secondary book. Both materials are analysed accordingly to get the information related to this study. The study found that the precautionary principle plays an important role in the area of environmental law and Islamic banking in Nigeria. The study recommends the adoption of the precautionary principles in promoting Islamic banking system in Nigeria.