Managing Director of Jaiz International Plc, Alhaji Mohammed Bintube says Nigeria's Islamic banking market is worth around N4.35 trillion (US$27.7 billion), Daily Trust reports.

Bintube spoke at the Enhancing Financial Innovation and Access (EFInA) second innovation forum entitled Increasing Access to Finance through Islamic Banking held in Abuja on Wednesday.

Modupe Ladipo, EFInA chief executive officer said Islamic finance is a potential innovative approach to give the unbanked access to finance. He added that Islamic banking is globally being discussed as innovative, profitable and ethical, especially in the light of the global financial crisis and volatile interest rates.

In response to a growing desire by banks and investors to establish Islamic banking products, the Central Bank of Nigeria recently developed a draft framework for non-interest banking.