2022_Legal Issues on the Islamic Banking Legal Framework in Nigeria: A Special Reference to Malaysia
| Format: | General Document |
|---|
| _version_ | 1860798159581609984 |
|---|---|
| building | INTELEK Repository |
| collection | Online Access |
| collectionurl | https://intelek.unisza.edu.my/intelek/pages/search.php?search=!collection3 |
| copyright | Copyright©PWB2025 |
| country | Malaysia |
| date | 2022-02-10 |
| format | General Document |
| id | 16229 |
| institution | UniSZA |
| originalfilename | LEGAL ISSUES ON THE ISLAMIC BANKING LEGAL FRAMEWORK IN NIGERIA_ A SPECIAL REFERENCE TO MALAYSIA (MASTER_2022).pdf |
| person | Ishaaq El-Mubarak Abdoul Muqaddas Opeyemi |
| recordtype | oai_dc |
| resourceurl | https://intelek.unisza.edu.my/intelek/pages/view.php?ref=16229 |
| sourcemedia | Server storage Scanned document |
| spelling | 16229 https://intelek.unisza.edu.my/intelek/pages/view.php?ref=16229 https://intelek.unisza.edu.my/intelek/pages/search.php?search=!collection3 General Document Malaysia Library Staff (Top Management) Library Staff (Management) Library Staff (Support) Terengganu Faculty of Law & International Relations English application/pdf 1.5 Server storage Scanned document Universiti Sultan Zainal Abidin UniSZA Private Access Universiti Sultan Zainal Abidin SAMBox 2.3.4; modified using iTextSharp™ 5.5.10 ©2000-2016 iText Group NV (AGPL-version) Copyright©PWB2025 299 2022-02-10 Legal LEGAL ISSUES ON THE ISLAMIC BANKING LEGAL FRAMEWORK IN NIGERIA_ A SPECIAL REFERENCE TO MALAYSIA (MASTER_2022).pdf Ishaaq El-Mubarak Abdoul Muqaddas Opeyemi Issues Framework Islamic banking Banking law Financial inclusion 2022_Legal Issues on the Islamic Banking Legal Framework in Nigeria: A Special Reference to Malaysia Islamic banking and finance (IBF) system has emerged as an alternative means for interdicting interest and unlawful transactions. Global achievements of several countries including Malaysia and the United Kingdom (UK) in applying a standard practice of IBF supposed to be a yardstick for the advancement of an IBF system across Nigeria. Vigorous legal framework is a major keystone in building an effective and relevant IBF system. A decade achievement from the countries that have successfully adopted Islamic banking principles into their financial systems trigger a reasonable point for questioning and examining the legal framework for IBF operations in Nigeria. In 1991, the Bank and Other Financial Institution Act (BOFIA) licenced the establishment of a banking system based on profit and loss sharing in the country. Since its promulgation, BOFIA has been amended many times. However, it is yet to form a standard framework of IBF at par with countries like Malaysia and the UK. Hence, the current study aims at critically examining the existing laws for the operation of Islamic banking in Nigeria, identifying the issues with these laws and recommending solutions thereto. This research applied doctrinal and qualitative legal research methodology where all data were collected from primary and secondary sources. The primary sources include BOFIA, the Constitution of Nigeria, the Central Bank of Nigeria Act, guidelines and case law. The secondary sources, on the other hand, include books, journal articles, bulletins, magazines, newspapers, and web pages. Interviews and survey questionnaires were also adopted to gather valuable data and information concerning the research objectives. These data were analysed by descriptive and analytical approaches. This study found that the existing legal framework is inadequate to support a proper and efficient IBF system in Nigeria. Moreover, specific legislation regulating the activities of Islamic financial institutions is yet to be enacted. The empirical results indicated that there is a pressing need for reforming the existing legal framework. Therefore, to make the IBF system a successful one, the study suggested that the Nigerian Government needs to support the system systematically. Ideally, it is hoped that the findings of this research shall contribute to the progressive development of IBF in Nigeria. Dissertations, Academic Thesis |
| spellingShingle | 2022_Legal Issues on the Islamic Banking Legal Framework in Nigeria: A Special Reference to Malaysia |
| state | Terengganu |
| subject | Islamic banking Banking law Financial inclusion Dissertations, Academic |
| summary | Islamic banking and finance (IBF) system has emerged as an alternative means for interdicting interest and unlawful transactions. Global achievements of several countries including Malaysia and the United Kingdom (UK) in applying a standard practice of IBF supposed to be a yardstick for the advancement of an IBF system across Nigeria. Vigorous legal framework is a major keystone in building an effective and relevant IBF system. A decade achievement from the countries that have successfully adopted Islamic banking principles into their financial systems trigger a reasonable point for questioning and examining the legal framework for IBF operations in Nigeria. In 1991, the Bank and Other Financial Institution Act (BOFIA) licenced the establishment of a banking system based on profit and loss sharing in the country. Since its promulgation, BOFIA has been amended many times. However, it is yet to form a standard framework of IBF at par with countries like Malaysia and the UK. Hence, the current study aims at critically examining the existing laws for the operation of Islamic banking in Nigeria, identifying the issues with these laws and recommending solutions thereto. This research applied doctrinal and qualitative legal research methodology where all data were collected from primary and secondary sources. The primary sources include BOFIA, the Constitution of Nigeria, the Central Bank of Nigeria Act, guidelines and case law. The secondary sources, on the other hand, include books, journal articles, bulletins, magazines, newspapers, and web pages. Interviews and survey questionnaires were also adopted to gather valuable data and information concerning the research objectives. These data were analysed by descriptive and analytical approaches. This study found that the existing legal framework is inadequate to support a proper and efficient IBF system in Nigeria. Moreover, specific legislation regulating the activities of Islamic financial institutions is yet to be enacted. The empirical results indicated that there is a pressing need for reforming the existing legal framework. Therefore, to make the IBF system a successful one, the study suggested that the Nigerian Government needs to support the system systematically. Ideally, it is hoped that the findings of this research shall contribute to the progressive development of IBF in Nigeria. |
| title | 2022_Legal Issues on the Islamic Banking Legal Framework in Nigeria: A Special Reference to Malaysia |
| title_full | 2022_Legal Issues on the Islamic Banking Legal Framework in Nigeria: A Special Reference to Malaysia |
| title_fullStr | 2022_Legal Issues on the Islamic Banking Legal Framework in Nigeria: A Special Reference to Malaysia |
| title_full_unstemmed | 2022_Legal Issues on the Islamic Banking Legal Framework in Nigeria: A Special Reference to Malaysia |
| title_short | 2022_Legal Issues on the Islamic Banking Legal Framework in Nigeria: A Special Reference to Malaysia |
| title_sort | 2022_legal issues on the islamic banking legal framework in nigeria: a special reference to malaysia |