Mustapha, Zakariya and Kunhibava, Sherin and Muneeza, Aishath (2021) Judicial challenges facing the Islamic finance industry of Nigeria. African Journal of International and Comparative Law, 29 (2). pp. 244-262. ISSN 0954-8890, DOI https://doi.org/10.3366/ajicl.2021.0362.
Full text not available from this repository.Abstract
A fundamental requirement of Islamic financial practice, Shariah-compliance covers all aspects of the transaction from contractual agreements to execution to dispute resolution. Thus a sound judicial system with in-built Shariah-compliance mechanisms is indispensable to facilitate the execution of such contracts and to ensure the sustainability of the practice. In Nigeria, this system is still under development with the judiciary the most readily available option for dispute resolution. However, comprised merely of civil courts with jurisdiction to hear Islamic finance cases, these mechanisms subject the industry to possible legal and Shariah-compliance risks. Having conducted a series of interviews with experts, this study recommends: constitutional and legislative reform to grant jurisdiction to existing civil courts; the Financial Regulations Advisory Committee of Experts (FRACE) should be statutorily entitled to offer binding advice to courts; the practice itself should be enshrined in appropriate legislation; and there should be curricular reform to ensure judges and lawyers are adequately trained/educated in the particulars of Islamic finance.
| Item Type: | Article |
|---|---|
| Funders: | Ministry of Higher Education under the 2017 UM-INCEIF Islamic Finance Research Grant |
| Uncontrolled Keywords: | Dispute resolution; Banking; Risk |
| Subjects: | J Political Science > JA Political science (General) K Law > K Law (General) |
| Divisions: | Faculty of Law |
| Depositing User: | Ms Zaharah Ramly |
| Date Deposited: | 29 Aug 2022 00:51 |
| Last Modified: | 29 Aug 2022 00:51 |
| URI: | http://eprints.um.edu.my/id/eprint/35044 |
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