Publication:
Weak and missing links of Islamic finance in Nigeria: a legal appraisal
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Date
2022
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Abstract
Law and Shariah are crucial for the establishment and operation of Islamic finance. The interface of law and Shariah in Islamic finance dictates that both are required in Islamic finance regulations and governance. However, the fact that Shariah has generally been rendered subordinate (where it is recognised) to financial laws under common law legal system means that rules of Shariah are not, by default, applicable to Islamic finance. Such is the case particularly where the rules of Shariah are contrary to the common law, which is often the case, even in Shariah matters of Islamic finance. To this extent, the rules of Shariah have to be 'recognised' by the law otherwise applicable rules of common law would prevail. Thus, it becomes necessary to accord such recognition to Shariah rules in the conventional rule-making sense so that rules of Shariah would not be considered alien under the law of the land (Nigerian law). Accordingly, besides conferring validity on Shariah contracts and enabling enforcement of Shariah rules in Islamic finance transactions, a governance system established by law that encompasses Shariah is the only way of ensuring Islamic finance in Nigeria is truly Islamic in all its activities.
Keywords
Islamic finance , Legal challenges , Regulatory challenges , Nigeria , Judicial challenges , Disputes
Citation
Mustapha, Z., Kunhibava, S., & Muneeza, A. (2022). Weak and missing links of Islamic finance in Nigeria: a legal appraisal. In M. K. Hassan, A. Muneeza, & K. N. M. Sonko (Eds.), Islamic finance in Africa: the prospects for sustainable development (pp. 68-100 ). Edward Elgar Publishing Limited.
Publisher
Edward Elgar Publishing Limited
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