Publication:
Court referral and Nigeria's Financial Regulation Advisory Council of Experts (FRACE)
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Date
2019
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Abstract
This paper aims to highlight resolution of Islamic finance dispute by common law-orient courts in Nigeria with respect to Shari'ah non-compliance and legal risks thereof, as well as the lesson to learn from Malaysia in that regard. This is with view to ensuring Shari'ah compliance and legal safety of Islamic finance practice as prerequisites for sustainability of the Nigerian Islamic finance industry. A qualitative method was used; interviews were conducted with different categories of experts and primary data collected in relation to Shari'ah non-compliance and legal risks in adjudicating Islamic finance dispute by civil courts and the role of expert advice as basis for court referral to Financial Regulation Advisory Council of Experts. A doctrinal approach was adopted to analyse relevant legislative provisions and content analysis of secondary data relevant to applicable provisions in matters of finance before civil courts.
Keywords
Nigeria , Dispute resolution , Shari'ah compliance , Shari'ah governance , FRACE , Shari'ah advisory council , Islamic finance disputes , Shari'ah issues , SAC
Citation
Mustapha, Z., Kunhibava, S., & Muneeza, A. (2019). Court referral and Nigeria's Financial Regulation Advisory Council of Experts (FRACE). ISRA International Journal of Islamic Finance, 11(2), 206-225. http://dx.doi.org/10.1108/IJIF-11-2018-0126
Publisher
Emerald Publishing Limited
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