LEGAL ASPECTS OF ISLAMIC BANKING AND FINANCE IN NIGERIA
DOI:
https://doi.org/10.22452/js.vol25no2.7Abstract
Whether or not they are considered spiritual or mundane, laws which govern every aspect of human affairs in Nigeria, especially in regards to Islamic Banking and Financial institutions, exist owing to the plural legal system in the country, these aspects of society are regulated by both the Islamic and statutory laws imposed by the former British colonizers. Various legal sources, including the Qur’ān, the ḥadīth, constitution, Banks and Other Financial Institutions Act, Central Bank Act, and Nigerian Deposits Insurance Corporation Act constitute its regulatory framework. This work intends to analyze the said laws with the objective of identifying and filling the lacunae therein, in order to forestall future legal obstacles to the system. This study therefore analyses this convoluted legal hybridity and suggests ways of overcoming any obstacles. The methodology utilized in this research is that of literature review. This study concludes with the suggestion that the said obstacles may be overcome through more emphasis on the use of religious legislation, amendments to the constitution, and a new legislation.
Downloads
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
COPYRIGHT: Unless otherwise stated on the individual article, articles are published under the Creative Commons Attribution-NonCommercial 4.0 International Licence (CC BY-NC 4.0). This licence permits reproduction, distribution and adaptation for non-commercial purposes, provided that appropriate credit is given, a link to the licence is included, and any changes are indicated. No additional permission is required for uses permitted by the licence. Commercial use requires separate permission from the copyright holder, unless otherwise permitted by applicable law.
