Critical Analysis of the Legal and Institutional Framework for Islamic Banking in Nigeria

Description

Download Critical Analysis of the Legal and Institutional Framework for Islamic Banking in Nigeria. Current and Law Project students who are writing their projects can get this material to aid their research work.

Abstract

This dissertation looks at the legal and institutional framework for Islamic banking in Nigeria with a view to identifying the challenges in the laws regulating Islamic banking as a part of the banking sector in Nigeria. Islamic banking, unlike conventional banking, derives its inspiration and guidance from the religious edicts of Islam.

As such, it has to conduct its operations strictly in accordance with the directives of the Shari’ah.The main problem faced by Islamic banks is that governments often impose the laws governing the practice of conventional banking on Islamic banks. There is also a lack of understanding between the religious advisors and the bankers.

This is because religious advisors do not understand the daily operational needs of bankers and the bankers, in turn do not necessarily understand the constraints of the religious principles. The objective of this research is to make an analysis of the legal and regulatory framework for Islamic banking in Nigeria with a view of identifying laws.

Especially, those laws that regulate Islamic banking, it is to also identify its limitations, its challenges, and proffer solutions where possible. In view of the above, the findings in this research reveal the inadequacy of the existing legal framework regulating Islamic banking in Nigeria.

Introduction 

Nigeria’s financial system is dominated by the universal deposit money banking subsector. Generally, it has witnessed significant transformation since the banking business started in the country in the mid-nineteenth century. Central Bank of Nigeria was established in 1958.

Before now, the financial system operated largely under a Laissez-faire system and was characterized by systemic instability and episodic bank failures. The emergence of the Central Bank of Nigeria (CBN) brought about a measure of systemic stability as supervision and regulation were enthroned.

Similarly, the specialized financial institutions, as well as the insurance and pension fund sub-sectors, have remained minor players in the financial system, even after several reforms. Historically to the Muslims, banks were looked upon as a “sinful place” meant for the rich non-Muslims, because it practiced ‘riba’ which is prohibited in Islam.

Their pessimism and fear were based on the provisions of the Quran, which provides thus; — they say that trade is like interest (riba), but God hath permitted trade and forbidden interest (riba). At that time, no one, not even Muslims, ever thought that there would one day be such a thing as Islamic banking, Islamic finance, and takaful, what more in the next two decades.

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