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Weak and missing links of Islamic finance in Nigeria: a legal appraisal

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dc.contributor.authorZakariya Mustapha
dc.contributor.authorSherin Kunhibava
dc.contributor.authorAishath Muneeza
dc.date.accessioned2023-02-27T08:05:55Z
dc.date.available2023-02-27T08:05:55Z
dc.date.issued2022
dc.description.abstractLaw 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.en_US
dc.identifier.citationMustapha, 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.en_US
dc.identifier.isbn9781802209907
dc.identifier.urihttps://ikr.inceif.org/handle/INCEIF/3745
dc.languageEnglish
dc.language.isoengen_US
dc.publisherEdward Elgar Publishing Limiteden_US
dc.rights2022. The Editors and Contributing Authors Severally
dc.sourceSEDONA
dc.subjectIslamic financeen_US
dc.subjectLegal challengesen_US
dc.subjectRegulatory challengesen_US
dc.subjectNigeriaen_US
dc.subjectJudicial challengesen_US
dc.subjectDisputesen_US
dc.titleWeak and missing links of Islamic finance in Nigeria: a legal appraisalen_US
dc.typeChapter in Booken_US
dlc.maintopicIslamic financeen_US
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.licenseAvailable in EBSCOHost eBooks
ikr.topic.maintopicIslamic financeen_US
relation.isAuthorOfPublication81014255-5cb8-46bc-ad81-bf6d8a3a0702
relation.isAuthorOfPublication81014255-5cb8-46bc-ad81-bf6d8a3a0702
relation.isAuthorOfPublication81014255-5cb8-46bc-ad81-bf6d8a3a0702
relation.isAuthorOfPublication.latestForDiscovery81014255-5cb8-46bc-ad81-bf6d8a3a0702
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