What is it about?
Shariah is a key component of Islamic banking and finance regulation. This work examines Shariah governance of Islamic banking and finance under Nigerian legal system in relation to the status of shariah in matters of finance. Obstacles to viable Shariah governance in the light of extant regulatory parameters and enforcement constraints were explored and the way forward demonstrated.
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Why is it important?
The work focuses on enforcement mechanism of Shariah governance in Islamic finance and the role of an expert Shariah body to unify interpretation of Shariah and its application by Islamic financial institutions as well as regulatory oversight thereon. Accordingly, the expert Shariah body provides a national pool of scholars for referral by Nigerian common law-oriented courts while adjudicating Islamic banking and finance disputes bordering on Shariah matters which they largely lack expertise in.
Perspectives
It is hoped that this work would provide a perspective on the needed expertise of conventional regulators and common law-oriented judges about Islamic banking and finance in Nigeria and countries with similar legal system.
Dr. Zakariya Mustapha
University of Malaya
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This page is a summary of: Court referral and Nigeria's Financial Regulation Advisory Council of Experts (FRACE), ISRA International Journal of Islamic Finance, December 2019, Emerald,
DOI: 10.1108/ijif-11-2018-0126.
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