AN EVALUATION OF THE OPERATION OF NON-INTEREST BANKING UNDER THE EXISTING LEGAL FRAMEWORK IN NIGERIA
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: FOOTNOTE / ENDNOTE
- Recommended for : Student Researchers
- NGN 5000
ABSTRACT
This study aimed at evaluating the Operation of Non-Interest Banking Under the Existing Legal Framework in Nigeria. The work has evaluated the regulatory powers of Central Bank of Nigeria in designating products of Islamic Commercial Jurisprudence as banking business in Nigeria. In exercising those powers, the Governor of Central Bank of Nigeria issued Circular on Framework for the Regulation and Supervision of Institutions Offering Non-Interest Financial Services in Nigeria has been analyzed with the products of non-interest banking, which is in line with the Constitutional motive of economic development in Nigeria. In view of this, therefore, the objective of this Dissertation is to identify the working modalities for the smooth operation of non-interest banking in Nigeria as a developing nation. However, the statement of problem of this Dissertation is whether the Governor of Central Bank of Nigeria has power to issue banking licence for non-interest banking and dictate on what Memorandum and Articles of Association of non-interest bank should contain. Also, the operation of non-interest bank is associated with uncertainty as regards to the law applicable to the settlement of dispute between non-interest bank and its customers, while the law governing the transaction is the principles of Islamic Commercial Jurisprudence. In the final analysis, this Dissertation concludes by recommending that Corporate Affairs Commission should design Memorandum and Articles of Association of non-interest bank in order to avoid issuing conflicting regulatory rules that will contravene the existing legislation. While on the other hand, non-interest bank should insert, in all its business documents, a clause in which parties will agree to resolve all disputes through arbitration. The arbitration process should be in accordance with the principles of Islamic Commercial Jurisprudence. In arriving at conclusion here, this work has drawn from a wide range of relevant text materials, statutes, case law, journals and internet materials. It is hoped that the views expressed here would be found useful by all categories of readers including banking sector regulators and bankers; and engender further research in this aspect of law.
Related Project Materials
An appraisal of local government contributions to food security in Lafia North Local Government Area, Nasarawa State
Chapter One: Introduction
1.1 Background of the Study
Food security remains a significant cha...
The Role of Print Media in Disaster Preparedness and Awareness: A Study of Damaturu Local Government, Yobe State
Chapter One: Introduction
1.1 Background of the Study
Disasters, whether natural or man-made, pose significant challenges to co...
The influence of peer support on students' participation in physical education in Makurdi Local Government Area, Benue State
Background of the Study
Peer support plays a crucial role in shaping students' attitudes and behaviors toward physical education. In...
The Effect of Desertification on Rural Economies in Gashua Local Government Area, Yobe State
Chapter One: Introduction
1.1 Background of the Study
Deser...
THE CONTRIBUTION OF LITERATURE IN MODERN AFRICAN SOCIETY
ABSTRACT
The contribution of literature in modern African society is very enormous and imperative in view to contemporar...
The Impact of Constitutional Law on Local Government Councils' Transparency: A Study of Lafia Local Government Area, Nasarawa State
Background of the Study
Transparency in governance is a foundational principle embedded within the
Political Candidate: An individual seeking elective office through political campaigns.
Background of the study
Digital political influencer strategies have emerged as a transformative tool in modern electora...
The Impact of Social Media on Nigerian Language Standardization: A Case Study of Twitter Hashtags
Background of the Study
Language standardization in Nigeria has traditionally been influenced by formal education and prin...
An investigation of Lassa fever outbreaks in Nasarawa State
Background of the Study:
Lassa fever is an acute viral hemorrhagic illness endemic in parts of West Africa, including Niger...
ASSESSMENT ON THE UTILIZATION OF MOBILE PHONE AS A MEDIUM FOR LEARNING
BACKGROUND TO THE STUDY
The globe is rapidly becoming a global village, and telecommunication is an ess...
