0704-883-0675     |      dataprojectng@gmail.com

CRITICAL ANALYSIS OF THE LEGAL AND INSTITUTIONAL FRAMEWORK FOR ISLAMIC BANKING IN NIGERIA

  • Project Research
  • 1-5 Chapters
  • Abstract : Available
  • Table of Content: Available
  • Reference Style: APA
  • Recommended for : Student Researchers
  • NGN 3000

ABSTRACT

This study looks at 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 practise 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 day to day 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 analysis of the legal and regulatory framework for Islamic banking in Nigeria with a view to identifying the laws regulating Islamic banking, its limitations, its challenges and proffer solution where possible. In view of the above, the findings in this research reveal inadequacy of existing legal framework regulating Islamic banking in Nigeria. The major problems bedevilling the success of Islamic banking as a sub-sector in the banking industry have been identified. These include among others the fact that the statutory provisions regulating the operation of Islamic banking in Nigeria are inadequate. Consequently, law reforms are highly recommended. These reforms should however not lead to separate laws governing conventional and Islamic banks, but should involve proactive legislative efforts with a more robust supplemental rule addressing the idiosyncratic features of Islamic banking. Similarly, the dearth of skills and know-how for the operation and regulation of Islamic banking in Nigeria is the lack of educational institutions offering full-fledged certificate or degree programmes. In conclusion, progress needs to be made in developing stronger standardised regulations that are in line with international best practices. This would provide a more stable system within which both Islamic banking and conventional banking will flourish.




FIND OTHER RELATED TOPICS


Related Project Materials

THE EFFECTIVENESS OF APPRENTICESHIP TAX INCENTIVES IN PROMOTING VOCATIONAL TRAINING

Abstract: The effectiveness of apprenticeship tax incentives in promoting vocational traini...

Read more
ANALYZING REGIONAL DISPARITIES IN ACCESS TO TECHNICAL EDUCATION

Abstract: This research analyzes regional disparities in access to technical education in N...

Read more
THE ROLE OF EARLY CHILDHOOD EDUCATION IN CONFLICT RESOLUTION

ABSTRACT: This study examined the role of early childhood education in conflict resolution among young children. Objectives included assessing...

Read more
STATISTICAL ANALYSIS OF THE RATE OF DROPOUTS IN NIGERIAN POLYTECHNICS

INTRODUCTION

Education is a tool that may be utilized in the process of nation-building. A person's latent abilities...

Read more
IMPACT OF MARKETING STRATEGIES ON PATRONAGE PROFILE OF HOSPITALITY INDUSTRY

EXCERPT FROM THE STUDY

Defining marketing is a subject of much debate, publication, and importance. Baker stated, &ldquo...

Read more
EFFECT OF LACK OF ADEQUATE TRAINING FACILITIES ON THE PRODUCTION SECRETARIES

Abstract

This seminar was carries out to find out effect of lack of adequate secretarial training facilities on the prod...

Read more
AN APPRAISAL OF SOCIAL RESPONSIBILITY ON CORPORATE ORGANIZATION IN ENUGU.

ABSTRACT

The research work took a look at an appraisal of social responsibility practice by Anambra Motor Manufacturing Company (ANAMMCO)...

Read more
EVALUATION OF PHARMACOGNOSTICPARAMETERS AND HEPATOTOXIC EFFECTS OF EXTRACTSOF CASSYTHA FILIFORMIS LINN ON PARACETAMOL-INDUCED LIVER DISORDERS IN WISTER RATS

ABSTRACT

Cassytha filiformis, a leafless and perennial vine with small scales as a replacement of the leavesis currently being used in th...

Read more
THE DESIGN AND IMPLEMENTATION OF AN E-LEARNING SYSTEM (A Case Study of Kaduna State Polytechnic)

ABSTRACT

In today's world, the masses, particularly students, find it difficult to understand or comprehend what they are being taugh...

Read more
PERCEPTION OF SUITORS ON PREMARITAL GENOTYPE SCREEINING INFORMATION IN ZARIA LOCAL GOVERNMENT AREA, KADUNA STATE, NIGERIA

Abstract

The study determined perception of suitors on premarital genotype screening information in Zaria local government area. Qualitat...

Read more
Share this page with your friends




whatsapp