Dispute resolution in the Islamic finance industry in Nigeria

With the gradual increase of Islamic finance products in Nigeria, which was spurred by the initial licenses issued to some banks by the Central Bank of Nigeria to operate Sharī‘ah-compliant banking, an unprecedented trend has been introduced in the world of Islamic finance litigation. Litigating the...

Full description

Bibliographic Details
Main Author:	Oseni, Umar Aimhanosi
Format:	Article
Language:	English English English
Published:	Springer New York LLC 2015
Subjects:	HG Finance K Law (General) KBP Islamic Law
Online Access:	http://irep.iium.edu.my/46887/ http://irep.iium.edu.my/46887/ http://irep.iium.edu.my/46887/ http://irep.iium.edu.my/46887/1/46887.pdf http://irep.iium.edu.my/46887/4/46887_dispute_resolution_WOSpdf.pdf http://irep.iium.edu.my/46887/5/46887_dispute_resolution_Scopus.pdf

id	iium-46887
recordtype	eprints
spelling	iium-468872016-07-18T05:48:38Z http://irep.iium.edu.my/46887/ Dispute resolution in the Islamic finance industry in Nigeria Oseni, Umar Aimhanosi HG Finance K Law (General) KBP Islamic Law With the gradual increase of Islamic finance products in Nigeria, which was spurred by the initial licenses issued to some banks by the Central Bank of Nigeria to operate Sharī‘ah-compliant banking, an unprecedented trend has been introduced in the world of Islamic finance litigation. Litigating the legality of the Islamic banking license issued by the apex bank in Nigeria was the first in the yet unknown phase of the dispute resolution trends in the nascent Islamic finance industry in the country. This study therefore examines the challenges, prospects and future directions of sustainable dispute resolution practices in the Islamic finance industry. It proposes a practical dispute resolution framework for Nigeria through best practices from three key jurisdictions—Malaysia, Indonesia and Pakistan—who have some unique mechanisms that have stood the test of time. The study concludes that for Nigeria to be able to attract foreign direct investment into its nascent Islamic finance industry, particularly from the oil rich Middle Eastern countries, it requires a sound and robust judicial system and dispute resolution mechanism that can stand the test of time. Springer New York LLC 2015-12-01 Article PeerReviewed application/pdf en http://irep.iium.edu.my/46887/1/46887.pdf application/pdf en http://irep.iium.edu.my/46887/4/46887_dispute_resolution_WOSpdf.pdf application/pdf en http://irep.iium.edu.my/46887/5/46887_dispute_resolution_Scopus.pdf Oseni, Umar Aimhanosi (2015) Dispute resolution in the Islamic finance industry in Nigeria. European Journal of Law and Economics, 40 (3). pp. 545-564. ISSN 0929-1261 http://link.springer.com/article/10.1007%2Fs10657-012-9371-y 10.1007/s10657-012-9371-y
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English English
topic	HG Finance K Law (General) KBP Islamic Law
spellingShingle	HG Finance K Law (General) KBP Islamic Law Oseni, Umar Aimhanosi Dispute resolution in the Islamic finance industry in Nigeria
description	With the gradual increase of Islamic finance products in Nigeria, which was spurred by the initial licenses issued to some banks by the Central Bank of Nigeria to operate Sharī‘ah-compliant banking, an unprecedented trend has been introduced in the world of Islamic finance litigation. Litigating the legality of the Islamic banking license issued by the apex bank in Nigeria was the first in the yet unknown phase of the dispute resolution trends in the nascent Islamic finance industry in the country. This study therefore examines the challenges, prospects and future directions of sustainable dispute resolution practices in the Islamic finance industry. It proposes a practical dispute resolution framework for Nigeria through best practices from three key jurisdictions—Malaysia, Indonesia and Pakistan—who have some unique mechanisms that have stood the test of time. The study concludes that for Nigeria to be able to attract foreign direct investment into its nascent Islamic finance industry, particularly from the oil rich Middle Eastern countries, it requires a sound and robust judicial system and dispute resolution mechanism that can stand the test of time.
format	Article
author	Oseni, Umar Aimhanosi
author_facet	Oseni, Umar Aimhanosi
author_sort	Oseni, Umar Aimhanosi
title	Dispute resolution in the Islamic finance industry in Nigeria
title_short	Dispute resolution in the Islamic finance industry in Nigeria
title_full	Dispute resolution in the Islamic finance industry in Nigeria
title_fullStr	Dispute resolution in the Islamic finance industry in Nigeria
title_full_unstemmed	Dispute resolution in the Islamic finance industry in Nigeria
title_sort	dispute resolution in the islamic finance industry in nigeria
publisher	Springer New York LLC
publishDate	2015
url	http://irep.iium.edu.my/46887/ http://irep.iium.edu.my/46887/ http://irep.iium.edu.my/46887/ http://irep.iium.edu.my/46887/1/46887.pdf http://irep.iium.edu.my/46887/4/46887_dispute_resolution_WOSpdf.pdf http://irep.iium.edu.my/46887/5/46887_dispute_resolution_Scopus.pdf
first_indexed	2023-09-18T21:06:44Z
last_indexed	2023-09-18T21:06:44Z
_version_	1777410983673724928

Dispute resolution in the Islamic finance industry in Nigeria

Similar Items