Jurisdiction of courts over Islamic banking in Nigeria and Malaysia

Islamic finance is profit-oriented. However, it has moral and ethical values that are based on the Sharīah. Despite the roots of religiosity of its origins, its products are useful to all of mankind who are willing to be fair and just in their economic endeavours. However, the growth and development...

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Main Authors:	Bello, Shafi‘i Abdul Azeez, Mohd Yasin, Norhashimah
Format:	Article
Language:	English
Published:	Bangladesh Islamic Law Research and Legal Aid Centre 2015
Subjects:	K Law (General)
Online Access:	http://irep.iium.edu.my/48659/ http://irep.iium.edu.my/48659/ http://irep.iium.edu.my/48659/1/PUBLISHED_ARTICLE_BY_SHAFIE_N_NMY.pdf

id	iium-48659
recordtype	eprints
spelling	iium-486592017-06-15T06:33:42Z http://irep.iium.edu.my/48659/ Jurisdiction of courts over Islamic banking in Nigeria and Malaysia Bello, Shafi‘i Abdul Azeez Mohd Yasin, Norhashimah K Law (General) Islamic finance is profit-oriented. However, it has moral and ethical values that are based on the Sharīah. Despite the roots of religiosity of its origins, its products are useful to all of mankind who are willing to be fair and just in their economic endeavours. However, the growth and development of an Islamic bank and the Islamic finance system depends upon institutions wherein its dispute resolutions are anchored. The institutions for Islamic finance dispute resolutions must house practitioners who are knowledgeable and versed in Islamic finance. In Nigeria, Islamic banking and finance (IBF) has proved to be the most developed system of profit and loss sharing banking based on non‐interest principles mainly due to its international recognition. On the other hand, Malaysia is one of the few exceptional jurisdictions where Islamic banking cases have been published in various law reports such as the Malayan Law Journal and the Current Law Journal. From 1987- 2010, there have been several Islamic banking cases which have been published in law reports, 20 of which have been famously quoted and referred to. This paper aims to explain the jurisdiction of the courts on Islamic banking and finance in Nigeria and Malaysia. It discusses the jurisdiction of the courts over banking in Nigeria generally, their hierarchy as well as jurisdiction over Islamic banking in the same. Similarly, the jurisdiction of the courts over IBF in Malaysia has been critically analysed. It has 1 Ph.D. Candidate, Ahmad Ibrahim Kulliyyah of Laws, International Islamic University Malaysia, Email: shafihyajadi@hotmail.com 2 Professor, Dr. Civil Law Department, Ahmad Ibrahim Kulliyyah of Laws, International Islamic University Malaysia, Email: norhashimah_iiu@yahoo.com.au 55 JOURNAL OF ISLAM, LAW AND JUDICIARY: 1 (3), 2015 been recommended in conclusion that the constitution should be amended in order to remove jurisdiction related to IBF from the sphere of the conventional courts for successful implementation of the IBF in the models studied. Bangladesh Islamic Law Research and Legal Aid Centre 2015 Article PeerReviewed application/pdf en http://irep.iium.edu.my/48659/1/PUBLISHED_ARTICLE_BY_SHAFIE_N_NMY.pdf Bello, Shafi‘i Abdul Azeez and Mohd Yasin, Norhashimah (2015) Jurisdiction of courts over Islamic banking in Nigeria and Malaysia. Journal of Islam, Law and Judiciary, 1 (3). pp. 54-76. ISSN 2411-4936 http://joilj.discinternational.org/index.php/joilj
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	K Law (General)
spellingShingle	K Law (General) Bello, Shafi‘i Abdul Azeez Mohd Yasin, Norhashimah Jurisdiction of courts over Islamic banking in Nigeria and Malaysia
description	Islamic finance is profit-oriented. However, it has moral and ethical values that are based on the Sharīah. Despite the roots of religiosity of its origins, its products are useful to all of mankind who are willing to be fair and just in their economic endeavours. However, the growth and development of an Islamic bank and the Islamic finance system depends upon institutions wherein its dispute resolutions are anchored. The institutions for Islamic finance dispute resolutions must house practitioners who are knowledgeable and versed in Islamic finance. In Nigeria, Islamic banking and finance (IBF) has proved to be the most developed system of profit and loss sharing banking based on non‐interest principles mainly due to its international recognition. On the other hand, Malaysia is one of the few exceptional jurisdictions where Islamic banking cases have been published in various law reports such as the Malayan Law Journal and the Current Law Journal. From 1987- 2010, there have been several Islamic banking cases which have been published in law reports, 20 of which have been famously quoted and referred to. This paper aims to explain the jurisdiction of the courts on Islamic banking and finance in Nigeria and Malaysia. It discusses the jurisdiction of the courts over banking in Nigeria generally, their hierarchy as well as jurisdiction over Islamic banking in the same. Similarly, the jurisdiction of the courts over IBF in Malaysia has been critically analysed. It has 1 Ph.D. Candidate, Ahmad Ibrahim Kulliyyah of Laws, International Islamic University Malaysia, Email: shafihyajadi@hotmail.com 2 Professor, Dr. Civil Law Department, Ahmad Ibrahim Kulliyyah of Laws, International Islamic University Malaysia, Email: norhashimah_iiu@yahoo.com.au 55 JOURNAL OF ISLAM, LAW AND JUDICIARY: 1 (3), 2015 been recommended in conclusion that the constitution should be amended in order to remove jurisdiction related to IBF from the sphere of the conventional courts for successful implementation of the IBF in the models studied.
format	Article
author	Bello, Shafi‘i Abdul Azeez Mohd Yasin, Norhashimah
author_facet	Bello, Shafi‘i Abdul Azeez Mohd Yasin, Norhashimah
author_sort	Bello, Shafi‘i Abdul Azeez
title	Jurisdiction of courts over Islamic banking in Nigeria and Malaysia
title_short	Jurisdiction of courts over Islamic banking in Nigeria and Malaysia
title_full	Jurisdiction of courts over Islamic banking in Nigeria and Malaysia
title_fullStr	Jurisdiction of courts over Islamic banking in Nigeria and Malaysia
title_full_unstemmed	Jurisdiction of courts over Islamic banking in Nigeria and Malaysia
title_sort	jurisdiction of courts over islamic banking in nigeria and malaysia
publisher	Bangladesh Islamic Law Research and Legal Aid Centre
publishDate	2015
url	http://irep.iium.edu.my/48659/ http://irep.iium.edu.my/48659/ http://irep.iium.edu.my/48659/1/PUBLISHED_ARTICLE_BY_SHAFIE_N_NMY.pdf
first_indexed	2023-09-18T21:08:58Z
last_indexed	2023-09-18T21:08:58Z
_version_	1777411123443662848

Jurisdiction of courts over Islamic banking in Nigeria and Malaysia

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