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- W612863204 abstract "Nowadays, Islamic banking having succeeded in guaranteeing the safety of customer’swealth worldwide has stepped into tackling the arising issues within the banking sector. Themain objective of the banking system is to ensure the true compliance with the principles ofIslamic commercial jurisprudence through the effective means of supervision. The supervision issupposed to have been carried out by Islamic experts in a manner which effective and bindingverdicts could be issued but a lot of challenges have been faced. The Islamic advisory board inan Islamic financial institution has been used for long as a collective fatwa issuing body saddledwith the responsibility of ensuring the shari’ah compliance. However, involvement oftechnocrats therein coupled with some bureaucracies; and as well as lack of a suitable legalframework and enabling environment in support of its operation, have been causing a grievousinjury to the system in recent times most especially in the Modern Muslim countries whereshari’ah is applied side-by-side with other legal systems. In fact, such factors have resulted tolack of an effective legal framework on Islamic financial activities. It is against this backdropthat the paper has been jointly looked at the practices in Nigeria and Malaysia with a view toascertaining the level playing ground for the performance of their shari’ah advisory bodies. Inthe end, the paper revealed that the Malaysian Islamic financial model is a reality compared toother countries in the world. Hence, the Malaysian model is expected to be suitable and relevantto the Nigerian system. Thus, the paper suggests among other things that generally, the FederalGovernment of Nigeria should adopt the Malaysian model of Islamic financial system;2specifically, the paper suggests that the Government in collaboration with Central Bank (CBN)should facilitate the amendment of the relevant legislation such as the Constitution of Nigeria,Bank and Other Financial Institution Act (BOFIA) and CBN Act/Regulations in order to paveway for enacting a suitable Islamic financial regulatory framework; and the Government shouldtherefore enact a distinctive Islamic financial regulatory framework that can independentlyregulate for the Islamic financial activities in the country." @default.
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- W612863204 date "2014-01-01" @default.
- W612863204 modified "2023-09-27" @default.
- W612863204 title "The role of fatwa (Islamic legal opinion) to Islamic banks and other financial institutions: a myth or reality in the Nigerian and Malaysian contexts?" @default.
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