Oseni, Umar A.,(2015), Dispute resolution in the Islamic finance industry in Nigeria. , Eur J Law Econ, UNSPECIFIED
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Abstract
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 Sharı¯‘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.
Keywords : | Islamic finance litigation , Dispute resolution , Islamic finance , Civil courts , Nigeria, UNSPECIFIED |
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Journal or Publication Title: | Eur J Law Econ |
Volume: | 40 |
Number: | UNSPECIFIED |
Item Type: | Article |
Subjects: | Ekonomi Islam |
Depositing User: | Users 15 not found. |
Date Deposited: | 26 Dec 2019 06:57 |
Last Modified: | 26 Dec 2019 06:57 |
URI: | https://repofeb.undip.ac.id/id/eprint/871 |