Department of Islamic Law

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Browsing Department of Islamic Law by Author "Abdulrazaaq O. Zakariya"

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    Corporate Governance Legislations for Islamic Banks in Nigeria: Review of Compliance with Islamic Principles
    (Nirma University, India, 2022-12-31) Abdulrazaaq O. Zakariya; Ahmed Abiodun Muhammed-Mikaaeel
    Legislation is the bedrock of every endeavour for better outcome. It gives enabling environment for certain systems, practices and procedures. In any complex system, legislation plays pivotal role to solidify it. Hence, it is not debatable that corporate banking governance requires effective legislation to thrive. As with Islamic corporate banking governance in Nigeria, experts have made several complaints regarding the unsuitability of the existing legislations from the perspective of Shari’ah tenets. This thus prompted this article to examine the corporate governance legislations for Islamic Banks in Nigeria by way of review with Islamic principles. The article adopts doctrinal method of legal research by relying on the relevant legislations for corporate governance of Islamic banks in Nigeria as well as the primary sources of law under Shari’ah to fathom the Islamic principles as they relate to Islamic corporate banking governance. The article finds that the existing legislations for the corporate banking governance of Islamic banks are best suitable for the conventional banks. The legislations failed to incorporate Islamic principles for proper corporate banking governance of Islamic banks. The article thus places the burden of ensuring amendment of the Companies and Allied Matters Act (CAMA), 2020 on the Central Bank of Nigeria being the apex and regulatory bank in the country as against the usual style of issuing mere guidelines for that purpose.
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    Corporate Governance Legislations for Islamic Banks in Nigeria: Review of Compliance with Islamic Principles
    (Nirma University, 2022-12-31) Ahmed A. Muhammed-Mikaaeel; Abdulrazaaq O. Zakariya
    Legislation is the bedrock of every endeavour for better outcome. It gives enabling environment for certain systems, practices and procedures. In any complex system, legislation plays pivotal role to solidify it. Hence, it is not debatable that corporate banking governance requires effective legislation to thrive. As with Islamic corporate banking governance in Nigeria, experts have made several complaints regarding the unsuitability of the existing legislations from the perspective of Shari’ah tenets. This thus prompted this article to examine the corporate governance legislations for Islamic Banks in Nigeria by way of review with Islamic principles. The article adopts doctrinal method of legal research by relying on the relevant legislations for corporate governance of Islamic banks in Nigeria as well as the primary sources of law under Shari’ah to fathom the Islamic principles as they relate to Islamic corporate banking governance. The article finds that the existing legislations for the corporate banking governance of Islamic banks are best suitable for the conventional banks. The legislations failed to incorporate Islamic principles for proper corporate banking governance of Islamic banks. The article thus places the burden of ensuring amendment of the Companies and Allied Matters Act (CAMA), 2020 on the Central Bank of Nigeria being the apex and regulatory bank in the country as against the usual style of issuing mere guidelines for that purpose.