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PARADIGM SHIFT IN THE MANAGEMENT OF ISLAMIC FINANCE DISUTES IN NIGERIA AMIDST COVID-19 PANDEMIC
(FACULTY OF LAW, OBAFEMI AWOLOWO UNIVERSITY, 2021-04-20) MAGAJI W. OWOLABI, KUDIRAT; ABDUL-QADRI SUBAIR, AISHAT
The paper reviews the effectiveness of the court system as a dispute resolution mechanism in the Islamic finance industry in Nigeria amidst the current global health challenge that has ushered in a new reality to almost every aspect of human lives. While relying on both quantitative and qualitative analysis to identify the role of the market players in the Islamic finance industry in Nigeria in cushioning the effects of the pandemic on the industry, this study finds that with social distancing rule in place, market players would be willing to adopt new methods of resolving their dispute asides the existing conventional modes. The paper further finds that COVID-!9 has caused many essential activities ben shifted online with the aid of Information Communication Technology (CIT) and the resolution of Islamic finance dispute cannot be an exception. The paper concludes that there is need for Online Dispute Resolution (ODR) as well as e-court sessions in resolving disputes emanating from Islamic finance transactions especially amidst this pandemic.