Browsing by Author "Mistura Abayomi Mohammed-Yusuf"

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    Enhancing Islamic Banks' Participation through Agriculture under Nigerian Inclusive Financing Policy: Musaqah and Muzara'ah as Panacea
    (Department of Islamic Law, Usmanu Dan Fodiyo University, Sokoto, Nigeria, 2022-06-30) Ahmed Abiodun Muhammed-Mikaaeel; Mistura Abayomi Mohammed-Yusuf
    Calls for inclusive financing have been on the world agenda over the years. Nigeria also joins other comity of nations vides its Central Bank of Nigeria in adopting inclusive financing policy with financial institutions as the engines of implementation. The policy focuses on the rural area dwellers with a view to alleviating their poverty status. Islamic Banking, as a leg of Islamic finance, has gone a long way in participating in the implementation of the policy within the compliant framework of Shari’ah especially in the sphere of agriculture. It is however observed that Islamic Banks’ participation in the policy have been on short term basis, owing to its traditionally adopted banking products, which does not augur well for real agricultural financing. It is against this backdrop that this paper examine how Musaqah and Muzara’ah can be used to enhance Islamic Banks participation in the policy with particular focus on agriculture. The paper adopted doctrinal method of legal research. The paper finds that Islamic banks’ participations so far in the inclusive financing policy have been on short term basis with over reliance on their traditional banking products like Mudarabah, Musharakah, Ijarah, Istisna and the likes and that the banks rarely explored Musaqah and Muzara’ah which are uniquely designed for agriculture. The paper identified likely challenges that might be faced with the adoption of Musaqah and Muzara’ah with way forward. The paper concludes that with strict adherence to the guiding principles of Musaqah and Muzara’ah, the participation of Islamic banks in financing policy would be greatly enhanced.
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    Enhancing Islamic Banks' Participation through Agriculture under Nigerian Inclusive Financing Policy: Musaqah and Muzara'ah as Panacea
    (Department of Islamic Law, Usmanu Dan Fodiyo University, Sokoto, Nigeria, 2022-06-25) Ahmed Abiodun Muhammed-Mikaaeel; Mistura Abayomi Mohammed-Yusuf
    Calls for inclusive financing have been on the world agenda over the years. Nigeria also joins other comity of nations vides its Central Bank of Nigeria in adopting inclusive financing policy with financial institutions as the engines of implementation. The policy focuses on the rural area dwellers with a view to alleviating their poverty status. Islamic Banking, as a leg of Islamic finance, has gone a long way in participating in the implementation of the policy within the compliant framework of Shari’ah especially in the sphere of agriculture. It is however observed that Islamic Banks’ participation in the policy have been on short term basis, owing to its traditionally adopted banking products, which does not augur well for real agricultural financing. It is against this backdrop that this paper examine how Musaqah and Muzara’ah can be used to enhance Islamic Banks participation in the policy with particular focus on agriculture. The paper adopted doctrinal method of legal research. The paper finds that Islamic banks’ participations so far in the inclusive financing policy have been on short term basis with over reliance on their traditional banking products like Mudarabah, Musharakah, Ijarah, Istisna and the likes and that the banks rarely explored Musaqah and Muzara’ah which are uniquely designed for agriculture. The paper identified likely challenges that might be faced with the adoption of Musaqah and Muzara’ah with way forward. The paper concludes that with strict adherence to the guiding principles of Musaqah and Muzara’ah, the participation of Islamic banks in financing policy would be greatly enhanced.