Browsing by Author "Solahudeen, Isa Olawale"

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    Conventional Bank Interest and the Murabahah (cost-plus-profit) Contract in Islamic Finance: Two Sides of a Coin or two Coins of Different Sides?
    (Journal of Islamic Banking and Finance, 2015-04) Ishola, Abdullahi Saliu; Solahudeen, Isa Olawale
    The emergence of the Islamic banking system led to the introduction of some financial transactions which were not hitherto considered in the classical books on Islamic financial system. Murabahah is one of such innovations. Like most of those newly introduced products of the Islamic Financial System or Arrangement (IFS or IFA), otherwise referred to as Products of Islamic Banking (PIB) or Products of Islamic Finance (PIF), arguments have been canvassed for and against the legality of Murabahah under Islamic Financial Principles (IFP). Of all the criticism against its operation, the most pronounced deprecation against it posits that, Murabahah is too close to interest transaction in the conventional banks, and cannot therefore be legally allowed in IFS. This paper examines the criticism and posits whether the criticism is tenable or not on the scale of the Islamic Law and given the financial market challenges facing the contemporary Muslim world.
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    Muslim Estate and Probate Practice in Kwara State: A Review of Adua-Tayo Hassan v. Probate Registrar's Case
    (Al-Hikmah University Journal of Public and Internatonal Law, 2017-07) Ishola, Abdullahi Saliu; Solahudeen, Isa Olawale
    This paper undertakes a reportage review of the recent development in the issuance of letters of administration and involvement of the Probate Registry of the High Court of Kwara State of Nigeria in the Estates of deceased Muslims. Prior to the development, the Registry had engaged in the issuance of letters of administration on Muslim Estates. Besides, for such letters of administration to be issued, either on Muslim Estates or others, the Applicant would be charged 10% of the worth-net of the property in question. These two acts of the Registry were challenged in a recent case leading to the declarations of both acts as illegal. The new legal regime in the probate practice in the State ushered in by the judicial declarations made on the issue forms the fulcrum of examination in this study.