Browsing by Author "Zubair, Aishat Abdul-Qadir"

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    A SWOT Analysis of the Dispute Resolution Mechanisms in the Islamic Finance Industry in Malaysia
    (Grosvenor House Publishing Limited, 2020) Zubair, Aishat Abdul-Qadir; Professor Dr. Rabiah Engku Adawiah Ali
    This chapter is divided into seven sections. The first section gives a general introduction and section two examines the court process as a mechanism for the resolution of Islamic finance disputes in Malaysia. This is followed by the third section that evaluates the use of arbitration under the auspices of the Kuala Lumpur Regional Centre for Arbitration (KLRCA). Section four deals with the court-annexed mediation under the auspices of Kuala Lumpur Court Mediation Centre (KLCMC); while section five deals with mediation/adjudication under the auspices of the Financial Mediation Bureau (FMB). The process of mediation under the Malaysian Mediation Centre (MMC) is the main aim of section six while the last section which is section seven gives a general conclusion.
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    Alternative Dispute Resolution in Family Disputes: An Appraisal of Financial and Property Rights of Muslim Women in Nigeria.
    (Jabatan Kehakiman Syariah Malaysia & Ahmad Ibrahim Kulliyah of Laws, Malaysia, 2021) Zubair, Aishat Abdul-Qadir; Kudirat Magaji Owolabi Wopa
    In Nigeria, Muslim women hardly enjoy the rights which may avail them in Shari‘ah during the marriage or at divorce. Financial support and property rights are fundamental issues that need to be resolved. Hence, depriving women of their entitlement of these rights often leave them at an economically disadvantaged position. The implication of this situation to the society at large cannot be overemphasised since women build generations in years to come. The current position of the Common law as well as the strict property rights approach of the courts clearly cannot offer justice to women. Hence, there is need for alternative route to access justice. The article aims to examine the aptness of Alternative Dispute Resolution (ADR) mechanisms in family disputes related matters and hindrances to the use of ADR to enforce financial and property rights of women in Nigeria. The article recommends among others the amendment of the Marriage Act, Matrimonial Cause Act and Matrimonial Causes Rule, Court Rules to capture both Islamic and conventional ADR mechanisms and enforcement of its outcome.
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    An Analysis of Dispute Resolution Mechanisms in the Islamic Banking and Finance Industry in Malaysia
    (Fakultas Hukum Universitas Ahmad Dahlan, 2020) Zubair, Aishat Abdul-Qadir
    Introduction to The Problem: With the increasing boost to the Malaysian Islamic finance industry and the sophistication experienced in the industry with regards to product development, there is a substantial downside of such enviable achievements, which is the gradual surge in the number of disputes involving Sharia-compliant transactions. It is therefore important to analyse the existing dispute resolution mechanisms in the Islamic finance industry in Malaysia. Purpose/Objective Study: The article aims to analyse the court system as a dispute resolution mechanism as well as the other alternative dispute resolution mechanisms available to parties in resolving the dispute in the Islamic banking and finance industry in Malaysia. Design/Methodology/Approach: This study adopts a doctrinal legal method in examining the relevant Islamic dispute resolution mechanisms that are unique to Islamic finance disputes. Findings: The findings of this research reveal that some issues are causing untold hardships on parties in Islamic finance contractual disputes with the present jurisdiction of the courts in Malaysia. It is in line with the hypothesis of the research that the continued preference for litigation as a means of settling disputes in the Islamic finance industry is not sustainable due to the paradigm shift in dispute resolution involving financial matters globally
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    AN EXPLORATION OF DISPUTE RESOLUTION MECHANISMS IN ISLAMIC COMMERCIAL TRANSACTION
    (Department of Islamic Law, Faculty of Law, Al-Hikmah University, 2021-06) Zubair, Aishat Abdul-Qadir
    There is a recent boost to Islamic Commercial law in Nigeria most especially with the sophistication experienced in its emerging Islamic finance industry, with regards to Islamic banking and Islamic capital market, Sukuk. There is however a looming challenge on the industry in terms of its dispute resolution mechanism. This is because there seems to be an over-dependence on common law institutions, no thanks to the Nigerian colonial heritage, in issues involving Islamic law in general and Islamic commercial law in particular. The aim of this study is therefore to explore the various Islamic Dispute Resolution mechanisms that could be used in resolving Islamic commercial law disputes. This study adopts a doctrinal legal method in exploring the relevant Islamic dispute resolution mechanisms that are unique to Islamic law in general and Islamic commercial law in particular. Finally, the research proposes for the adoption of Islamic Dispute Resolution mechanisms in resolving Islamic Commercial law disputes. The findings of this research reveal that there are indeed dispute resolution mechanisms in Islamic law that are suitable for solving numerous disputes emanating from our ever-innovative Islamic commercial law especially when we take into consideration its uniqueness vis-à-vis Fiqh Muamalat and Shari’ah.
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    ANTI-TERRORISM FINANCING LAWS IN MALAYSIA: CURRENT TRENDS AND DEVELOPMENTS
    (Ahmad Ibrahim Kulliyyah of Laws (AIKOL), 2015) Zubair, Aishat Abdul-Qadir; Umar A. Oseni; Norhashimah Mohd Yasin
    Malaysia has continued to proactively enhance its legal framework for combating terrorism financing as a phenomenal response to the global war against terrorism. This paper revisits the provisions relating to anti-terrorism financing in the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA), and the recent amendment made to the Act in 2014, as well as the Penal Code of Malaysia. While this study focuses on Anti-Terrorism Laws in Malaysia, AMLATFA forms the crux of the discussion in the light of current developments in anti-terrorism legislation in Malaysia. A brief Islamic legal perspective on anti-terrorism financing is given in the light of specific provisions of AMLATFA and the Penal Code. The paper finds that Malaysia is keeping up with the global developments in Anti-Terrorism Financing laws and this has helped it to maintain a good image in the global world as a country that is ready to combat terrorism generally and terrorism financing specifically. With the emerging threats of the self-styled Islamic State in Iraq and Levant (ISIL) in Malaysia and the world at large, there is no better time than now to come up with a more comprehensive law such as the Prevention of Terrorism Act 2015 to complement existing legislations on terrorism financing.
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    Paradigm Shift in the Management of Islamic Finance Disputes in Nigeria Amidst Covid-19 Pandemic
    (Faculty of Law, Obafemi Awolowo University, 2021) Zubair, Aishat Abdul-Qadir; Kudirat Magaji Wopa-Owolabi
    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 the 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-19 has caused many essential activities to be shifted online with the aid of Information Communication Technology (ICT) and the resolution of Islamic finance disputes cannot be an exception. The paper concludes that there is a need for online Dispute Resolution (ODR) as well as e-court sessions in resolving disputes emanating from Islamic finance transactions especially amidst this pandemic.
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    SHARIAH SCREENING OF COMPANIES IN NIGERIA: LESSONS FROM OTHER JURISDICTIONS
    (FACULTY OF LAW, USMAN DAN FODIYO UNIVERSITY, 2022) Zubair, Aishat Abdul-Qadir
    The absence of Shari’ah screening methodology for companies in Nigeria has further engineered the uncertainty surrounding the acceptability of investing in certain companies by Islamic Ethical investors. This is due to the nature of the business activities carried out by these companies. Leveraging on the existing shariah screening indices in other jurisdictions, this paper recommends criteria that can be used to screen shariah compliant status of companies. These indices have tried to ensure that there are shariah benchmarks to be determined before investing in companies carrying out mixed business activities. There have been numerous studies on the need to adopt certain screening methodologies as well as call for new methods in screening companies for shariah compliance to suit the investment needs of Muslims in other jurisdictions. It is however unclear how suitable these methodologies will be to Nigeria. This paper, therefore, seeks to address this gap to consider an appropriate screening methodology to be employed in Nigeria drawing from the experience of other jurisdictions. This study employs a triangulation of both quantitative and qualitative methods to analyse the need for Shari’ah screening of companies in Nigeria. The qualitative method is used by way of ijtihad through the application of principles of maqasid al-shari’ah and qawaid al-Fiqhiyyah to analyse the activities of companies to ensure that they are Shari’ah compliant. In addition, using the quantitative data gathered from the interview survey, the perspective of the investors about the need for Shari’ah screening of companies in Nigeria is further analysed. The result of the study shows that there is a lack of awareness from the Muslim population in Nigeria on the need for Shari’ah screening of companies in Nigeria. The result further shows that there is the need to take into cognizance the peculiar nature of business activities in Nigeria before any particular Shari’ah screening methodology and necessary benchmarks will be adopted. The study concludes that there is a need to ensure that the Muslims in Nigeria screen companies for Shari’ah compliance so that they can easily identify shariah compliant companies for investment purposes. The paper, therefore, recommends that business regulators in Nigeria need to come up with a screening methodology that will suit the peculiar nature of companies in Nigeria. The study thus has direct implications on the investment regulatory bodies in Nigeria such as the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN) as well as the investor Muslims.
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    The Implication of the Concept of Legal and Beneficial Ownership in Sukuk Structures under the Nigerian Tax Regime
    (Electronicpublications.org Ltd, 2022) Zubair, Aishat Abdul-Qadir; Sa'adu, Hafsat Iyabo
    This article investigates the meaning of the concept of ownership as obtained under the common law and Shari’ah (Islamic law) as well as the implication in Sukuk (Islamic bonds) structures under the Nigerian tax regime. In doing this, the article analyses the concept of both legal and beneficial ownership under the common and Islamic law. This article examines the two forms of ownership under common law, i.e., legal and beneficial, and argues that there is controversy as to the need for such distinction for the concept of ownership under Islamic law. The article concludes that for a proper structuring of sovereign Sukuk in any jurisdiction, Nigeria inclusive, there is the need to first address the meaning of the concept of ownership under Islamic law. The article further concludes that the present tax regime in Nigeria needs to be amended to accommodate the uniqueness of Sukuk structures. The article, therefore, recommends that Sukuk structures should accord Sukuk holders with absolute ownership (malik tamm) and the various tax laws in Nigeria be amended to suit Islamic finance products.
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    The Role of Comparative Legal Research in The Development of Law
    (Basic and Applied Sciences, Australia., 2014) Zubair, Aishat Abdul-Qadir
    Background: Comparative legal research is a field of law that has been abandoned over the decades for its lack of popularity as a concept due to the many controversies and criticisms surrounding it. It is a field of study that is only recently gaining footing in the legal profession with its recent resurgence and awakening of legal scholars and student to the fact that it may have some importance after all. Objective: This article therefore aims to show how comparative legal research has influenced the development of law from time immemorial to the present time and see how it will continue to do so in the future despite the pitiable situation it is in presently. It is also the aim of this article to show the efforts made by comparatists in making sure that laws are in conformity with the advancement in development around the globe by its main function of law reform especially in this era of globalization. The article, while concentrating on the impact comparative legal research has had on the development of law with special reference to law reforms in some modern nations, also analysis the manners in which comparative legal research has been used to solve some international dispute on commercial law when they arise. Results: The result of this research shows amongst others: that one of the aims of comparative legal research is to find solutions to a specific problem in a legal system by comparing with other legal systems having a similar problem or condition; that the methods used in comparative legal research are not original to the discipline and there is no one single method generally accepted by all comparatists; and that the concept of comparative legal research helps the law makers in solving quite a number of problems faced in the process of law making.. Conclusion: The article concludes that legislation and law reform are the main purpose of comparative legal research.