The Implication of the Concept of Legal and Beneficial Ownership in Sukuk Structures under the Nigerian Tax Regime
Loading...
Date
2022
Journal Title
Journal ISSN
Volume Title
Publisher
Electronicpublications.org Ltd
Abstract
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.
Description
Keywords
Citation
(5) Hafsat Iyabo Sa’adu and Aishat Abdul-Qadir Zubair (2022) ‘The Implication of the Concept of Legal and Beneficial Ownership in Sukuk Structures under the Nigerian Tax Regime’. Manchester Journal of Transnational Islamic Law & Practice MJTILP Volume 18 Issue 1.