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Dispute resolution in the Islamic finance industry in Nigeria

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  • Umar Oseni

Abstract

With the gradual increase of Islamic finance products in Nigeria, which was spurred by the initial licenses issued to some banks by the Central Bank of Nigeria to operate Sharī‘ah-compliant banking, an unprecedented trend has been introduced in the world of Islamic finance litigation. Litigating the legality of the Islamic banking license issued by the apex bank in Nigeria was the first in the yet unknown phase of the dispute resolution trends in the nascent Islamic finance industry in the country. This study therefore examines the challenges, prospects and future directions of sustainable dispute resolution practices in the Islamic finance industry. It proposes a practical dispute resolution framework for Nigeria through best practices from three key jurisdictions—Malaysia, Indonesia and Pakistan—who have some unique mechanisms that have stood the test of time. The study concludes that for Nigeria to be able to attract foreign direct investment into its nascent Islamic finance industry, particularly from the oil rich Middle Eastern countries, it requires a sound and robust judicial system and dispute resolution mechanism that can stand the test of time. Copyright Springer Science+Business Media New York 2015

Suggested Citation

  • Umar Oseni, 2015. "Dispute resolution in the Islamic finance industry in Nigeria," European Journal of Law and Economics, Springer, vol. 40(3), pages 545-564, December.
    • Handle: RePEc:kap:ejlwec:v:40:y:2015:i:3:p:545-564
    DOI: 10.1007/s10657-012-9371-y
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    References listed on IDEAS

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    1. Ahmed, Habib, 2006. "Islamic Law, Adaptability And Financial Development," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 13, pages 80-101.
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    Cited by:

    1. Umar A. Oseni & Abideen Adewale & Nor Razinah Binti Mohd Zain, 2016. "Customers' perceptions on the dispute resolution clauses in Islamic finance contracts in Malaysia," Review of Financial Economics, John Wiley & Sons, vol. 31(1), pages 89-98, November.
    2. Oseni, Umar A. & Adewale, Abideen & Mohd Zain, Nor Razinah Binti, 2016. "Customers' perceptions on the dispute resolution clauses in Islamic finance contracts in Malaysia," Review of Financial Economics, Elsevier, vol. 31(C), pages 89-98.

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      More about this item

      Keywords

      Islamic finance litigation; Dispute resolution; Islamic finance; Civil courts; Nigeria; G21; G28; K12; K41;
      All these keywords.

      JEL classification:

      • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
      • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
      • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
      • K41 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Litigation Process

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