Browsing by Author "Datti, Muhammed Saadatu"

Now showing 1 - 1 of 1
  • Thumbnail Image
    ItemOpen Access
    AN ASSESSMENT OF THE PRODUCTS OF JAIZ BANK PLC UNDER PRINCIPLES OF ISLAMIC LAW NIGERIA
    (Department of Islamic Law and Jusrisprudence, Nasarawa State University Keffi., 2019-03-11) Datti, Muhammed Saadatu
    Islamic finance is a phenomenon that is increasingly recognized in the world’s financial markets. Since its inception in the late 20th century, Islamic Banking has been one of the most controversial institutions. Despite its accelerated growth, it remains plagued with challenges, the biggest of which is a common man’s perception about Islamic banking as a sharia compliant alternative and an eligible structure remains a highly strenuous task owing to numerous factors. The choice of this topic is informed by the growing demand for Islamic banking products and transactions in recent times. This work sets out to explore the various products and transactions of Islamic banks and their conformity to Islamic law, with reference to Nigeria’s Jaiz Bank pic the paper identified two major product, i.e, Tawarruq and Bai A l Inah which are highly controversial among scholars because of their applicability and anticidents.. The paper also uses exhortations from the noble Quran and Hadith on good practice of morality, justice and equity relating to business and monetary issues. The methodology adopted is doctrinal research which is essentially library based. The research work found that although the Islamic banking provided an ethical alternative to conventional banking and most of its products could be deemed compliant with the doctrines of Islamic law, there are however products that are highly contentious in respect to their permissibility ethically, and which are bound from use in some jurisdictions. The research work concludes that Islamic banking would continue to contribute to the growth of world economies and its products and transactions are largely in tandem with the intensions of Islamic law. This research recommends that Islamic banking in Nigeria should have its own distinct and comprehensive legal framework for it to thrive and be able to compete favourably with its conventional counterpart. Also, there is a dare need for the banking sector to create awareness about Islamic banking to assuage the fears that Islamic banking is for Muslims only, or that its introduction into the country is to Islamize Nigeria. There is also an urgent need for more Islamic banlzs to come into existence to meet the growing need for ethical banking in Nigeria. Banking is the main support and backbone of any country's economy. However, the practices of conventional banking system are unlawful and prohibited from the Islamic perspective. The main reason for prohibition is due to Riba (interest) and hence, for the muslims, it is necessary to have Islamic banking system. Many researchers have conducted the research in Islamic banking and finance and most of the researchers have looked at the efficiency and profitability of Islamic bank but the focus of this research shall be on the shariah compliance of the various products and transactions of Islamic Banks, numerous