EXAMINATION OF THE LAWS AND REGULATIONS OF ISLAMIC BANKING AND FINANCE IN NIGERIA VIS-A-VIS THE NIGERIAN FINANCIAL SYSTEM

Laws which govern Islamic Banking and Financial institutions in Nigeria exist owing to the plural legal system in the country. This plurality involves both the Islamic and statutory laws enacted by the National Assembly. Islamic Banking and Financial Institutions must therefore, not only comply with the legal rulings and injunctions contained in the Quran and Sunnah, but must also comply with the laws and regulations imposed by the Constitution, Banks and Other Financial Institutions Act, Central Bank Act, and Nigerian Deposits Insurance Coiporation Act amongst others that constitute the regulatory framework of the Nigerian Financial System. This work intends to analyze the said laws with the objective of identifying and filling the lacunae therein, in order to forestall future legal obstacles to the system. This study therefore analyses this convoluted legal hybridity and suggests ways of overcoming any obstacles. The methodology utilized in this research is that of literature review. This study concludes with the suggestion that the said obstacles may be overcome through more emphasis on the use of religious legislation, amendments to the constitution, and a new legislation.