EXAMINATION OF THE REGULATORY FRAMEWORK TOWARDS SUSTAINABILITY OF ISLAMIC FINANCIAL INSTITUTIONS
Date
2019-10-30
Authors
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Department of Islamic Law and Jurisprudence
Abstract
Islamic banking and finance is the fast growing rival of the conventional banking and finance. It is finances based on divine principles of the Islamic law (Shari ‘ah). Despite the rapid growth of the industry in various parts of the world, challenges exist. Nigeria, the country of study is not left out. For an institution to thrive for a long term, there should be a regulatory/ supervisory framework. The purpose of this research work is to dive into the available regulatory/supervisory framework brought forward by the apex regulatory authority- the Central Bank of Nigeria(CBN) and swim towards sustainability of Islamic Financial Institution. The research majorly consulted and adopted relevant materials in the field and collected a little data using the empirical method. It was found out that there are loopholes in the available framework for supervision and regulation of Islamic finance operations and institutions which will not aid much in long term sustainability. Hence, recommends making of new policies towards long term sustainability.
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Citation
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