ABU calls for legal provisions on Islamic Banking

The Director of the Centre for Islamic Legal Studies (CILS) of the Ahmadu Bello University (ABU), Zaria, Professor Muhammad Bello Usman, has called for statutory provisions for Islamic non-interest based financial system in Nigeria. Usman made this known at the opening ceremony of the 19th Annual Judges’ Conference that took place at the Kongo campus […]

The Director of the Centre for Islamic Legal Studies (CILS) of the Ahmadu Bello University (ABU), Zaria, Professor Muhammad Bello Usman, has called for statutory provisions for Islamic non-interest based financial system in Nigeria.

Usman made this known at the opening ceremony of the 19th Annual Judges’ Conference that took place at the Kongo campus of the university with the theme: “Application of Islamic Financial Legislation in the Nigerian Judicial System: Challenges and Prospects.”

He said absence of laws guiding the Islamic non-interest system is posing legal gaps and challenges for the operators, saying that except for the guidelines drawn by the Central Bank of Nigeria (CBN), there is no any legal framework that can guide judges and other stakeholders of the Islamic non-interest banking.

In a remark, a Justice of the Supreme Court of Nigeria, Justice Ibrahim Tanko Muhammad, said justice for all is a critical element for national peace and security.

He said judges must do everything possible to do justice between people otherwise they risk going against their oath of service.

“It is not an excuse for somebody to keep mute while he is cheated in a court of law. If you feel you are cheated and you keep quiet, you have cheated yourself. We have several authorities in the judiciary that can act and investigate such cases,” he added.

In his speech, the ABU Vice Chancellor, Professor Ibrahim Garba, expressed satisfaction that the Islamic Financial System was gradually gaining ground in Nigeria.