Purpose

The purpose of this paper is to review the literature on Islamic finance vis-à-vis legal and Sharīʿah non-compliance risks in its transactions and judicial dispute resolution in Nigeria. This is with a view to putting forward direction for future studies on the duo of legal and Sharīʿah non-compliance risks and their impact in Islamic finance.

Design/methodology/approach

This review is designed as an exploratory study and qualitative methodology is used in examining relevant literature comprising of primary and secondary data while identifying legal risk and Sharīʿah non-compliance risks of Nigeria’s Islamic finance industry. Using the doctrinal approach together with content analysis, relevant Nigerian laws and judicial precedents applicable to Islamic finance practice and related publications were examined in determining the identified risks.

Findings

Undeveloped laws, the uncertainty of Sharīʿah governance and enforceability issues are identified as legal gaps for Islamic finance under the Nigerian legal system. The gaps are inimical to and undermine investor confidence in Nigeria’s Islamic finance industry. The review reveals the necessity of tailor-made Sharīʿah-based regulations in addition to corresponding governance and oversight for a legally safe and Sharīʿah-compliant Islamic finance practice. It brings to light the imperative for mitigating the legal and Sharīʿah non-compliance risks associated with Islamic finance operations as crucial for Islamic finance businesses, Islamic finance institutions and their sustainable development.

Research limitations/implications

Based on content analysis, the review is wholly doctrinal and does not involve empirical data. Legal safety and Sharīʿah compliance are not to be compromised in Islamic finance operations. The review would assist relevant regulators and investors in Islamic financial enterprises to understand and determine the impact and potential ramifications of legal safety and Sharīʿah non-compliance on Islamic Finance Institutions.

Practical implications

This study provides an insight into the dimensions and ramifications of legal and Sharīʿah non-compliance risks of Nigeria’s Islamic finance industry. This study is premised on the imperative for research studies whose outcome would inform regulations that strike a balance between establishing Islamic financial institution/business and ensuring legal certainty and Sharīʿah compliance of their operations. This study paves way for this kind of research studies.

Originality/value

The findings and discussions provide a guide for regulators and researchers on the identification and mitigation of legal and Sharīʿah non-compliance risks in Islamic finance via a literature review. This study, the first of its kind in Nigeria, advances the idea that research into legal and Sharīʿah non-compliance risks of Islamic financial entities is key to mitigating the risks and fostering the entities and their businesses.

中文翻译：

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尼日利亚伊斯兰金融业的法律和伊斯兰教合规风险：文献综述

目的

本文的目的是回顾有关尼日利亚金融交易中的伊斯兰金融与法律和伊斯兰教合规风险以及法律解决争端的文献。这是为了为法律和伊斯兰教法的不合规风险及其对伊斯兰金融的影响的未来研究提出方向。

设计/方法/方法

这篇评论旨在进行探索性研究，并使用定性方法来研究由主要和次要数据组成的相关文献，同时确定尼日利亚伊斯兰金融业的法律风险和Sharīʿah不合规风险。使用理论方法和内容分析，对尼日利亚的相关法律和适用于伊斯兰金融实践的司法先例以及相关出版物进行了审查，以确定已识别的风险。

发现

法律不完善，伊斯兰教法治理的不确定性和可执行性问题被认为是尼日利亚法律体系下伊斯兰金融的法律空白。这种差距无济于事，并损害了投资者对尼日利亚伊斯兰金融业的信心。审查揭示了基于伊斯兰教法量身定制的法规的必要性，以及对法律上安全且符合伊斯兰教法的伊斯兰金融实践的相应治理和监督。它揭示了减轻与伊斯兰金融业务有关的法律和伊斯兰教合规风险的当务之急，这对于伊斯兰金融业务，伊斯兰金融机构及其可持续发展至关重要。

研究局限/意义

基于内容分析，该评价完全是理论性的，不涉及经验数据。在伊斯兰金融业务中，不得损害法律安全和对《伊斯兰教法》的遵守。该审查将帮助伊斯兰金融企业的相关监管机构和投资者了解并确定法律安全和不遵守《伊斯兰教义》对伊斯兰金融机构的影响和潜在后果。

实际影响

这项研究提供了对尼日利亚伊斯兰金融业法律和伊斯兰教合规风险的范围和后果的见解。这项研究的前提是必须开展研究，研究的结果将为制定伊斯兰金融机构/业务与确保法律确定性和遵守伊斯兰教义之间取得平衡之间的平衡提供法规依据。本研究为此类研究铺平了道路。

创意/价值

这些发现和讨论为监管机构和研究人员提供了文献综述，以帮助他们确定和缓解伊斯兰金融中的法律和伊斯兰教义违规风险。这项研究在尼日利亚尚属首次，它提出了这样的思想，即对伊斯兰金融实体的法律和伊斯兰教合规风险进行研究是减轻风险并促进实体及其业务发展的关键。