Abdul Azeez Maruf Olayemi

Jumeira University | JU · College of Business

The authoritative tribunal for the settlement of banking and financial disputes in most jurisdictions is the civil law court. However, the practices of the civil law court are repugnant to Islamic Commercial law and its judges lack the appropriate knowledgeable. More so, the jurisdiction of the Shariah court in most countries is restricted to the c...

Mineral resources such as gold, silver and petroleum products are subject of zakat. The zakat of the substance is 20% of its produce or the substance itself. This was the practice from the time of the holy prophet Muhammad S. A. W. down to caliphate period. However, the substance is no more a private property as it was then. It is now a public prop...

Dual banking system has emerged the current order of the global economic system. The dualization of the banking system is generally construed in the context of the practicing of the non-interest Islamic banking system alongside the conventional interest-based banking system. The system is currently in practice in the best economic jurisdictions of...

This study investigates the disclosure Services Board (IFSB) which are the highest international regulatory authority on Islamic financial services. The selected banks for the study include thirteen banks, of which are two local conventional banks with Islamic window, and three are multinational conventional banks with Islamic windows. The remainin...

This paper proposes a standardized 'Corporate Social Responsibility (CSR)' framework for the Islamic financial institution queing from the idea of the proposed UAE framework. The development of CSR framework in UAE is the newest contribution of the country to the growth of Islamic finance, after being the cradle of the industry. The Emirates' Minis...

This study investigates the disclosure of Fatwa and Shari'ah resolutions of the Shariah boards of the Islamic banks in UAE on their web portals. The disclosure of the Fatwa and Shari'ah resolutions is recommended by the Standards of Accounting and Auditing Organization of the Islamic Financial Institutions (AAOIFI) and Islamic Financial Services Bo...

The practices of Islamic banks under diverse economic and legal system across the world constitute challenges to its shariah compliance regime which is the hallmark of its uniqueness. This study presents some of the factors that militate against the shariah compliance requirement and it proposes the standardization of Ibn Qayyim's principles of al-...

This article aims to examine the level of the compliance of the Yemeni civil war with the obligation of protection of fundamental human rights under Shariah and the international laws. A combined methods of descriptive legal approach and in-depth interview techniques are adopted for the study. For the interview, six respondents were selected to ans...

The Islamic financial institutions hitherto, had suffered adverse civil court decisions. The situation is blamed on the obnoxious legal reasoning of the courts of jurisdiction. Thus, the Malaysian policy-makers took the cognisance of the matter and their efforts in the regard culminates in the enactment of ss 56 and 57 of the Central Bank of Malays...

Islamic finance is hypothesised as the avatar of egalitarianism, equity and the zenith of social justice. Nevertheless, some scholars argue that the social justice objective of the Islamic finance is idealistic. This paper examines the extent to which the acclaimed social justice objective is innate to the services of the institutions. The focal ar...

This paper advocates a holistic Shariah adaptation of the modus operandi (operational model) of the Islamic interbank money market. It presents the reasons for the need for the substitution of the conventional methods of 'tendering', 'auction' and brokerage procedures in the market with the Shariah compliant methods of 'al-Munaqasah,' 'al-Muzayadah...

The absence of an effective framework for the regulation of Islamic money market in many jurisdictions is inhibiting the growth of the Islamic finance. This study aims to suggest a way out of the logjam. It appraises the regulatory framework of the Malaysian Islamic Money Market which is believed to be the most developed in the world. The fabric of...

Human rights are undeniable natural rights that are indispensible for the upholding of human dignity and respect. In light of modern development, the importance of these entities in the life of the average human being has not just become essential, but necessary as a component for the functioning of modern society. The essential nature of such righ...

One of the major potential challenges before the nascent non-interest (Islamic) banking product in Nigeria is the absence of adequate and viable Shariah-compliant instruments of liquidity management. The availability of the instrument is a sine qua non in the banking system. Conversely, Malaysia being the global hub of the Islamic banking and finan...

One of the major challenges before the emerging Islamic financial Institutions is the dearth of Shariah compliant money market platform for the management of their liquidity. However, a viable panacea to the problem has been developed in Malaysia. One of the measures that were taken for the solving of the problem in the country was the creation of...

The short term instruments of investment are generally required for the purpose of providing liquidity facilities for banks and other financial institutions to manage the mismatch in their liquidity portfolio. The same thing goes for companies that may be in need of money to pay the salaries of their employees or to meet the mismatch of other unexp...