Umar A. Oseni

Umar A. Oseni

LL.B., B.L. MCL, PhD.

About

109
Publications
211,327
Reads
How we measure 'reads'
A 'read' is counted each time someone views a publication summary (such as the title, abstract, and list of authors), clicks on a figure, or views or downloads the full-text. Learn more
994
Citations
Additional affiliations
June 2016 - present
...
Position
  • Researcher
June 2012 - December 2014
International Islamic University Malaysia
Position
  • Professor (Assistant)
August 2015 - June 2016
International Islamic University Malaysia
Position
  • Associate Professor of Law and Islamic Legal Studies

Publications

Publications (109)
Chapter
This chapter covers the availability of remedies of options (Khiyār), damages (ḍamān), and specific performance under Islamic law. It considers options as remedies as they save a party from suffering harm arising from the conduct of another party. Moreover, damān arises from the contract against a party that violates the precise conditions thereof...
Chapter
This chapter cites the implications of third parties in some circumstances of contractual rights and obligations. Due to third party reliance and its influence on the original bilateral contract, the principle of privity of contract and its exceptions within Islamic commercial law transcends parties who are directly related to the rights, duties, a...
Chapter
This chapter introduces the general principles and sources of Islamic contract law. It also looks into the general theory of contract and the dichotomy between form and substance, which has triggered the unending debate surrounding the spirit of a transaction based on Islamic law. The trade relationships between the Muslim world and Western countri...
Book
Full-text available
This book is the first comprehensive treatment of Islamic contract law in the English language, and it serves as both a reference work and an authoritative statement of the law and the Fiqh underlying it. The book’s structure draws from the tradition of Western contract law books to enable non-expert readers to easily navigate its structure, source...
Research
Full-text available
IMPROVING COOPERATION AMONG CENTRAL BANKS IN TERMS OF DIGITAL CURRENCIES: CHALLENGES AND PROSPECTS FOR OIC MEMBER COUNTRIES / COMCEC Financial Cooperation Working Group Analytical Report
Chapter
This study theoretically explores the level of resilience of the Islamic finance industry against economic distress triggered by the pandemic in order to identify products, institutions, and practices that may be introduced to future-proof the industry from unexpected pandemics in the near future. In doing this, the key questions this study seeks t...
Research
Full-text available
The growing number of Islamic financial institutions (IFIs) across jurisdictions and the sophistication of Islamic Finance instruments require standardizations or at least harmonization of Islamic Finance contracts and services to regulate the markets in order to promote their transparency and improve their stability and ultimately create a fair an...
Article
With the protracted Covid-19 pandemic ravaging the whole world with emergence of new virulent variants, there has been a massive backlash on the family institutions, particularly Muslim families across the world. Some of the effects of the protracted pandemic include domestic violence, increase in the rate of divorce and death of spouses which have...
Article
Full-text available
Background: Healthcare in Nigeria is poorly funded. Most payments are out of pocket. This has affected the quality of health of the populace, as the majority of the populace cannot access basic healthcare. A recommendation to bridge this wide gap is through the establishment and utilization of health insurance, especially through the National Healt...
Chapter
Financial digital innovations have attracted the attention of millions. Over decades, innovations have contributed significantly to the evolution and development of financial markets changing the ways how financial institutions interact with each other. Currently, market players predict that new technology such as blockchain could change the market...
Book
Fundamentals of Islamic Banking and Finance is a comprehensive text, with a thorough, well–rounded approach focused exclusively on Islamic finance. Readers are introduced to the structure and functions of Islamic financial institutions, with in–depth background information and clear descriptions of all major products of the Islamic finance industry...
Article
Full-text available
This paper examines different dimensions of invaluable judicial support to Islamic financial services and products, and identifies specific areas where the judiciary has helped to shape the industry in line with the original value proposition of Islamic financial intermediation. While relying on qualitative legal methods with comparative case analy...
Chapter
This study provides an insight in which Muslim women could be empowered through financial inclusion which will enable them to acquire property, thereby guaranteeing their property rights, and in the same manner, afford them the needed access to financing facilities which do not necessarily conflict with their religious ideals. This is further enhan...
Book
Full-text available
Law and regulation are becoming increasingly important in any discourse involving the Islamic financial services industry. This important aspect comprises both the legal and Sharīʿah aspects from the pre-contract stage up to the post-execution phase, and even post-contract termination phase. Emerging Issues in Islamic Finance Law and Practice in M...
Article
Purpose This study provides an analytical literature survey of selective studies on legal documentation in Islamic home financing with particular reference to Malaysia. Design/methodology/approach This study adopts the legal positivist methodology, with particular reference to inclusive legal positivism which takes into consideration the possibili...
Book
Full-text available
Featuring high-level analysis of Islamic law, this book examines fintech in Islamic finance from both theoretical and empirical perspectives. Whilst building on existing approaches, it also discusses the current application of fintech in promoting financial inclusion through innovative solutions in Muslim-majority countries, identifying future dire...
Book
Tawarruq, a mode of providing debt in Islamic finance, distinguishes itself from other modes of Islamic finance by enabling the creation of, in effect, pure credit financing. the instrument has achieved widespread adoption within the Islamic banking sphere but has remained highly controversial. The contributors - luminaries in the field of Islamic...
Article
Purpose: The paper examines the perceptions of three major stakeholders - bankers, lawyers and customers, in the Islamic banking industry in Malaysia in order to assess their behavioural intention to use the proposed Online Dispute Resolution (ODR) mechanism. Design/methodology/approach: The study modifies the unified theory of acceptance and use...
Article
Full-text available
While Malaysia is set to become the global halal hub by 2020, there is still the challenge of product differentiation that meets customers' needs and more importantly, access to credit facilities for halal start-up small and medium sized enterprises (SMEs). In order to increase the competitiveness of the Malaysian economy, and while relying on a co...
Article
Full-text available
Islamic banks are required to be able to access and hold sufficient levels of High Quality Liquid Assets (HQLA) as part of Basel III requirements. Such HQLA are specifically meant to allow the Islamic banks to raise funds in money markets in the event of liquidity shortage or in some cases for the funding of new profitable investments. Against this...
Article
Full-text available
Purpose In propelling Malaysia to become a high value-added and high-income economy by 2020, the Central Bank of Malaysia has consistently emphasized the need for a new trajectory of transformation and growth which will leverage on a robust legal framework that for enhancing Islamic financial transactions. This study examines the latest major polic...
Article
Purpose: This study examines the phenomenon of fatwā shopping, its effect on consumer trust in Islamic finance products and the need for effective consumer protection regulations in the Islamic finance industry. Design/methodology/approach: The methodology used in this study is qualitative research which draws significantly from relevant regulatio...
Chapter
Full-text available
The chapter examines the existing legislative framework for waqf regulation in Nigeria. It concludes with the need for effective and robust law and regulation for waqf in Nigeria.
Article
Purpose: This study examines the prospects of utilising an online dispute resolution (ODR) platform for resolving relevant Islamic banking disputes in the usual banker-customer relationship in Malaysia. It is argued that through proper regulation, such innovative dispute management mechanism would not only address some legal risks associated with b...
Article
Full-text available
This paper examines the role of effective legal documentation in mitigating the legal risks associated with abandoned housing projects in Malaysia. Specific attention is given to aspects relating to financial consumer protection, construction and interpretation of default clauses, and dispute management strategies, which seek to protect the interes...
Article
This empirical legal study examines the perceptions of retail customers on the dispute resolution clauses contained in the governing law and jurisdiction clauses in Islamic finance contracts in Malaysia. Since Islamic financial institutions and their customers are more likely to opt for litigation in the event of a dispute, this study explores ways...
Book
Fundamentals of Islamic Banking and Finance is a comprehensive text, with a thorough, well-rounded approach focused exclusively on Islamic finance. Readers are introduced to the structure and functions of Islamic financial institutions, with in-depth background information and clear descriptions of all major products of the Islamic finance industry...
Article
Full-text available
With the increasing expansion of the global Islamic finance industry beyond its traditional strongholds, there is a gradual increase in the global franchising opportunities in Islamic finance. As one of the pioneering studies on franchise in Islamic finance, this paper examines the Malaysian legal framework on franchising within the Islamic finance...
Article
Full-text available
With the increasing expansion of the global Islamic finance industry beyond its traditional strongholds, there is a gradual increase in the global franchising opportunities in Islamic finance. As one of the pioneering studies on franchise in Islamic finance, this paper examines the Malaysian legal framework on franchising within the Islamic finance...
Chapter
Full-text available
With the geometric surge in capital market transactions around the world and the continued complexity of Shariah-compliant transactions, there has been a palpable increase in the number of disputes in the Islamic capital market (ICM). Such disputes are not limited to certain sections of the ICM but rather permeate different transactions in the suku...
Article
In spite of the increasingly globalized nature of the modern world and the surge in cross-civilizational intercourse among peoples of different backgrounds, cultures and ideologies, there is still the spectre of mutual suspicion in some Muslim minority jurisdictions where Muslims have sought to conduct their affairs in accordance with the Sharīʿah....
Article
Full-text available
Purpose: In 2014, Islamic finance assets are estimated to have exceeded USD 2 trillion with over 100 products and an annual growth of over 20.7%,across more than 76 countries, most of which are members of the Organization of Islamic Cooperation (OIC). Despite this remarkable market expansion, numerous OIC members such as Uganda are yet to fully ado...
Chapter
Recent years have seen significant progress in the takaful industry with a strong double-digit growth of 16% amounting to US$11 billion global gross takaful contributions in 2012. In order to sustain this growth and enrich its legal landscape, there is a need to examine the feasibility of effective dispute resolution mechanisms for the takaful indu...
Article
Full-text available
The need for convergence of best practices in Alternative Dispute Resolution (ADR) and Information and Communication Technology (ICT) cannot be overemphasised in an increasingly digitalised world. This undoubtedly led to the introduction of Online Dispute Resolution (ODR) few decades ago which is considered a fast, seamless, and convenient means of...
Chapter
Full-text available
In what may be described as a moderately complex construction contract awarded by the Malaysian Public Works Department, a number of contractual relationships were established which has further complicated the legal relationship and contractual obligations of the parties involved. The decision in this case was an attempt to reconsider the underlyin...
Article
This article examines the occurrence and legal implications of ‘fatwā shopping’ in the Islamic finance industry and the need to put the proper legal mechanisms in place to regulate the phenomenon. It provides a case study of the existing legal restrictions in some jurisdictions with a centralised Sharīʿah Supervisory Board at the national level suc...
Article
Purpose – This paper aims to examine the prospects of a dispute resolution framework for the Islamic banking industry in Tanzania under the existing legal framework. Design/methodology/approach – This paper is based on comparative study by drawing significant lessons from other jurisdictions, and argues that to avoid some of the initial drawbacks...
Article
Purpose This paper aims to examine the prospects of a dispute resolution framework for the Islamic banking industry in Tanzania under the existing legal framework. Design/methodology/approach This paper is based on comparative study by drawing significant lessons from other jurisdictions, and argues that to avoid some of the initial drawbacks in...
Article
Purpose – The paper aims to examine significant developments in the institutional framework for dispute resolution in the Islamic finance industry in Malaysia. Malaysia, as part of its efforts to consolidate its enviable Islamic finance industry, has strengthened its institutional framework for dispute resolution. Design/methodology/approach – Dat...
Book
This textbook explains various ADR processes such as mediation, arbitration, the role of the ombudsman and expert opinion. An examination of ADR in Islamic Law such as sulh, tahkim and muhtasibis also undertaken as ADR is an integral part of Islamic law, and it is as old as Islam itself. The concept of court annexed mediation and the development of...
Chapter
Full-text available
With the increasing significance of Islamic financial services in the global financial system, there is a paradigm shift to sustainable dispute resolution practices to secure ongoing business relationship. Legal experts have been exploring how the legal templates, borrowed from the age-long practice in common law jurisdictions, can be applied to le...
Article
Full-text available
Șukūk al-Muḍārabah and Application of Third-Party Guarantee Chaibou Issoufou, Umar A. Oseni Abstract This paper explores importance of ?ukuk al-Mu?arabah in Islamic capital movement and its suitability for financing projects which individuals are not able to provide capital for them. ?ukuk al-Mu?arabah is the most popular ?ukuk in ?ukuk market whi...
Article
Full-text available
The increasing expansion of the Islamic financial services industry beyond its original frontiers has not only come with success stories but has also been affected by the growing preference for litigation as the mode of dispute resolution. Exorbitant legal fees and cost of sustaining protracted litigation are two major challenges that require the a...
Article
Full-text available
The recent groundbreaking reforms in the legal and regulatory framework for Islamic banking and finance in Malaysia usher in a new phase in the modern history of this hitherto niche market. As part of these latest reforms, a major paradigm shift in the process of dispute resolution has taken place through the introduction of the financial ombudsman...
Article
Full-text available
The past decade has witnessed the dynamics of ṣukūk structuring amidst legal complexities in cases involving enforcement of the rights of investors or ṣukūk holders in the event of default. This paper examines the legal and beneficial ownership in a typical sovereign ṣukūk structure and the specific rights of the parties under the existing practice...
Article
Full-text available
The formal dispensation of criminal justice in pluralistic legal systems has continued to generate academic interest in the last few decades. This has always been influenced by the colonial and post-colonial historical legal reforms in the African continent. Islamic law has played a very significant role in the evolution of the modern nomenclature...
Article
Full-text available
In the Islamic capital market, the ṣukūk (Islamic investment certificates) segment is considered by key stakeholders in the Islamic financial services industry as the most vibrant segment in the global Islamic financial system. This paper provides a preliminary literature survey on the application of third party guarantee in Islamic capital market...
Article
In order to keep the cost of settling disputes low and standards for grievance remedial methods high, access to justice is paramount in today's fast pace commercial transactions in the digital world. In Malaysia, the successes recorded in the Islamic banking industry do not just flourish without some consequential challenges such as the increasing...
Book
Full-text available
The enactment of the Islamic Financial Services Act 2013 (IFSA 2013) has marked an exceptional milestone in the development of the domestic Islamic financial industry. With a strong industrial bedrock created over 30 years, Malaysia has yet again pioneered the enabling legislative reformation vital for industrial fluidity and harmonisation. While t...
Article
Full-text available
Malaysia has continued to proactively enhance its legal framework for combating terrorism financing as a phenomenal response to the global war against terrorism. This paper revisits the provisions relating to anti-terrorism financing in the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA), and the recent amendment made to the A...
Article
Purpose – The purpose of this study is to examine the legal framework for court-annexed dispute resolution in courts with Sharī‘ah jurisdiction in Nigeria, Malaysia and Singapore. The major part of the study is dedicated to propose reforms in the administration of justice system in the courts with Sharī‘ah jurisdiction in Nigeria and the relevance...
Chapter
With the exponential growth in Sharī'ah-compliant assets, which has recently surpassed a $1.7 trillion mark, there is an increasing call for the assessment of the impact of this growth on the less privileged in the society, particularly, in Muslim countries. Both the classical history and the most recent history of Islamic finance reveal elements o...
Chapter
Full-text available
This paper examines the legality or otherwise of SPVs in Islamic law and considers the use of such structures in sukuk issuance as a manifestation of Islamic financial innovation.
Chapter
Full-text available
There is no doubt that the rate at which sukuk financing has been accepted in different jurisdictions outside the usual Muslim-majority countries is encouraging. This seemingly considerable feat comes with much responsibility and a proactive role for Shar_‘ah scholars and regulators. The chapter examines prevailing practices in the market and the n...
Article
Full-text available
Purpose – The purpose of this paper is to examine the vital importance of dispute management in cases of both near and outright sukuk defaults. With the case studies, this study examines the vital importance of dispute management in cases of both near and outright sukuk defaults. With a number of case studies, the study shows how debt restructuring...
Article
The crystallization of the Islamic capital markets (ICM) in the last decade has led to increased acceptance of Islamic financial products in the global market. However, a fundamental question that lies at the intersection of law and ICM that has a far-reaching impact on market practices is the extent to which the governing law clause in a typical S...
Book
Full-text available
This book, comprising selected papers presented at the Tenth Harvard University Forum on Islamic Finance, is a humble effort to re-examine Islamic finance in the context of development. It focuses on some of the most pressing questions relating to Islamic finance, such as how faithful Islamic finance has been to its professed goal of justice and eq...
Chapter
Full-text available
Chapter
Description Now in its third edition, this multi-volume Encyclopedia of Management, has been revised and updated to chart the major developments that have occurred in: digital technologies; ethics and governance-related issues; innovation; emerging markets; organizational networks; and new avenues of sustainable business growth. Providing comprehen...
Article
Full-text available
With the skyrocketed increase in social and commercial intercourses among people of diverse racial, religious and cultural backgrounds in the modern world, the world is gradually shrinking into a global hamlet. The implication of this trend in various disciplines has encouraged parties across civilisation divides to embrace the principle of toleran...
Conference Paper
Full-text available
The growth and influence of the Internet on all spheres of human endeavour necessitated a revolutionary method of dispute resolution commonly referred to as Online Dispute Resolution (ODR). An increasing number of sectors have adopted online and electronic means of resolving disputes. ODR in financial and e-commerce services is of paramount importa...
Article
Full-text available
Purpose ‐ The purpose of this paper is to examine the current legal framework for payment system in international Islamic trade finance vis-à-vis the new regime introduced by the Uniform Customs and Practice for Documentary Credits (UCP) 600 as well as the Shari'ah Standard on Documentary Credits issued by the Accounting and Auditing Organization f...
Book
Full-text available
Introduction to Islamic Banking and Finance is supported by a detailed, easy to use Instructor Manual, powerful Test Bank Generator and dynamic PowerPoint Slides. It's all part of the Pearson service. This introductory text provides students with a conceptual framework for understanding the key concepts, theories and principles associated with Isla...
Article
Full-text available
The dominant effect of the global financial shockwaves ravaging the whole of Europe is becoming proverbial in the history of world economic crises. This has been largely due to untoward economic policies that have negatively impacted most economies in Europe. The recent European sovereign debt crisis experienced more in Greece, Italy, Spain and Por...
Book
Full-text available
This book examines the different modes of dispute resolution in Islamic law. It traces the historical precedents of amicable settlement in early Islam and unravel some modern application of classical Islamic mechanisms for alternative dispute resolution.
Article
Full-text available
With the gradual increase of Islamic finance products in Nigeria, which was spurred by the initial licenses issued to some banks by the Central Bank of Nigeria to operate Sharī‘ah-compliant banking, an unprecedented trend has been introduced in the world of Islamic finance litigation. Litigating the legality of the Islamic banking license issued by...
Article
The problem of discrimination in the appointment of arbitrators has recently drawn considerable amount of attention from both practitioners and researchers alike in the field of international arbitration. A number of problems endemic to international arbitrations, including that of racial biases, have already been addressed by researchers in the fi...
Article
Full-text available
With the phenomenal growth in Sharı ̄‘ah compliant products across the world, the application of Islamic law in commercial transactions has now transcended the natural borders of the Muslim world. Islamic finance has continued to grow in anamazing manner with the latest data on Sharı ̄‘ah compliant assets put at $USD1.3 trillion by the end of 2011....
Chapter
Full-text available
The importance and need to exploit the economic benefits of waqfcannot be overemphasized in the current global economic meltdown. In order to become part of the global move towards the revival of awqāf, Nigeria, a country predominantly dominated by Muslims, needs to enact laws to regulate the management of awqāf properties. This paper examines the...
Article
The increasing growth of the Islamic finance industry and the proliferation of Islamic financial products in the global economy necessitate a framework for managing corporate disputes arising from internal differences and contractual relationships with third parties, particularly in bankercustomer relationships. Quality management in Islamic financ...
Book
Wetlands are important components of the environment which equally benefit the environment and the people socially and economically depending on them. If wetlands are degraded or lost, there might be irreversible damage to the environment, and people depending on them might suffer from economic setback. The importance of wetlands received an added...
Article
Full-text available
Sustainable development is a sine qua non for conservation of the environment and protection of lives of all living creatures on the earth, including the human mass. This was realizes after a considerable loss and sufferance. Allah (s.w.t.) created all components of the environment in a definite proportion with particular tasks assigned to them, an...
Article
With the tremendous growth experienced in the Islamic finance industry within the past decade, there is an increasing call for self-evaluation in order to reemphasize the need to realize original value proposition of Islamic financial intermediation in Islamic commercial law. The Islamic finance industry has been criticized by some skeptics that it...
Article
Full-text available
The paper's purpose is to contribute to the existing body of work in the area of Islamic finance through the discovery of the feasibility of effective dispute resolution mechanisms for the resolution of disputes for Islamic banks and institutions offering Islamic financial services This is investigated to determine whether the Sharī'ah framework fo...

Questions

Questions (2)
Question
This question relates to capital markets generally, and includes the Islamic capital market.
Question
"Fatwa shopping" simply means shopping for a favourable fatwa to validate a particular Islamic finance product.  Who should we blame for this phenomenon?

Network

Cited By