Islamic banking applicable laws are lacking significant elements of standard IBF practice across the world. Provisions were not made for elements including the establishment of Islamic insurance companies, Islamic banking business, Islamic leasing business, Islamic capital market, takaful funds, takaful contracts, Islamic deposits, Islamic money market, Islamic foreign exchange market, credit
... [Show full abstract] sale (Al-Bai' Bithaman 'Ajil), advance purchase (bai' salam), commissioned manufacture (Istisna'), hire purchase (Ijarah thumma bai'), set profile sale (Murabahah), etc in the establishing laws regulating Islamic banking in Nigeria. A legal framework was not constructed for project financing of Mudharabah, project financing of Musharakah, Islamic accepted bill, Islamic trade finance and so forth. Perhaps all the highlighted products and services are indeed a compliment to Islamic banking legal framework and not an alternative method to its operation. Hence, the study aims at proposing suggestions and solutions to the multifaceted issues in the applicable laws. The study applied an exploratory approach to survey for an efficient strategy competent to amend and upgrade the status and performances of IBF in Nigeria. In identifying the suitable strategies, the study concludes that four major entities including, government, individuals, regulators and legislators are responsible for the expansion of IBF status in Nigeria.