By A.S. ORISANKOKO
ABSTRACT
As a result of the most recent financial crisis or recession particularly in the conventional banking industry in Nigeria, the focus of practitioners and researchers in the academia alike have shifted mainly to the causes of the operational malfunctions leading to the crisis with little attention on the defective legal framework. The focus of this paper therefore is to inquire not only into the operational and institutional failures resulting in the crisis but also investigate the series of ways by which the defects in the existing legal framework have contributed to the emergence of this situation with a view to making the much suggested adoption of Islamic Banking (or Non-Interest Banking) system insulated from being affected in like manner.
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