By S. Orisankoko, K. K. Eletu
ABSTRACT
Islamic banking and financial services have been a mirage soon after Muslim Bank West Africa Ltd was forced out of operation. There were agitations though to have a re-introduction of this type of banking but political insincerity and lack of political will to embed its operation with legal enhancement contributed in no small measure to its impossibility, until recently. A part of these problems is the fictitious assumption that the Nigerian Constitutions have not at any point in time provided for its establishment. It was however discovered that this assertion is far from being correct. Through historical and analytical research approaches, it was revealed that the three successive Constitutions of the Federal Republic of Nigerian have continually bestowed due legal recognizance and enabling right of operation for banking and financial services that are in compliance with the principles of Mu’amalat (Islamic Law guiding economic system generally).
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