scholarly journals The Regulatory Challenges Facing Islamic Banking: An Empirical Analysis from Ilorin, Nigeria

ICR Journal ◽  
2020 ◽  
Vol 11 (2) ◽  
pp. 325-336
Author(s):  
Hakeemat Ijaiya
Keyword(s):  
Empirical Analysis ◽  
Legal Framework ◽  
Empirical Method ◽  
Regulatory Framework ◽  
Islamic Banking ◽  
Negative Effect ◽  
Regulatory Challenges

This paper addresses the regulatory challenges facing Islamic banking in Nigeria with a view to streamlining the system’s legal framework. An empirical method is adopted, with research being carried out using 150 respondents in Ilorin, Nigeria. The paper found that the challenges facing Islamic banking in Nigeria have had an overall negative effect on that sector’s operation. The study concludes that, if the challenges are not addressed, Islamic banking will suffer setbacks in Nigeria. The paper recommends a regulatory framework for Islamic banking in Nigeria.

Potential of Islamic finance: A survey of Tunisian Northwest companies

2017 ◽  
Vol 5 (2) ◽  
pp. 28
Author(s):  
Rym Ammar Ayachi ◽  
Dhafer Saidane ◽  
Fayçal Mansouric
Keyword(s):  
Financial Institution ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Finance Development ◽  
Negative Effect ◽  
Survey Results ◽  
Potential Demand ◽  
Northwest Region ◽  
Do So

The present paper aims to assess the Islamic products potential demand for entrepreneurs in the Tunisian Northwest region. In order to do so, we developed a questionnaire which was sent to these entrepreneurs. The survey results show that the latter perceive Islamic Finance as a seductive phenomenon. However, its development appears to be difficult. Indeed, according to the survey results, the lack of knowledge may impede the expansion of Islamic banking in Tunisia. Moreover, the following factors: cost, religious conviction, proximity, flexibility and satisfaction of the needs, may affect the entrepreneurs' choice to deal with Islamic financial institution. In addition, the lack of entrepreneurs' confidence with regard to the compliance of Islamic banking with the Shariah principles has a negative effect on Islamic finance development in the Tunisian Northwest region. For this reason, Tunisian Islamic banks should put more effort to reinforce their competitiveness.

The role of standardization as a key Tool of Quality Economics in the development of integration of the Eurasian Economic Union

2019 ◽  
pp. 14-19
Author(s):  
V. V. Okrepilov ◽  
A. G. Gridasov
Keyword(s):  
Economic Integration ◽  
Legal Framework ◽  
Regulatory Framework ◽  
International Standards ◽  
Member States ◽  
Scientific Methods ◽  
Goods And Services ◽  
Eurasian Economic Union ◽  
Economic Union

The presented study examines the experience of forming a regulatory framework for the integration of the Eurasian Economic Union (EAEU) member states through the example of standardization as one of the key tools of quality economics.Aim. The study analyzes the major solutions of the EAEU authorities and member countries aimed at increasing the role of standardization in the economic integration of the Union over five years of its existence.Tasks. The authors identify efficient methods for developing standardization for the integration of the EAEU states as well as the most problematic aspects in this field that need to be taken into account in the qualitative strengthening of the Union’s economy.Methods. This study uses general scientific methods of cognition to examine the activities of the EAEU authorities and member states aimed at creating a system for the economic integration of the Union during a period of its transition from separate national markets towards a single (common) market.Results. Over five years of operation in the field of stadardization, the Eurasian Economic Union has created the necessary organizational and legal framework to ensure the successful development of integration processes. The national legislation on standardization has been modernized with allowance for the harmonization of these laws. In the next five-six years, the development of international standards for 40 technical regulations is expected to be completed, which would create a regulatory framework for unhindered interaction between all participants of the single (common) EAEU market. Conclusions. The analysis of activities in the field of standardization reveals a sufficiently thought-out and coordinated policy of the EAEU states in creating the necessary conditions for overcoming legal and administrative barriers in the movement of goods and services within the common economic space of the EAEU.

scholarly journals Evaluation of the Legal Framework for Building Fire Safety Regulations in Spain

Buildings ◽  
2021 ◽  
Vol 11 (2) ◽  
pp. 51
Author(s):  
Amaya Osácar ◽  
Juan Bautista Echeverria Trueba ◽  
Brian Meacham
Keyword(s):  
Fire Safety ◽  
Risk Mitigation ◽  
Fire Risk ◽  
Legal Framework ◽  
Regulatory Framework ◽  
Existing Building ◽  
Building Fire ◽  
Safety Regulations ◽  
And Performance ◽  
The Ideal

There is a trend in Europe towards increasing the quality and performance of regulations. At the same time, regulatory failure has been observed in the area of building fire safety regulation in England and elsewhere. As a result, an analysis of the appropriateness of fire safety regulations in Spain is warranted, with the objective being to assess whether a suitable level of fire safety is currently being delivered. Three basic elements must be considered in such analysis: the legal and regulatory framework, the level of fire risk/safety of buildings that is expected and the level which actually results, and a suitable method of analysis. The focus of this paper is creating a legal and regulatory framework, in particular with respect to fire safety in buildings. Components of an ”ideal” building regulatory framework to adequately control fire risk are presented, the existing building regulatory framework is summarized, and an analysis of the gaps between the ideal and the existing systems is presented. It is concluded that the gaps between the ideal and the existing framework are significant, and that the current fire safety regulations are not appropriate for assuring delivery of the intended level of fire risk mitigation.

Dispute resolution in the Islamic banking industry of Tanzania: learning from other jurisdictions

2016 ◽  
Vol 9 (1) ◽  
pp. 125-142 ◽  
Author(s):  
Abdul-Nasser H.R. Hikmany ◽  
Umar A. Oseni
Keyword(s):  
Dispute Resolution ◽  
Dispute Settlement ◽  
Banking Industry ◽  
Banking System ◽  
Legal Framework ◽  
Policy Framework ◽  
Islamic Banking ◽  
Court System ◽  
Content Type ◽  
Good Policy

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 the dispute resolution framework for Islamic banking transactions in more advanced jurisdictions like Malaysia and United Kingdom, it is important for Tanzania to get it right from the onset to effectively manage Islamic banking disputes. Findings The study finds that apart from the court system which provides the main avenue for Islamic finance litigation, other processes such as arbitration and mediation which are deemed to be more sustainable could also be developed for effective dispute management. Research limitations/implications The study focuses on Tanzania banking system with comparison to other jurisdictions. Practical implications An increase of Sharī’ah-compliant products in Tanzania has led to the establishment of a number of Islamic banks. This study demonstrates the need for Tanzania to make use and/or make adjustment of its laws for effective dispute settlement of banking-related disputes. Originality/value This study appears to be the first paper to draw significant experiences from other jurisdictions to resolve Islamic banking disputes in Tanzania. It is expected to provide a good policy framework for the stakeholders in the Islamic banking industry in Tanzania.

Denmark: experience of market turnover of agricultural land

Ekonomika APK ◽  
2021 ◽  
Vol 317 (3) ◽  
pp. 89-96
Author(s):  
Ihor Yurchenko
Keyword(s):  
Structural Model ◽  
Agricultural Land ◽  
Legal Framework ◽  
Empirical Method ◽  
Practical Significance ◽  
Agricultural Lands ◽  
Logical Scheme ◽  
Logical Method ◽  
Danish Experience ◽  
The Right

The purpose of the article is to reveal the experience of the functioning of the market circulation of agricultural land in Denmark, in order to further implement in Ukrainian practice, the positive and avoid negative aspects of this experience. Research methods. The study used an empirical method (comprehensive assessment of the modern model of market turnover of agricultural land in Denmark); generalization and systematization (construction of the concept and logical-structural model of economic turnover of lands); abstract-logical method (theoretical generalizations and formulation of conclusions). Research results. It was found that the tightly regulated market turnover of agricultural land in Denmark was changed to a more liberal one, with permission to buy land for foreigners, but this not only did not attract investment as expected, but on the contrary, led to even more negative and crisis phenomena in country. The main tools, mechanisms and conditions of land turnover in agriculture of this country are determined. Scientific novelty. The main purpose of regulating the market turnover of land in Danish agriculture has been established. The legal framework of Denmark for regulating the market circulation of agricultural land has been studied. The structural and logical scheme of market circulation of agricultural lands is formed. The provisions on the Ukrainian model of regulating the market turnover of agricultural lands were further developed, taking into account the experience of the studied country. Practical significance. The results of the study of the experience of the Kingdom of Denmark on the market turnover of land, in terms of granting non-residents access to the right to purchase agricultural land, is a clear practical answer and a caveat that should undoubtedly be taken into account in Ukraine. The application of the Danish experience should help to build an effective model of market turnover of agricultural land in our country. Tabl.: 1. Figs.: 1. Refs.: 18.

scholarly journals COMPLIANCE OF CORPORATE GOVERNANCE IN BOSNIA AND HERZEGOVINA WITH EUROPEAN UNION STANDARDS

2018 ◽  
pp. 340-355
Keyword(s):  
European Union ◽  
Corporate Governance ◽  
Bosnia And Herzegovina ◽  
Legal Framework ◽  
Regulatory Framework ◽  
Quality Level ◽  
The European Union ◽  
Governance System ◽  
Governance Systems ◽  
Principles And Standards

Corporate governance provides an answer to the question who controls the corporation and how. It involves a set of relationships between management, shareholders and stakeholders. Corporate governance in Bosnia and Herzegovina is within the legal jurisdiction of entities, and consequently there are two substantially aligned and yet completely distinct corporate governance systems, which separates Bosnia and Herzegovina as a state in the international environment into a specific category in terms of corporate governance. This paper will analyze ownership concentration in order to identify the characteristics of the corporate governance systems, then it will present the principles on which the legal framework for corporate governance in Bosnia and Herzegovina is defined, compare the business transparency standards with the transparency directive in the EU, and measure the quality level of corporate governance in order to define key areas for improvement of corporate governance in Bosnia and Herzegovina. The development and characteristics of the corporate governance systems in Bosnia and Herzegovina will be explored and compared with the regulatory framework and standards of corporate governance in the European Union. Special emphasis is on comparing the transparency principles and standards of corporations in Bosnia and Herzegovina with corporations in the European Union. The aim of the research is to compare the regulatory framework and characteristics of the corporate governance system in corporations in Bosnia and Herzegovina with the standards in the European Union, to identify similarities and differences and to define key areas for improvement of corporate governance in Bosnia and Herzegovina.

scholarly journals Salama Insurance: the need of an Islamic legal framework

2017 ◽  
Vol 1 (2) ◽  
pp. 35-44
Author(s):  
Hocine HASSANI ◽  
Mohamed HIMRANE
Keyword(s):  
Insurance Industry ◽  
Legal Framework ◽  
Regulatory Framework ◽  
Insurance Market ◽  
Insurance Companies ◽  
Road Map ◽  
Religious Convictions ◽  
Islamic Companies ◽  
Islamic Insurance

Many Muslims, for religious convictions are reluctant to take up conventional insurance as it is deemed to have uncertainty, gambling and interest, which are prohibited by religion. The purpose of this paper is to examine Islamic Insurance in Algeria and analyse a suitable regulatory framework. One can argue that the trend towards Islamic insurance in Algeria contributes to raising the level of insurance culture, which will help to mobilize more savings. After studying the topic, we can provide a road map to better regulating the Islamic insurance market because the Islamic companies could not function in the absence of an Islamic insurance act. In the absence of such a framework, regulators often treat Islamic insurance companies similarly to conventional insurance companies, which hinders the development of Islamic Insurance Industry.

scholarly journals Perbankan Syariah dan Pertumbuhan Ekonomi Indonesia: Bagaimana Kontribusinya?

Al-Muzara ah ◽  
2020 ◽  
Vol 8 (2) ◽  
pp. 129-140
Author(s):  
Emy Widyastuti ◽  
Yusvita Nena Arinta
Keyword(s):  
Economic Growth ◽  
Market Share ◽  
Secondary Data ◽  
Islamic Banking ◽  
Investment Financing ◽  
Banking Business ◽  
Negative Effect ◽  
Capital Financing ◽  
Variable Consumption

Islamic banking takes part in the Indonesian economic and financial system which contributes to the dynamics of eeconomic growth. The number of Islamic banks in Indonesia, through its market share, is still quite small, namely 5.95% in 2019 of the total national banking market share. One of the main activities of Islamic banking is channeling financing through financing based on the type of use and business category. This study aims to determine the short-term and long-term contribution of Islamic banking to Indonesia's economic growth using the Vector Error Correction Model (VECM) method. The data used in this study are quarterly secondary data of real Gross Domestic Product (GDP) and financing based on the use and category of Indonesian Islamic banking business types, which consist of working capital financing, investment financing and consumption financing. The results showed that in the short and long term, the variable consumption financing had a significant negative effect on Indonesia's economic growth.

scholarly journals THE APPLICATION OF THE PERSONAL IDENTIFICATIONAL NUMBER FOR EU CITIZENS RESIDING IN THE REPUBLIC OF BULGARIA - PRACTICAL ASPECTS

2020 ◽  
Author(s):  
Michal Stojanov ◽  
Keyword(s):  
Legal Framework ◽  
Regulatory Framework ◽  
Administrative Services ◽  
The Republic ◽  
The Eu

Bulgaria's membership in the EU is accompanied by the formation of innumerable bene-fits and commitments that the country receives as inevitable effects of its integration. Participa-tion in the EU is a prerequisite for improvement and supranational unification in the regulation of certain elements in the national legal framework and in the organization of administrative services in the country. However, for more than a decade there have been areas in which the established regulatory framework is not adequately reflected in the work of the Bulgarian ad-ministrative structures. The paper examines the application of the identifier Personal Number for EU citizens permanently residing in the Republic of Bulgaria, where it is found that it is insuffi-ciently applied, which results in bad practices and practical difficulties.

scholarly journals THE IMPACT OF ECONOMIC EXPECTATION, SOCIAL CAPITAL AND HOPE ON MIGRATION REQUEST AND ACTION

2021 ◽  
pp. 47-58
Author(s):  
Şerafettin KELEŞ
Keyword(s):  
Social Capital ◽  
Structural Equation ◽  
Empirical Method ◽  
Economic Thought ◽  
Equation Modeling ◽  
Migration Decision ◽  
Factors Affecting ◽  
The Social ◽  
Negative Effect ◽  
The Impact

In this study, the factors affecting the request and action of migration are examined with empirical method within the scope of neoclassical economic theories and behavioral economic thought. A survey of a selected sample was analyzed with structural equation modeling. There was a linear relationship between migration and economic expectation, social capital and hope. It was found that the Economic Expectation Variable had a very strong negative effect on individuals' decision to immigrate and desire to migrate (γ = -0.99; t = -17.87). Hope variable has a very strong negative effect on individuals' migration decision and desire to migrate (γ = -0.96; t = -13.66). The Social Capital Secret Variable has a negatively moderate effect on individuals' decision to immigrate and desire to migrate (γ = -0.48; t = -8.19). It was seen that economic and political conjuncture was effective in the decision of migration of individuals.

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