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Islamic Finance Briefing - Categorized | Banking, Compliance, Tax, Legal, Regulatory more

Nigeria: Court declares Islamic bank illegal

Posted on 18 June 2012

A Federal High Court in Abuja yesterday declared the non-interest financial institution operating under the principles of Islamic jurisprudence as illegal and unconstitutional.
Justice Gabriel Kolawole held that had it not been that the plaintiff, Godwin Sunday Ogboji lacked the locus standi to institute the action, he would have nullified the licence issued to Jaiz International Bank PLC to carry out Islamic banking in the country………………………………………..Full Article: Source

 
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