Regulatory Response to The Impact of The Global Financial Meltdown On Islamic Finance In Nigeria
Abstract:This research examines the impact of the Global Financial Meltdown (GFM) on Islamic finance in Nigeria. It examines the law which enabled Islamic finance in the country and the various efforts made to effectuate the law. It compares the performance of the Lotus Capital Halal Investment Fund with the Nigerian Stock Exchange All Shares Index (NSEASI) during the GFM. It also reviews the response of the regulatory authorities to the impacts. It finds that the crisis had both negative and positive impacts on Islamic finance in Nigeria. It concludes that while the negative impact was not adverse comparatively, the positive set the stage for the takeoff of full-fledge Islamic financial system in the country.
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