Meet ADELEKE BABATUNDE AZEEZ, an Academic Staff of Lagos State University.
Business Law
Assistant Lecturer
Business Law
At the Business Law department office
Appointment on Visitation important
| # | Certificate | School | Year |
|---|---|---|---|
| 1. | LL. M. (MASTER OF LAWS LL.M. GENERAL ) | LAGOS STATE UNIVERSITY,OJO, LAGOS STATE | 2020 |
Riba and Maqasidul Shari ah: Examining the Legal and Tax Issues in the Prohibition of Interest in Islamic Finance.
Islamic Finance is a financial system that is founded on ethical and legal principles derived from Shariah. It is a system of commercial transactions known for its fairness, justice and equity that is sustainable and adhered strictly to the dictates of Islamic law. Being a Shariah-compliant financial system, one of its cardinal principles is the prohibition of riba interest and usury in all ramifications. This prohibition of riba is the distinguishing factor that separates Islamic finance from other conventional financial systems. Riba prohibition is rooted in Islamic finance in that it is a divine injunction and law as enacted by the Islamic law Giver, Allah in the Quran. The aim of the prohibition of riba in Islamic finance is to promote financial transparency, accountability, fairness, and equity amongst the contracting parties, thereby preventing a stronger party to a contract from exploiting the weakness of the weaker and vulnerable party. In fact, the aim of Islamic law maqasidul Shariah is to promote fairness and equitable society amongst mankind in all their dealings and eradicate all forms of oppression, economic injustice, cheating exploitation, and social inequality. Thus, the relevance of Maqasidul Shariah objectives of Islamic law in any financial transactions amongst the adherents of Islamic faith Islamic law inclusive and even between Muslims and non-Muslims alike cannot be overemphasized.It is against this background that this paper tends to examine the interest-based transaction and the objective of Islamic law in relation to the Islamic finance system and to determine whether they both align with the tax issues associated with Islamic finance.
ADELEKE AZEEZ is a Assistant Lecturer at the Department of Business Law
ADELEKE has a LL. M. in MASTER OF LAWS LL.M. GENERAL from LAGOS STATE UNIVERSITY,OJO, LAGOS STATE
