JOURNEYING BACK TO MADINAH: A DEVELOPMENTAL HISTORY OF SHARI‘AH GOVERNANCE (SG) IN ISLAMIC FINANCIAL INSTITUTIONS (IFIs) IN NIGERIA.

Abstract

Abstract
This article examines the history of evolution and
developmental progression of Shariah Governance (SG) in the global
Islamic Finance Industry. It explores the status of SG in the nascent Nigerian Islamic Financial
Service Industry. It asserts that as a source based Industry, SG remains the pivotal link between
its original forms of Islamic Commercial transactions and their transformation to modern
financial instruments. It finds that lack of SG Structure contributed to the failure of the earlier
attempt at Islamic Financing in Nigeria and concludes that its continuous development is
crucial to leading the industry‘s Muslim stakeholders to a true state of Islam in practice and
observance.