HARMONIZATION IS THE ONLY “GAME” IN TOWN; ACTUALIZING THE FUNCTIONALITY OF VITAL ISLAMIC FINANCIAL INSTITUTIONS: A CASE OF WAQFS IN NIGERIA
DOI:
https://doi.org/10.22452/js.vol29no2.1Keywords:
waqf law, waqf penumbral existence and institutionalization, legal reasoning, purposive charity, intergenerational charityAbstract
While it is true that more often than not, constitutional democracies might enshrine freedom of religion and thus provide for equal treatment of all religions within a given state, the Islamic characterization of the waqf institution transcends the subsisting limits allowed for in the not-for profit legal infrastructure including their taxation exemption provisions in the Nigerian state. According to modest statistics, Nigeria is home to about 100 million Muslims but her governing laws are at best described as secular. The objective of this research is therefore to harmonize the Islamic law of waqf institution and the extant not-for-profit laws in Nigeria such that the institution can function within the Nigerian state without infringing on the Islamic Shariah whilst at the same time complying with the constitutional dictates of the country. The merits of such an exercise are numerous. It could readily be replicated in other non-Muslim jurisdiction across the world. Nigeria being the largest economy in Africa, the dividends of such an exercise would cascade across the continent consisting mainly so called developing countries.
Downloads
References
Abokifx, ‘Your Daily Naira Exchange Rate,’ http://abokifx.com/, accessed on 20th, June, 2016
Akwagyiram, A., ‘Africa’s richest man, Aliko Dangote shifts focus from cement to oil and gas,’ CNBCAFRICA, http://www.cnbcafrica.com/news/western-africa/2016/06/27/dangote-shifts-focus/, accessed on 24th June, 2016.
Al-Nasā’ī, Sunan al-Nasā’ī. English-Arabic, trans. al-Khattab N. (Saudi Arabia. Darussalam, 2007).
AAOIFI. (2015). Accounting and Auditing Organization for Islamic Financial Institutions.
Bello, M., ‘Sharia and the Constitution,’ in The Sharia issue: Working Papers for a Dialogue (Lagos: CCC, 2000).
Bowler, T., ‘Falling oil prices: Who are the winners and losers?’ BBC News, http://www.bbc.com/news/business-29643612, accessed on 19th January, 2015.
CBN. (2016). CBN Exchange Rates. Central Bank of Nigeria. Available at; https://www.cbn.gov.ng/rates/ExchRateByCurrency.asp
Cizakca, M., A History of Philanthropic Foundations: The Islamic World from the Seventh Century to the Present (Istanbul: Boğaziçi University Press, 2000).
Cizakca, M., Islamic Capitalism and Finance: Origins, Evolution and the Future (UK: Edward Elgar Publishing, 2011).
Cizakca, M. & Alias, A., ‘Should Malaysian States Have a Fresh Approach to Waqfs? A Proposal for a Model Waqf Enactment?’ ISRA International Journal of Islamic Finance, vol. 6/2 (2014): 135-139.
Cizakca, M. & Alias, A., A Proposal for A Waqf Bill for Malaysia’ (Unpublished, 2014).
CFRST, (2016). Nigeria Security Tracker, Africa Program, Council on Foreign Relations. Available at: www.cfr.org/Africa
Eboh, C., ‘Nigerian oil output down 40 pct on Delta pipeline attacks. Reuters, Abuja,’ http://af.reuters.com/article/topNews/idAFKCN0Y71UG, accessed on 31st May, 2016.
Forbes, ‘The Forbes Billionaires’ List: Africa’s Richest People,’ 22 January 2016.
Gloystein, H., ‘Brent crude oil prices dip on U.S. profit taking,’ Reuters Singapore, http://www.businessinsider.com/r-brent-crude-oil-prices-dip-on-us-profit-taking-2016-8?IR=T&r=US&IR=T, accessed on 19th August, 2016
IDMC. (2016). Nigeria IDP Figures Analysis. Internal Displacement Monitoring Centre, Nigeria. Available at: http://www.internal-displacement.org/sub-saharan-africa/nigeria/figures-analysis
LRCNS. (2010). The Rule Against Perpetuities. Law Reform Commission of Nova Scotia. Available at; http://www.lawreform.ns.ca/Downloads/Final%20Report%20-%20Rule%20Against%20Perpetuities.pdf
Ibn Mājah, Sunan Ibn Mājah, English-Arabic, trans. al-Khattab N. (Saudi Arabia: Darussalam, 2007).
Mamah, E. and Ndujihe, C., ‘710 Nigerians killed by Fulani herdsmen in 10 months,’ Igbo Youth Movement. Vanguard Newspaper, Nigeria, http://www.vanguardngr.com/2016/04/710-nigerians-killed-fulani-herdsmen-10-months-igbo-youth-movement/, accessed on 27th April, 2016.
Muslim, Ṣaḥīḥ Muslim. English-Arabic, trans. N. Khattab (Saudi Arabia: Darussalam, 2007).
NBS (2003) National Bureau of Statistics Nigeria Demographic Health Survey: Available at:http://www.nigerianstat.gov.ng/
NBS (2012). National Bureau of Statistics Nigeria. Foreign Trade Statistics. Q4 Available at:http://www.nigerianstat.gov.ng/
NBS (2012). National Bureau of Statistics Nigeria. Nigerian Poverty profile Report. Available at: http://www.nigerianstat.gov.ng/
NBS (2013). National Bureau of Statistics Nigeria. Economic Outlook 2013-2016 Available at:http://www.nigerianstat.gov.ng/
NBS (2015). National Bureau of Statistics Nigeria. Consumer Price Index (CPI)/ Inflation Report. Available at: http://www.nigerianstat.gov.ng/
OIC. (2014). Resolution 188 (3/20), of Organization of Islamic Cooperation, Fiqh Academy (related to Islamic Economic and Finance). September 2012, Islamic Economic Studies Vol. 22, No. 1, May. Available at; http://www.irti.org/English/Research/Documents/IES/014.pdf
Perchstone and Graeys, ‘Trusts – the rule against perpetuity; private client update,’ Private client department, http://www.perchstoneandgraeys.com/Private-Client/trust-the-rule-against-perpetuity.html, accessed on 14th May, 2016.
Punch Newspaper, ‘Bridging the yawning infrastructure deficit,’ https://punchng.com/bridging-the-yawning-infrastructure-deficit/, accessed on 31 May 2021.
Reid, J. D., ‘Sharecropping and Agricultural Uncertainty,’ Economic Development and Cultural Change (1976): 549-576.
Saidu, O.S., ‘Recent Philanthropy Strides: Lessons for Islamic Philanthropy?’ Research in Islamic Studies, vol. 2/2 (2015): 59-81.
Saidu, O.S., A Quick Guide to Establishing Waqfs in Nigeria (United States: Create Space, 2018).
Saidu, O.S., Rethinking Philanthropic Foundations: Making Waqfs Work for Nigeria (United States: Create Space, 2018).
Salamon, L.M., ‘Scope and Structure: The Anatomy of America’s Nonprofit Sector,’ The Nature of the Nonprofit Sector, ed. J. Steven Ott (Boulder, CO: Westview Press, 2001), 23-39.
The Quran. (1996). Muhsin Khan Translation. Riyadh. Muktaba Darusslam.
The Quran. (2012) Saheeh International Translation.. Jeddah. Al-Muntada Al-Islami.
VKV. (2015). Vehbi Koc Foundation. Available at; http://www.vkv.org.tr/?hl=en
WEAL, ‘Rule against Perpetuities. West’s Encyclopedia of American Law,’ The Gale Group, http://legal-dictionary.thefreedictionary.com/Rule+against+Perpetuities, accessed on 17th April, 2016.
West, M., ‘Just how low can oil prices go and who is hardest hit?’ BBC News, http://www.bbc.com/news/business-35245133, accessed on 18th January, 2016.
Statutes
Administration of Estate Law Cap1 Laws of Western Region 1959, Nigeria.
AMLA. (2015). Administration of Muslim Law Act. Statutes Singapore Online.
Civil Code (Law 4721) (2003) Turkey.
Common Law Procedure Act, 1854.
Companies and Allied Matters Act LFN (2004/1990). Nigeria.
Companies Income Tax Act (Exemption of Profits) Order, 2012.
Companies Income Tax Act Cap. 60 L.F.N. 1990 (2007).
Companies Regulation, (2012).
Constitution of the Federal Republic of Nigeria. (1999).
Criminal Code Act, (Chapter 77). 1990. Laws of the Federation of Nigeria.
Federal Inland Revenue Service (Establishment) Act, (no.13), 2007.
Finance Act 2005, (Act 644). Malaysia.
FIRS. (2015). Federal Inland Revenue Service Nigeria. Ammendment of the 5th Schedule to the CIT Act B1147 - 1148 (2011).
Foundations Law (Law 2762). 1934. Turkey.
Foundations Law, 2008. Turkey.
Land Use Act (LUA). (1978).
Law Review, 511-518.
Laws of Northern Nigeria, (1963). Cap. 122.
Money Laundering (Prohibition as Amended) Act, 2011. Laws of the Federal Republic of Nigeria.
Personal Income Tax (Amendment Act, PITA), (Government notice 175), 2011. Federal Republic of Nigeria Official Gazette. A 381-393.
Personal Income Tax Act (PITA). (no. 104) 1993.
Property and Conveyancing Law Cap 100 Laws of Western Region of Nigeria 1959.
Public Trustee Act Cap 98 Lfn 1958.
Sale of Goods Act 1893.
SRE. (n.d.) State Religious Enactments. Various states.
Taxes and Levies (Approved list for collection) Decree (No. 21), 1998. Laws of the Federation of Nigeria.
Terrorism Prevention (Amendment) Act 2011. Laws of the Federal Republic of Nigeria.
The Military Tenure Abolition Act 1660.
Trustee Edicts, Trustee Law Cap125, Laws of Western Region 1959. Nigeria.
Trustees Investment Act (TIA) Cap 98 Lfn 449, Lfn1990, 2004. Nigeria.
United Kingdom Will Act, 1834.
Value Added Tax (VAT) Act No. 102, (1993).
Value Added Tax (VAT) Amendment Act No. 12 2007.
Waqf Law (Law 903), 1967, Turkey.
Waqf Ordinance 1962. As Amended. Bangladesh.
Cases
Abdulsalam v. Salawu. (2002) JELR 44519 (SC) LCN/3137(SC).
Adisa v. Oyinwola, 10 NWLR (Pt 674) 116 (2000)
Alhaji Mandara v. Attorney General of the Federation, 4 S C. 8 (1984)
Alkamawa v. Bello, 8 NWLR (Pt.561)173 (1998)
Aoko v. Fagbemi, I AJI NLR.p400 (1961)
Baka-Jiji v. Abare, 1 NWLR (Pt 586) 243 (1999)
Duke of Norfolk v. Howard, 3 Ch. Case.1 22 E.R.431 (1682)
Eze v Federal Republic of Nigeria, I NWI R Pt 51. 506 (1987)
Korau v. Korau, 4 NWLR (Pt 545) 212 (1998)
Magaji v. Matari, 8 NWLR (Pt 670) 722 (2000)
Maina Gambo v. Hajja Kyariran, JD. 39A (1962)
Maishanu v. Manu, 7 NWLR (Pt 1032) 42 (2007)
Savannah Bank of Nigeria Limited v. Pan Atlantic Shipping Transport Limited, 4 S C Pt1. 76 (1985)
Tengku Zainal Akmar Tengku Besar Mahmud & Anor v. Majlis Agama Islam dan Adat Melayu Terengganu, 3 SHLR 39 (2012)
Tsofo Gubba v. Gwandu Native Authority, 12 W.A.C.A. 141 (1947)
Yinusa Rasaki v. Adesubokun, N.N.L.R. 77 (1971)
Downloads
Published
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
COPYRIGHT: All rights reserved. Not allowed to be reproduced any part of articles and contents of this journal in any form or by any way, whether electronic, mechanical, photocopying, recording or otherwise without permission in writing from the Chief Editor, Jurnal Syariah.
