CONVENTIONAL AND ISLAMIC MORTGAGE FINANCING: A LEGAL COMPARISON

CONVENTIONAL AND ISLAMIC MORTGAGE FINANCING: A LEGAL COMPARISON

Islamic Mortgage Financing

ABSTRACT

Home ownership has been a problem to many people in Nigeria. This is the  more reason why efforts are being made from all quarters to alleviate this  problem. The two most prominent of these efforts are the Home Financing
Schemes, otherwise known as Mortgage Financing, which are made by the public corporations and private institution. The effort of the public  corporations is known as Conventional Mortgage Financing while a part of the  private institution is that of the Islamic Economic System known Islamic Mortgage Financing. The focus of this research study is to compare the legal  frameworks of these two opposite mortgage financing schemes. This is to be
able to balance the regulatory issues that generate from the acceptability of  these schemes in other to avail the Muslims the understanding of opting for the scheme that best aligns with the demand of their faith, without necessarily transgressing the law of the land in any way, bearing in mind the nascent status  of the Islamic option, which is yet to enjoy a focused/specific municipal legal attention.

TABLE OF CONTENTS      

ABSTRACT

TABLE OF CONTENTS

TABLE OF CASES

TABLE OF STATUTES.

INTERVIEWS AND PERSONAL COMMUNICATION

LIST OF ABBREVIATIONS

CHAPTER 1

GENERAL INTRODUCTION

1.0.0 INTRODUCTION

1.1.0 BACKGROUND OF THE STUDY

1.2.0 OBJECTIVE OF THE STUDY

1.3.0 FOCUS OF THE STUDY

1.4.0 SCOPE OF THE STUDY

1.5.0 METHODOLOGY

1.6.0 LITERATURE REVIEW

1.7.0 DEFINITION OF TERMS

1.8.0 CONCLUSION

CHAPTER 2

CONCEPTUAL FRAMEWORKS OF CONVENTIONAL AND ISLAMIC MORTGAGE FINANCING
2.0.0 INTRODUCTION

2.1.0 CONCEPT OF CONVENTIONAL MORTGAGE FINANCING

2.1.1 MORTGAGE FINANCIAL INDUSTRY IN NIGERIA

2.1.2 PUBLIC MORTGAGE FINANCIAL INSTITUTIONS

2.2.0: CONCEPT OF ISLAMIC MORTGAGE FINANCING

2.2.1: ISLAMIC COOPERATIVE SOCIETY

2.2.2: THE PRODUCTS OF ISLAMIC MORTGAGE FINANCING

2.3.0: CONCLUSION

CHAPTER 3

EXAMINATION OF THE LEGAL FRAMEWORKS OF CONVENTIONAL AND ISLAMIC MORTGAGE FINANCING
3.0.0:  INTRODUCTION

3.1.0: THE LEGAL FRAMEWORK UNDER THE NIGERIAN 1999 CONSTITUTION

3.1.1: THE LEGAL FRAMEWORK UNDER THE CBN ACT, 2007

3.1.2: THE LEGAL FRAMEWORK UNDER THE FMBN ACT, 2004

3.2.0: MORTGAGE FINANCING UNDER THE AI‟A

3.3.0: THE ISLAMIC MORTGAGE FINANCING UNDER THE NIGERIAN STATUTES

3.3.1:  THE LEGAL FRAMEWORK UNDER THE NIGERIAN 1999 CONSTITUTION

3.3.1: THE LEGAL FRAMEWORK UNDER THE CBN ACT, 2004

3.3.2: THE LEGAL FRAMEWORK UNDER THE BOFIA, 2004

CONCLUSION

CHAPTER 4

ANALYSIS OF THE LEGAL FRAMEWORKS

4.0.0: INTRODUCTION

4.1.0: THE SIMILARITY BETWEEN THE LEGAL FRAMEWORKS OF CONVENTIONAL AND ISLAMIC MORTGAGE FINANCING SCHEMES

4.1.1: THE CONTRAST BETWEEN THE LEGAL FRAMEWORKS OF CONVENTIONAL AND ISLAMIC MORTGAGE FINANCING SCHEMES

4.2.0: CONCLUSION

CHAPTER 5

GENERAL CONCLUSION

5.0.0: CONCLUSION

5.1.0: RECOMMENDATION

BIBLIOGRAPHY

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