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Erschienen in:
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2021 | OriginalPaper | Buchkapitel

Protecting the Interest of Profit-Sharing Investment Account Holders in Islamic Banks: The Nigerian Experience

verfasst von : Ya’u Isah, Romzie Rosman, Ashurov Sharofiddin

Erschienen in: The Importance of New Technologies and Entrepreneurship in Business Development: In The Context of Economic Diversity in Developing Countries

Verlag: Springer International Publishing

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Abstract

Islamic banks (IBs) have three major sources of funds; from shareholders, transaction deposits and profit-sharing investment account holders (PSIAHs). Shareholders are protected by the IBs’ directors, while transactional deposits are guaranteed by the IBs. PSIAHs have no representation on the banks’ board and their funds are neither guaranteed nor repaid on demand. They rely on the goodwill of the banks’ directors and management to protect their interest and share profit (if any) from the investment of their funds, and could lose part or all their capital if the bank incurs losses. This could lead to moral hazard and agency problem which put the PSIAHs at disadvantage that requires the establishment of policies to protect them. The objective of this paper is to review corporate governance challenges in the management of PSIAHs by IBs and share Nigeria’s experience in the protection of PSIAHs. The paper contributes to literature on deposit practices by IBs which has been reported to be scarce.

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1
Islamic Banks in Nigeria are referred to as Non-Interest Banks (NIBs) or Non-Interest Financial Institutions (NIFIs) because BOFIA prohibits banks from using any religious affiliation as part of their names.
 
2
The information is obtained from the financial statement published at Jaiz bank Plc’s website at jaizbankplc.com and from returns submitted by the other three Islamic banks at the CBN EFass platform. The figure was at December 31, 2019.
 
3
Shariah Supervisory Boards of Islamic banks in Nigeria are called Advisory Committee of Experts (ACE).
 
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Metadaten
Titel
Protecting the Interest of Profit-Sharing Investment Account Holders in Islamic Banks: The Nigerian Experience
verfasst von
Ya’u Isah
Romzie Rosman
Ashurov Sharofiddin
Copyright-Jahr
2021
Buch
The Importance of New Technologies and Entrepreneurship in Business Development: In The Context of Economic Diversity in Developing Countries

Print ISBN: 978-3-030-69220-9

Electronic ISBN: 978-3-030-69221-6

Copyright-Jahr: 2021

DOI
https://doi.org/10.1007/978-3-030-69221-6_101

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