Journeying back to Madinah

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.