Abstract
The recent declaration of an Abuja(Federal Capital Territory) Federal High Court that the operation of Islamic banking in Nigeria is unlawful and inconsistent with the provisions of the Central Bank of Nigeria (CBN) Act and Banks and other Financial Institutions Act has provoked heated reactions and concerns from various quarters. The presiding Justice held that the Central bank (CBN) has no power to designate Islamic bank as specialized bank and that the guidelines on Islamic banking license issued by the CBN had no statutory basis which its legality could be substantiated. This paper examines the trends via which non-interest (Islamic) banking has considerably evolved over the years in Nigeria. The study concludes that the interest free banking idea is actually a noble idea but adequate sensitization on its intricacies and applicability is required so as to smoothly usher it into the national stream.
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