Usury and its Implication on the Economy of Muslim Civil Servants in Nasarawa State, Nigeria

Year 2019, , 274 - 284, 08.04.2022

Sa’adatu Hassan Liman , Abdullahi Adamu Sualaiman Muhammad Maishanu Aliyu

https://doi.org/10.33722/afes.1099167

Abstract

The practice of interest among Muslims is a condemnable act by Islam because of its logical consequences on the economy of people. This paper aims to survey the implication of interest on the economy of Muslim civil servants of Nasarawa state, to be specific the interest charges by the cooperative societies when a member collect any facility. The methodology used is both library and fieldwork where books were consulted and interviews were equally conducted. This research is significant as it would serve as a clarion call to the Muslims who are either consciously or unconsciously involved in the transactions that have an interest or any of its elements, to speed up and desist from partaking in the interest. Muslims should avoid the consumption of interest in their financial transaction. The findings revealed that most Muslim civil servants in Nasarawa state, use to collect loans from the cooperative societies or banks that charge interest and continue to suffer from financial volatility until they have paid off and their economy is not in an equilibrium position. It is recommended that Muslim civil servants should join Islamic cooperative societies in their places of work and where there is none at all, they should hasten in establishing one.

Keywords

Interest, Muslims, Civil Servants, Islam, Economy, Nasarawa st

References

• Abdul-Karim, Z., Uṣῡl Ad-Da’wah, Lebanon: Al-Risalah Publishing House, 1996.
• Abubakar, A. M., Application of Islamic Financing Options in the Operations of Yobe State Cooperative Multi-Purpose Society (YSU-CMS), in Journal of Islamic Business and Economic Review, Vol. 3, Issue I, January 2020.
• Ajani, M. A. A., (2016), An Assessment of Islamic Cooperative Societies in Nigeria, Unpublished Ph. D. Thesis of the Department of Religions, University of Ilorin, Ilorin.
• Al-Bannā, H., Majmῡ’āt Rasā’il Al-Imām Ash-Shaikh Hasan Al-Bannā, Lagos: Alasela Islamic Publications, n.d.
• Al-Mubarakpuri, S. R., Ar-Raheeq Al-Makhtum (The Sealed Nectar), Egypt: Dar al-Wafa’I, 2017.
• An-Nadwiī, A. A. A., Sīratu Khātamin Nabiyyīna, Lil Atfāl, Beirut: Muassasatur Risālah,1987.
• Azmi, S., Islamic Economics, New Delhi: Good word Books, 2002.
• Bukhari, M. I. A., Sahih Al- Bukhari Arabic-English, Vol. 3, (trans) Muhammad Muhsin Khan, New Delhi: Kitab Bhavan, 1987. Dawābah, A. M., Investment in Islam, Nasr City: Dar Al-Salam, 2012.
• Doi, A. I., Sharī’ah: The Islamic Law, London: Taha, 1990.
• Farooq, M., Interest, Interest and Its Impact on the Economy, https://www.qurtuba.edu, assessed 25/09/2021.
• Ibn Rushd, The Distinguished Jurist’s Primer (Bidāyat al-Mujtahid wa Nihāyat al-Muqtasid), Vol. II, United Kingdom: Garnet Publishing Limited, 1996.
• Shahar, W. S., et al, The Implication of Interest (Ribā) in Economic: A Critique, https://www.researchgate.net, assessed 25/09/2021.
• Shahata, H. H., Business Ethics in Islam, Nasr City: Al-Falah Foundation, 1999.
• Usman, S., Islam, Economic Growth and Sustainable Development, Keynote Address at the 3rd International Conference organized by the Department of Islamic Studies, Nasarawa State University, Keffi, Monday 9th July 2018.