The Need for Islamic Economic System for Sustainable Development in Nigeria

Authors

  • Muhammad Baba Sa'ad
  • Dr. Ayuba Bala Haruna
  • Muhammad Bello Adam

Keywords:

Development, Economic System, Sustainable Development, Shari’ah, Monetary System

Abstract

Islamic economic system is needed for sustainable development in Nigeria, because the system is designed by the most knowledgeable Lord in His Holy book 'The Qur'an' and through teachings of His messenger prophet Muhammad (S.A.W). Islamic economic system encourages earning one's living through decent labour, hard work and dedication. Earning living legally is considered not only compulsory duty but great religious duty and virtue as well. Capitalism encourages accumulation of wealth. Capitalism is devoid of spiritual elements while socialism played down the material nature in man and tied down economic activities to state. The Islamic economic system is a just and balanced monetary system which takes into consideration, the spiritual and material needs of man. The Islamic Shari'ah and the Nigerian constitution both allow for private ownership of wealth but with some degree of limitations. In Islamic Shari'ah man is just an agent appointed by Allah with necessary measures to ensure proper handling of his wealth. This is in regard to right of ownership of property by individual. In Islamic economic system, many ways of sharing wealth have been encouraged such as giving Zakat (poor due), Sadaqa (charity) and Waqaf (endowment) fund; are examples of ways of sharing wealth. It equally condemns usury or interest (Riba) deceit, exploitation, monopoly in business and allows man to reach high status in-free trade done in the interest of public

Author Biographies

Muhammad Baba Sa'ad

Department of Islamic Studies, School of Arts and Social Sciences,
Aminu Saleh College of Education, Azare, Bauchi State

Dr. Ayuba Bala Haruna

Department of Islamic Studies, School of Arts and Social Sciences,
Aminu Saleh College of Education, Azare, Bauchi State
+2348027804744

Muhammad Bello Adam

Department of Islamic Studies, School of Arts and Social Sciences,
Aminu Saleh College of Education, Azare, Bauchi State
+2348027804744

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Published

2019-11-21

How to Cite

B. S, M., B. H, D. A., & B. A, M. (2019). The Need for Islamic Economic System for Sustainable Development in Nigeria. Azare Journal of Education, 10(1), 251–260. Retrieved from https://aje.ascoea.edu.ng/index.php/aje/article/view/29

Issue

Section

Research Articles