The Need for Islamic Economic System for Sustainable Development in Nigeria

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