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COMMON ASPECTS OF RIBA PRACTICE BY MUSLIMS IN THE
CONTEMPORARY NIGERIA
(A CASE STUDY OF SOKOTO STATE CENTRAL MARKET)
BY
ABDULMALIK YAHAYA
1
TABLE OF CONTENTS
Title page---------------------------------------------------i
Approval page----------------------------------------------ii
Dedication----------------------------------------------------iii
Acknowledgement-------------------------------------------iv
List of tables---------------------------------------------------vii
Table of contents----------------------------------------------viii
CHAPTER ONE: GENERAL INTRODUCTION
1.1 Background to the Study
1.2 Scope and Limitation
1.3 Significance of the Study
1.4 Statement of the research problem
1.5 Aim and Objectives of the Study
1.6 methodology
1.7 structure
1.8 Literature Review
End Note
2
CHAPTER TWO: CONCEPTUAL FRAMEWORK OF THE STUDY
2.1 Defination of term -Riba
2.2 Understanding the prohibition of Riba
2.3 Types and Classification of Riba
2.4 Western Theories of Riba
2.5 Qur’an Hadith and Biblical Justification on the Prohibition of
Riba
End Note
CHAPTER THREE: OVERVIEW OF AREA OF STUDY AND
CONTEMPORARY PRACTICES
3.1 Historical Background of Sokoto Central Market
3.2 Riba Practices on Business Activities in Sokoto Central Market
3.3 Contemporary practice of Riba in Nigeria
End Note
CHAPTER FOUR: SOCIO-ECONOMIC ILLS OF RIBA PRACTICE
4.1 Values Inherent I Islamic Economics
4.2 Socio-Economic Evils Inherent in Riba
3
4.3 Impact of Interest (RIBA) on Sokoto State Populace
End Note
CHAPTER FIVE: SUMMARY, CONCLUSION AND
RECOMMENDATIONS
5.1 Summary
5.2 Conclusion
5.3 Recommendations
Oral Informants
Bibliography
4
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The institution of interest riba (interest) has been a
controversial issue throughout history and continues to be so; this
is because in it is evil from which power to domineer others comes.
The question of riba is prominent in our society because it involves
exchange of goods and services which enhances stability among the
society. A man has a commodity and wants to trade it for what he
or she lacks is accepted in Islam but that which has been
forbidding by Allah is riba.
Riba (interest) is the practice of lending money or good at an
exorbitant interest rate specifically at a higher interest than is
allowed by law. The term riba literally means (addition) or an
increase over and above the original sides or amount it also refers
to the practice lending money for a prefixed rate of return of
interest. Historically, in the pre-Islamic period, capital owners used
to lend money having no legal concern for the purpose for which it
was lent or the manner in which it was used but remained
5
contractually assured of gain irrespective of any loses which the
borrower may have suffered in consequence of this transaction.1
Islam caters for both mundane and spiritual aspects of human
life and the glorious Qur’an have stricture against that which is
prohibited in the sight of Allah, injustice to fellow human beings
and even animals being one of them. Thus riba refers to the
practice in excess of the amount due from the debtor which was
prevalent amongst the Arabs in the pre-Islamic period.2 under the
Islamic law (shariah), interest is defined to represent the excess
(i.e.) premium that must be paid by the borrower to the lender along
with the principal amount as a condition for the loan or an
extension of its maturity3. With this Islam totally prohibits usury
and considers it unjust because it is detrimental to societal unity
and economic stability. Islamic law has placed emphasis on the
approach to commercial transaction based on values of justice,
equity, fairness and evenly distribution of resources. In the world of
commerce these values takes the form of prohibition of riba
(interest), that is transactions involving excessive gain or profit at
the expense of another, uncertain insurance contracts and business
6
involving gambling, alcohol, consumption of pork, pornography and
many more.4
Islamic law has traditionally sought to achieve fairness and
certainty in contractual obligations by requiring precise definitions,
providing clear terms and conditions and equalizing the roles of
contracting parties. Allah says in the Glorious Qur’an:
“And Allah has made business transaction
permissible and forbidden riba” (Q2: 275).
Thus riba is viewed as exploitation of those in weaker bargaining
position, permitting unjustified profit and enrichment and
encouraging speculative or risky transactions.5 it is perhaps not
surprising that the sunnah prescribed strict rules regulating
partnership, leases, currency exchange and speculative trading
prohibitions against transactions that are uncertain which are
viewed as similar to gambling and the prohibition of insurance
contracts since they too are viewed as involving future events that
are not known to man except Allah alone. Islamic commercial law
contains some provisions that are generally unfamiliar to lawyers in
other legal systems and that are designed to protect contracting
7
parties. For example, even after a contract is legally concluded, it
remains subject to rescission or cancellation in the event that the
latent defects unknown to the buyer at the time of purchase arise.
Although western contract laws binds parties to long term contracts
unless unforeseeable circumstance render performance impossible.
Islamic law releases parties if they simply become dissatisfied with
the contract thus relieving both parties of the burden thereby not
allowing one party to commit injustice against the other.
1.2 SCOPE AND LIMITATION
The research majorly covers the scope of some aspects of riba
practice by Muslims in Nigeria though is restricted to a particular
portion of Sokoto state which is the central market.
Similarly the limitations connected in the conduct of this
project was particularly due to the time factor as the researcher had
to rally round to ascertain things and more so was engaged with
mid-semester examinations and concentration on final year lectures
and examinations.
8
1.3 SIGNIFICANCE OF THE STUDY
The research work is carried out in other to understand the
meaning of riba, check the excesses in the conduct of practices of
unlawful matters as regards Muslims in carrying out business
transactions. It’s of another important significance because it
guards Muslims in their conduct day to day commercial activities
through the strictures of the glorious Qur’an and sunnah and the
preceding consequence of any defaulter. Another important
significance is that it aids to reduce oppression amongst people and
helps sanctify the environment through purity of thought and
equality of rights in brotherhood.
1.4 STATEMENT OF THE RESEARCH PROBLEM
It is finite natural that people should deal among themselves
to satisfy their daily needs. While so dealing they enter into different
transactions which involves exchange of good for goods or goods for
money. In the contemporary world of ours today, humans wants are
insatiable and the quest to acquire wealth by all means becomes
undoubtedly untamed therefore human greed overrides the better
part of them and thus they contract illegal transactions in other to
9
satisfy their wants;-here riba (interest) comes whereby the one to
whom money is borrowed has to pay interest on the principal item
which is prohibited in the glorious Qur’an. Thus the greed resulting
to riba needs to be totally curbed or reduced to its barest minimal
resulting in a free interest economy.
RESEARCH QUESTIONS
1. Is the concept of riba misunderstood?
2. What are the factors that account for the prohibition of
riba in Islam?
3. In what ways has banking institutions contributed to the
widespread of riba practice?
4. What measures should be taking in eradicating riba?
1.5 AIMS AND OBJECTIVES
The general objective of the course as an integral part of the
B.A Islamic studies is to provide Muslims with the basic knowledge
of the growth and development of Islamic economics or transactions
amongst Muslims and values inherent in this system, it would also
10
expose Muslims to the evils inherent in riba based system of
transactions and thus they would be able to identify the following:
1. Identify the strictures, injunctions and consequences of the
practice of riba.
2. To enlighten them more on the virtues in carrying out
transactions in conformity with the dictates of the Qur’an an
sunnah.
3. To throw more light on the difference between islamic
commercial law as opposed to interest and the conventional
one as a proponent of interest (riba).
4. To shed more light on the socio-economic evils inherent in the
practice of riba.
1.6 METHODOLOGY
The descriptive survey type was used in the conduct of this
research work. This type of survey method elicited information from
respondents on matters relating to riba. Both primary and
secondary data were utilized, secondary data was obtained from
relevant documents and it provides background information of riba
and other related issues. Primary data on the other hand constitute
11
of the bulk inputs used on the empirical analysis of the study. It is
obtained through interview to confirm respondent’s knowledge,
practices and views on riba.
1.7 STRUCTURE
The project is divided into five chapters, chapter one is the
introductory chapter which gives an insight on the background,
scope, aims and objectives of the research topic. Chapter two deals
with the analytical and synhetical survey of riba, its classifications,
theories and justification for its prohibitions, it also gives an
elaborate theory of interest. Chapter three of this research work
gives a general background, activities and riba practices of the place
in which the research work is been carried out. Chapter four is an
assessment of the values inherent in Islamic economics, it also
gives an evaluation of the effects of riba which connotes the socio-
economic ills of riba based economy and transactions. Chapter five
which is the concluding chapter gives a general summary of the
research work and recommendation.
12
1.8 LITERATURE REVIEW
Islam is more than just a religion of rituals and worship, it
permeates all affairs of its adherents. Many verses of the Qur’an as
well as the sayings of Prophet Muhammad (S.A.W) contain
injunctions on commercial activities the resultant effect of which
trading becomes imperative. Muslims have no option than to use
the medium of trade, banking etc to facilitate and enhance their
business activities.6
Following are material reviews relevant to the research area.
Mika’il (1989, pp 48-54), examined the theory of interest from
the perspective of conventional economic thinking and from an
Islamic view point. He also analyses the philosophy Islam total
prohibition of interest in business dealings- Mika’il examines the
implications of such prohibitions for optimum economic welfare.7
Iqbal (1946, pp 35-66) sought to explain the concept of usury
and analyzed the prohibition of usury as stated by imam Razi in his
book titled “Mafatihul Ghaib”. Iqbal also explained the difference
and ideologies of western and Islamic theories of interest, Qur’anic
13
and ahadith of the Prophet (S.A.W) as well as the analogous
reasoning were quoted concerning the illegality of interest.8
Mahmoud (1989) outlined the focal point of the economic
principles in Islam he vividly explain the principles of “istikhalf”,
law of depreciation.9 etc.
Adebayo (2010) expounded the position of riba in Islam, its
classes- riba al-nasa’I and riba al-fadl, he further elaborated on the
socio-economic evils inherent in riba based economics system and
thus stated that it compromised the state of the economy; he
further elaborated more on the contemporary issues as regard riba
in Nigeria, most prevalent of them being the conventional banking
system;- he further stated that they are grossly based on riba and
are unfit places for Muslims to conduct transactions.10
Ibrahim (2003, pp 106-124) sought to give a comparative
analysis of conventional and Islamic banking and economics in
Sulaiman and Galadanci (eds), Islamic banking and finance: general
frame work and case studies.11
14
Monzer (2006), gave an analysis of the success of Islamic
economics and values inherent in its system.12
Abdul-Rahman (2003), expounded on the stand of riba in
Islam, its Qur’anic and fiqhu meanings, legal injunctions. He also
sought to expose the refusal of some Islamic bodies to accept
external forces who attempted to justify interest or separate it from
riba using Qur’anic and sunnatic perspectives.13
Paramole (2000), described riba as an unlawful means of
wealth acquisition and distribution in Islam, he termed it as
misappropriation of ones property and considers it hazardous to the
principle of social equity an justice.14
Bello (2003), stated emphatically the biblical injunctions on
the prohibition of interest (riba), he also gave an overview of
commercial regulatory framework in Islamic economics .15
Orisanko (2009) discussed extensively on the practices of riba
in contemporary Nigeria, particularly as regard banking services-
loans and interest rates.16
15
END NOTE
1. Irfan Ulhaq, Economic Doctrines of Islam, international
institute of islamic thought, Herndon, 1996, Pp.117-119.
2. Muhammad A. Mannan, Islamic Economic: Theory and
Practice, Cambridge, the islamic academy, london, 1986, P.118.
3. Aminu Salihu Mika’il, Ethics and Business Performance,
M.S.S.N, Nigeria, 1989, P.53.
4. Aminu Salihu Mika’il, Op Cit, Pp. 48-54.
5. Ashraf kashmiri Bazar, Law Guiding Business Transactions in
Islam, Lahore, Pakistan, 1946, Pp.35-66.
6. Adebayo Rafiu, Islamic Banking, Islamic Publication Limited,
Ilorin, 2011, P.15.
7. Aminu Salihu Mika’il, Op Cit, pp.22-30.
8. Anwar Iqbal, Islam and the Theory of Interest, Islamic Research
Institute, Pakistan, 2006, pp.43-56.
9. Mahmoud Abu-Saud, Towards Islamic Economics in the
Islamization of Disciplines, International institute of islamic
thought, herndron, Pp. 273-292.
16
10. Adebayo R.I, The Motivating Factor for the Viability of Islamic
Banking and Finance, Vol.27, No.2, Pp.93-109.
11. Ibrahim Rakiya, Islamic Banking and Conventional Banking: A
Comparative Study in Sulaiman S and Galadanci B.S. (eds),
Islamic Banking and Finance: General framework and case
studies, IIIT, Kano. Pp. 106-124.
12. Monzer Khaf, Islamic Banking and Finance: Fundamentals and
Contemporary Issues, Islamic Research Training Institute,
Jeddah, Pp. 121-167.
13. Abdul-Rahman Yousri Ahmed, The Prohibition of Riba in Islam:
its economic rationale and implications, IIIT. Kano, Pp. 4-30.
14. Paramole K.O, Riba (usury): An unlawful means of wealth
acquisition and distribution in islam in Al-Hadaarah, LASU,
Vol.5, No.3, Pp. 67-82.
15. Bello A.F, Devine Banking In Nigeria: The Qur’an, Biblical
Injunctions; An overview and regulatory framework in S.
Sulayman and B.S Galadanci (eds), IIIT Publication, Nigeria, Pp.
24-30.
16. Orisankoko A.S, An Appraisal of Unethical Practice in the
Contemporary Nigeria, University of Ilorin, Ilorin Nigeria, Pp.15.
17
CHAPTER TWO
2.1 DEFINATION OF RIBA
Literally riba means increase, addition, expansion or growth. It
is to be noted however that not every increase or growth is
prohibited in Islam, the basis of the prohibition is related to the
manner through which an addition is gained therefore, it was the
task of the prophet (PBUH) to explain how riba could take place in
commercial matters because otherwise the Qur’anic injunctions
that were that were previously quoted would be meaningless as the
explanation of riba was never provided in the Qur’an. Most books or
articles simply defined riba as the premium that must be paid by
the borrower to the lender along with the principal amount as a
condition for the loan or for the extension of its maturity. Finally
popular is an attempt to define riba as an excessive rate of premium
imposed on the borrower in loan transaction. The above attempts
are not totally wrong but they lack the precise definition of riba, a
fact that might likely mislead readers to infer something which is
baseless from Islamic law perspective. For example one may induce
that riba is only limited or confined to loan transaction i.e. money
18
which is exchanged for money for an extra counter value or
consideration. Likewise, one may infer from the qualification of “an
excessive rate that a fair or a reasonable increase rate of premium
or additional payment may be deemed lawful because it is not
excessive.1
The right approach is to however, look at the source from
which riba originated as riba was widely practiced in the time of the
prophet (PBUH). The explanatory reports of the prophet (PBUH) will
be of paramount importance and relevance. The most
comprehensive report on this matter is the hadith of the prophet
(S.A.W) reported on the authority of Ubaidah b. Al-Samit, that is
“gold for gold, silver for silver, wheat for
wheat, barley for barley, dates for dates
and salt, like for like, equal to equal and
hand to hand, if the commodities differ,
then you may sell as you wish provided
that the exchange is hand to hand.”
This hadith offers a very precise and accurate definition of riba that
is easy to understand and appreciate. The above hadith introduces
two elements which from Islamic perspective qualify to constitute
the ilah i.e. cause or reason of a ruling. These two elements are gap
19
or deferment in the time of exchange and different counter values in
the exchange of two similar ribawi items. Put it differently, these
two elements are time factor as well as quantity factor.2
The explanation of the above theory is as follows. The Islamic
law defines riba in two perspectives that are riba by virtue of
deferment in time of exchange known as riba al-nasi’ah and riba by
virtue of excess in terms of quantity of one of the counter values,
known as riba al-fadl. If gold is exchanged for gold, then the
exchange must comply with these two factors, namely it must be of
spot exchange and of equal quantity. Should the exchange lack the
first element, it amounts to riba al-nai’ah. However, if it lacks the
second element, it falls under the category of riba al-fadl. Should
the above transaction be lacking those two elements, then both riba
al-nasi’ah and riba al-fadl would be jointly applicable.
Therefore the most comprehensive definition is that of Nabil
Salih, he notes that riba in its shariah context can be defined as
generally agreed as an unlawful gain derived from the quantitative
inequality of the counter values in any transaction purporting to
affect the exchange of two or more species which belong to the same
20
genus and are governed by the same legal cause. Differed
completion of the exchange by such species, or even species which
belong to different genera but are governed by the same ilah (legal
cause) is also riba whether or not the deferment is accompanied by
an increase in any one of the exchange counter values. We may add
that riba also includes both inequality of the counter values and
deferment in exchange together as in the case of modern riba. In
modern time, loan is lent out for an extra repayment to be settled
sometime in the future, thus it involves both quantity and time
transfer.3
2.2 UNDERSTANDING THE PROHIBITION OF RIBA
The question of the rationale of the prohibition of riba is a very
delicate and complicated topic as people are already accustomed to
the practice of riba. Furthermore, no one can easily and simply
deny the remarkable contribution of riba based banking system to
the development of our modern society. Development can not be
achieved as it has been widely propagated without the role of
financial intermediaries i.e. banks. On the other hand, banking
institutions have been solely established on the principle and
21
doctrine of riba, namely paying interest to depositors and charging
interest on borrowers. The banks profit are mainly attributed to the
difference between interest expended (paid) to depositors and
interest earned (received) from borrowers.
It is in the light of the damaging effect of riba, Allah Almighty
has already warned the people to avoid practicing riba because the
opposite attitude has been described by Allah as declaring war
against Allah and his messenger. Obviously the outcome and
aftermath of this phenomenon would be unimaginable and beyond
repair.
Before we proceed to discuss the rationale behind the
prohibition of riba, it is interesting to understand the philosophy of
Islamic law with regard to the criterion of considering a particular
practice lawful or otherwise. Al-Shatibi, a great Muslim jurist has
observed through induction process that the status of prohibition
given to a particular does not necessarily imply that the said
practice is void of any good and meaningful elements that are
beneficial to mankind. Likewise, what is permitted or made
obligatory in the eyes of the religion does not necessarily suggest
22
that the permitted or obligatory practice is free from any bad things
that might be harmful to mankind. However the ultimate criterion
is the degree of each of good and bad elements embodied in a
particular practice. Should the good elements supersede and
overwhelm the bad elements, the practice of qualified as permitted
or obligatory as the case may be. The reverse phenomenon would
render the practice to be deemed as either disliked or forbidden as
the case may be. An excellent example could be found in one of the
Qur’anic verses pertaining to the prohibition of wine drinking i.e. at
an early stage of its prohibition. The verses (Al-Baqarah: 219) reads
to that effect.
“They ask you concerning wine and
gambling. Say: in them are a great sin and
some benefit but the sin is greater than
the benefit”.
The wine was ultimately prohibited although the wine up to modern
time might have contained some benefits for people as normally
discussed in the discipline of modern medicine. At this point, one
may have a valid reason to question the logic of this philosophy
upheld by Islamic law. However it is sufficient to note one
interesting response given by Al-Shatibi himself. He emphasized on
23
the fact that people are created by Allah Almighty to be tested
whether they are obedient to Him or otherwise. The meaning of this
test can not be achieved if all the practices are either good or bad
completely because people would be naturally inclined to observe
what is good and to avoid what is bad.4 In other words, as there is
no conflict of desire and inclination, one can not be tested.
However, once a practice contains both good and bad elements, one
can now be tested whether to follow what is already prescribed
upon oneself or what is more appealing to one’s whims and desire
and therefore rejecting the divine order. This fact is relevant to all
prescriptions in Islamic law irrespective of whether they are of
prohibitive or obligatory in nature.
As for interest, it contains both bad and good elements
otherwise nobody would be willing to practice riba. Obviously, it is
gives an advantage to people with surplus of money to receive the
premium on their money lent out to people faced with deficit of
money. In a more specific financial analysis, interest has been
deemed as the most powerful factor in the process of flow of fund. It
lubricates financial intermediation in the process of flow of fund. It
24
is the interest rate that attracts and encourages financially surplus
units to hold their excess funds in the form of financial
instruments. Therefore the interest rate is the primary incentive
that encourages savings with financial institutions.
It is against this backdrop that we shall now present the
islamic perspective on why riba is prohibited once and for all. Allah
Almighty has commanded the riba receivers upon their repentance,
to take back the principal and to do away with the interest or
additional charges on the principal. By so doing, neither they inflict
injustice on riba payers nor riba payers being oppressed. This is the
very essence of (Al-Baqarah: 279) that is:
“But if you repent, you can have your
principal. Neither should you commit
injustice nor should you be subjected
to it”.
Therefore the central theme and rationale of the prohibition of riba
is injustice.
2.2 TYPES AND CLASSIFICATION OF RIBA
Classifications and types of riba could be inferred from the
hadith reported on the authority of Ubaidah b. Al-Samith that is
25
“gold for gold, silver for silver, wheat for wheat, barley for barley,
dates for dates, and salt for salt- like for like, equal for equal, hand
to hand, if the commodities differ, then you may sell as you wish,
provided that the exchange is hand to hand”. In this hadith the
prophet (PBUH) has indirectly classified riba into two
classifications. The first riba is known as riba al-fadl i.e. riba by
excess, and this has been represented by the prophetic wording of
“sawaan bi sawain” that is like for like, equal for equal. This type of
riba is alternatively or interchangeably known as riba al-buyu (riba
in barter trading) and riba al- sunnah respectively. There are two
questions that arise from this hadith. The first is about why only six
commodities have been specified; and the second is why exactly the
same reciprocal payment is required. Of the six commodities
specified in the hadith about riba al-fadl, two unmistakably
represents commodity money whereas the other four represent
staple food items. The scholars have agreed that all commodities
that are used as money i.e. acts as medium of exchange store and
measure of value are to be treated as ribawi or usurious items.
Therefore they must be treated on the basis of equal to equal and
hand to hand when they are exchanged for each other. As for the
26
last four items, the scholars have disagreed on the legal cause
underlying these commodities. Briefly, the Shafi’is maintains that
the last four items are usurious items because they are edible.
Unlike the Shafi’is , the Hanafi’s contend that the legal cause is the
equality of these articles as being saleable by measurement of
weight or capacity. Yet another view belongs to the Malikis suggest
that the legal cause is the fact that those items are main food and
preservable. By applying analogy, the coverage of usurious items
will be extended to cover other items that share the common legal
cause according to respective schools of law.
The second question that is more interesting is the logic of the
requirement of equal to equal in exchange of two similar ribawi
counter values. On the surface it appears hard to understand why
anyone would want to exchange a given quantity of gold or silver or
any other commodity against its own counterpart and that too will
be transacted on spot basis. What is essentially being required is
justice and fair play in spot transactions involving barter trading.
Anything that is received an extra by one of the two parties to the
transaction is riba al-fadl i.e. all excess in barter trading over what
27
is justified by the counter value. To ensure justice, the Prophet
(PBUH) even discouraged barter transactions and asked that a
commodity meant for an exchange of the same commodity to be
exchanged first against cash and the proceeds be used later to buy
the needed commodity. This is because in a barter transaction the
equivalents may be established only approximately thus leading to
some injustice to one or the other party.
The second classification refers to the riba al-nasi’ah. The term
nasi’ah comes from the root nasa’a which means to postpone, defer
or wait. It is also known as riba al-Qur’an respectively. It might be
for this reason that many scholars have wrongfully defined riba al-
nasi’ah as fixing in advance of a positive return on a loan as a
reward for waiting or postponement of repayment time. Riba al-
nasi’ah does not necessarily involve any additional payment in lieu
with the postponement of repayment of loan. This in fact, refers to a
case which comprises of both riba al-fadl arising from extra
payment and riba al-nasi’ah caused by deferment given to borrower
to repay the loan. Riba al-nasi’ah takes place when the exchange of
two similar ribawi items is effected not simultaneously even for
28
equal counter value. E.g. 1kg of wheat for 1kg of wheat but not
simultaneously transferred.5
2.4 WESTERN THEORY OF RIBA
Throughout the past history of mankind, prophets and
philosophers have unanimously condemned the institution of
interest and declared it unjust. All the famous religions of the world
have condemned and forbidden it. Western scholars such as Plato,
Aristotle, the two Castos, Cicero, Seneca and Plautus etc were
strongly against the institution of interest. They believe in the
doctrine of the unproductivity of money that led to the conclusion
that interest was unjust.6
However, some western scholars argue that capital is a factor
of production and like any other factor it service. They consider
productivity as an inherent property of capital renders production
services for which the owner must be paid, and that payment is
interest. The following are different views held by theorists.
29
TIME PREFERENCE THEORY
The most formidable treatment of the theory of interest has
been given by Austrian economist Bohn-Wawerk. He explains the
rationale of interest from the concept of technical superiority of
present over future as well as time value of money. Because an
average person prefers present over future and if he is required to
forego the present comfort or use of his funds, he is entitled to have
remuneration known as interest.7 In this case time is treated as a
type of commodity which has a price.
ABSTINENCE THEORY
This is based on monetary incentives and reward for
abstinence on savings. Although in the practical life today, we do
not see any abstinence on the part of those who provide bulk of the
capital or funds. Perhaps, this can be possible in a very primitive
society where the government may force people to save thus
causing an abstinence or the sacrifice on the part of those who save
(depositor) providing for the abstinence or the sacrifice in the form
of an interest payment.8
30
LIQUIDITY THEORY
The third reason for charging interest relates liquidity. The
lender of money sacrifices his liquidity and must be duly
compensated for this which comes in the form of interest paid to
him by the borrower.9
2.5 QUR’AN, HADITH, BIBLICAL JUSTIFICATION ON THE
PROHIBITION OF RIBA
The Glorious Qur’an stands as the basic primary source of law
followed by the hadith of Rasullillah (S.A.W), it also a notable factor
that the previous scriptures revealed to various Prophets also
strictures against usurious transactions. The following are the
provisions of these divine scriptures beginning with the glorious
Qur’an:
“Those who eat riba (usury) will not stand
on the day of resurrection except like the
standing of a person beaten by shaitan
(Satan) leading him to insanity. That is
because they say; trading is like riba
whereas Allah has permitted trading and
forbidden riba. So whoever receives and
admonition from his Lord and stops eating
riba shall not be punished for the past, his
case is for Allah to judge; but whoever
31
returns to riba, such are the dwellers of
the fire, they will abide therein”. (Al-
Baqarah: 276).
“Allah will destroy riba and will give
increase for sadaqat (deeds of charity,
alms) and Allah likes not the disbelievers,
sinners” (Al-Baqarah: 276).
“O you who believe! Be afraid of Allah and
give up what remains (due to you from
riba from now onward), if you are really
believers” (Al-Baqarah: 278).
“And if you do not, take notice of war from
Allah and his messenger but if you repent,
then you have your principal (without
interest), wrong not and you shall not be
wronged” (Al-Baqarah: 279).10
The hadith provisions are as follows:
“Jabir reported: “the apostle of Allah
cursed the one who accepted usury, the
one who paid it, the one who recorded it
and two witnesses to it; saying that they
are all alike”.
It has come down from Abu Hurairah may Allah be pleased with
him that the Prophet (S.A.W) said:
32
“On the night of elevation, I passed by a
people whoose stomachs resembled
houses full of snakes from which snakes
could be seen coming out. I inquired who
they were. Jabir said: these are devourers
of usury”.
Yet in another hadith of the Prophet Muhammad (S.A.W), Abdullah
bin Hanzala, narrated that the messenger of Allah said:
“A dirham which a man knowingly
receives in usury is more serious (a sin)
than thirty six acts of adultery”.
Then the Nobel Prophet (S.A.W), on his last pilgrimage and in his
last address said:
“Every form of interest (riba) is cancelled; capital indeed is
yours which you shall have, wrong not and you shall not
be wronged. Allah has given His injunctions that interest
is totally forbidden. I first start with the amount of interest
which people owe to Abbas and declare it cancelled. He
then on behalf of his uncle ‘Abbas, cancelled the total
amount due on his loan capital from his debtors”.
The biblical provisions are as follows:
Deuteronomy 23, verse 19: “you shall not
charge your interest to your brother,
interest on money or food or anything that
is lent out o interest”.
Ezekiel 18, verse 8: “if he has not exacted
usury nor taken increase but has
withdrawn his hand from iniquity and
33
executed true judgment between man and
man”.
Verse 13: “if he has executed usury or
taken increase, shall he then live? He
shall not live! If he has done any of the
abominations, he shall surely die; his
blood shall be upon him”.
Verse 17: “who has withdrawn his hand
from the poor and not receive usury or
increase, but he has executed my
judgments and walk in my statues, he
shall not die for the iniquity of his father;
he shall surely live”.
Luke 6, verse 34: “and if you lend to those
from whom you hope to receive back, what
credit is that to you? For even sinners lend
to sinners to receive as much back”.
Psalm 15, verse 5: “he who dare not put
out his money at usury, nor does he take a
bribe against the innocent, he who does
these things shall never be moved”.11
From the above chapters and verses of the Qur’an, hadith, and the
bible, it is discernable that the common ground shared is the
prohibition of usury (riba), therefore they all strictures against it as
it is unjustifiable.
34
END NOTE
1. Sa’adu Alanamu, Islamic Banking: Theory and practice ,
Abnour international, Ilorin, 2003, p.21.
2. Mohammed Daud Bakar, Riba and Islamic Banking and
Finance, international islamic university, malaysia, 2010, pp.
10-19.
3. Afzal –ur –Rahman, Op Cit, p. 72.
4. Ibid, p.73.
5. Ibid, p.74.
6. Ibid, p.125.
7. Ibid.
8. Sa’adu Alanamu, Op Cit, p. 24.
9. Ibid, pp.24-25.
10. Al-Hilali M.T, the noble Qur’an (translation), Dar-us-Salam
publications, Riyadh Saudi Arabia.
11. Bible, King James Version.
35
CHAPTER THREE
3.1 HISTORICAL BACKROUND OF SOKOTO CENTRAL MARKET
The new Sokoto central market is situated at the western part
of Sokoto metropolis, it covers a total area of 0.5 kilometers which
is equivalent to 500,000 square kilometers.1
The old city of Sokoto consist of seven historical gates namely
Kofar Kade, Kofar Dundaye, Kofar Taraniya, Kofar Kware, Kofar
Marke, Kofar Atiku and Kofar Aliyu Jedo. The market is also called
Gandu market, it inherited thae name from the land or farm called
Gandu Sarki (sultan farm) owned and donated by the late sultan
Alhaji Sir Abubakar 3.2
The Sokoto central market which was established or located to
the west between Kofar Karde and Kofar Aliyu Jedo was established
mainly to avoid previous experiences on frequent fire outbreaks in
the old market. The incident of 16th January 1972 when the Sokoto
central market went on fire resulting to loss of lives and properties
worth millions of naira, the sad episode brought devastating
economic setbacks on the innocent citizens of Sokoto state. Barely
36
two years later when the victims of this fire outbreak were
beginning to recover from their losses, another fire outbreak of no
less magnitude struck again on the 6th of June 1974 at the same
place with similar serious consequences.
This was the time when the government felt it really expedient
to find a lasting solution to the problem of these seemingly
reoccurring fire incidents and at the same time to present its
citizens a suitable forum for social and economic interactions. In a
move to implement this decision, the government immediately made
available the sum of N14 million as loan to SUDU for this project
and directed the agency to seek additional loans from commercial
banks. This was done in other to ensure that the project suffer no
financial setbacks. The project therefore had its capital from the
following financial institutions N14 million from the state
government as grant, N10 million from the government as loan, N6
million naira loan from First Bank of Nigeria, N4 million naira loan
from Bank of the North, N2 million naira from United Bank for
Africa, giving a total sum of N36 million naira.
37
The state government wasted no time in awarding the contract
to Messr Kneppers, a German company for the construction of the
new Sokoto central market.
Although building commenced in 1978, the foundation was
laid down on 19th August 1979 and was commissioned by the
committee chairman but then in his capacity as a president and
commander- in- chief of the armed forces of the federal republic of
Nigeria Alhaji Shehu Usman Shagari.3
The market covers an area of 24 hecters of land; it has four
major gates, namely, the main gate by the south named after Shehu
Shagari, Abdun Zagi gate to the east, Gawo gate to the north and
Shehu Kamba gate to the west. There are also several mini gates
later provided in other to give room to the influx of people into the
market from various angles. The market initially contained 5585
shops before the fire disaster that occurred on the 13th of April 2006
but during the process of reconstruction of the market, 1028
additional shops were added to 5855 shops that were already
available in the market making a total of 6613 shops. These shops
or stalls were in blocks serially arranged. They were numbered from
38
letter A to T and each letter representing a particular set of traders.
For example line D is for plastic sellers, line H for textile materials,
K for electronics etc.
The market also consists of an administrative arrangement
and houses other social amenities and a sixteen kilometer road
network.4
NATURE OF BUSINESS ACTIVITIES IN THE MARKET
Sokoto central market is divided into different sections each
section or area is allocated to certain categories of items of trade.
The shops were numbered from letters A to T and each letter
representing a particular set of trades. The first line which is line A
is allocated to a particular set of traders called ‘yan koli’ in Hausa;
their items of trade include jewelries. Line B is allocated to shoes
and leather accessories while line C is for articles of varieties etc.
most of the traders found on line D deals with plastic materials.
Line E covers provisions while line F covers textile materials. Others
include electronics, household items, meat sellers and food items
which are found on line P.
39
The mode of transacting business in the market is purely
Hausa and English to an extent. While business activities are
conducted on daily basis.
3.2 RIBA PRACTICE ON BUSINESS ACTIVITIES IN SOKOTO
CENTRAL MARKET
In our contemporary world were commercial transaction is a
necessary for fair distribution of goods and services, Sokoto state is
no doubt left out in the commercial exchange of services and goods
as this is the major occupation of its inhabitants aside farming.
Sokoto central market houses several business owners and as
such their primary motive is to come to trade with the aim of
making profit. For most of its inhabitants, profit motive is the sole
aim of commencing any business.
Mallam Aliyu Yaro who is a dealer in wheat, rice, beans,
majorly grains says that there are times he gives out his goods to
borrowers on credit for a certain period of time in return of the
principal amount in cash worth of the goods given with an interest
rate charged for the deferment period. That this is the way he and
40
his family survive and also a means of expanding his business and
sending his children to school. When confronted on the issues of
the strictures against riba, he aggressively withdrew from answering
further questions and concluded it was not riba.5
Alhaji Sani Mai’yadi who sells textile materials concluded he
buy textile materials from Kano at the rate of N3500 naira although
they vary in prices, bringing it to Sokoto, he sells for more
depending on the quality of the materials and considering transport
fares which are all included in the costing. This is interest doubled.6
Mallam Ibrahim who is also a dealer on grains particularly
beans and rice says that his business nearly collapsed when he was
due to repay a loan he borrowed in form of goods and was unable to
regain the principal amount on the good, therefore he had to
distribute his goods for sale in which they were under priced in
other to repay the loan together with the interest.7
Another man who is presently a tailor said he was formerly a
trader in jewelry and grains but couldn’t cope with the excessive
rate of interest charged on borrowing goods from large scale
retailers therefore he had to swap line of business were he needn’t
41
borrow a dime or goods to sell, hence business would be strictly
between him and his customers.8
Amongst the buyers interviewed at the market place, all of
them were of the view that they are aware or had little knowledge on
the prohibition of riba but can’t do anything to change the situation
as they are in the weaker position of bargaining, thus the gross
misconduct is widely entertained.
In summary, riba is in existence in the economic or
commercial transaction in Sokoto central market. The most affected
areas of trade are on grains, etc. but however it is to note that while
most of the traders lack awareness on the Qur’anic strictures
against riba some of them compromise and have conducted their
transaction in accordance to the injunctions of the glorious Qur’an,
although there are still some elements or traces of riba practices in
the market which have left some in disarray.
3.3 CONTEMPORARY PRACTICE OF RIBA IN NIGERIA
The most contemporary or common aspect of riba in our
modern society is the conventional practice of riba in our banking
42
system as it is the sole or major instruments through which
individuals sought to engage in commercial or financial transaction.
The conventional banking system has no basis in Islam as it is
grossly based on riba the resultant effect of the controversial
institutionalization of Islamic banking in Nigeria.
Conventional banking system has its roots in Nigeria since
early this century, by now it has captured most of the markets both
in deposit and in financing side, it covers all types of loan, trade,
financing, over draft, share financing and so forth. As for deposit, it
has peculiar accounts of savings accounts, current account as well
as fixed deposit. Although the number of banking services is many,
they all operate on one simple mechanism that is interest based.
The entire activities is to advance loan to qualified customers to
satisfy their financial needs whether to purchase a house, car or
import goods and the likes. The bankers are credit analyst experts
and their task is simply to ascertain the financial ability of the
customers to repay the principal plus the stipulated interest. The
documentation drafted by the banks is then tailored made to suit
the loan advancement and perhaps the security as collateral.
43
Therefore conventional banking system in Nigeria is overtly based
on riba although several attempts to institutionalize Islamic
banking have been made which has proved abortive.
44
END NOTE
1. Oral interview with Mallam Yahayya Wurno, deputy market
manager, Sokoto central market, aged 56 years.
2. Oral interview with Alhaji Hamza Dukamje, revenue collector,
Sokoto central market, aged 68 years.
3. Muhammed Hassan Maiyam, the history of Sokoto central
market from its inception to present day, C.O.E, Sokoto, 1983,
pp. 24-38.
4. Alanamu A.S, islamic banking: benefits, problems, and
prospects in Nigeria, alore, ilorin, 2007, pp.107-121.
5. Mallam Aliyu Yaro, trader, Sokoto central market, aged 56
years.
6. Alhaji Sani Mai’yadi, trader, Sokoto central market, aged 48
years.
7. Mallam Ibrahim, tailor, Sokoto central market, aged 62 years.
8. The respondent I have interviewed asked me to quote him not
(name withheld).
45
CHAPTER FOUR
4.1 VALUES INHERENT IN ISLAMIC ECONOMICS
According to Islam, there are five basic values of humanity,
which are supposed to be protected every time. Depending on
circumstances to build up harmony and universal peace, these
basic values must be preserved at the lowest level or the barest
minimum for an acceptable level of living these basic values
includes the ability to perform moral responsibilities, protection of
live, securing food and shelter, education, the right to earn a living
etc.
In other to achieve the optimally, Islam sets forth some
indispensable norms or means for its followers to use as
fundamental guides. As the ‘ad-deen’ or way of life, Islam offers
mankind a law applicable for all times, provided these elementary
principles are internalized in our daily dealings with others, be it
personal or official reasons.
i. JUSTICE:- No society can survive for long if this basic
precondition is not met, without justice there would be
46
no security, impartiality and fairness in our dealings help
us remain focused towards our objectives without getting
deeply caught with petty squabbles. The biggest benefit of
justice is that it not just provides security to individuals
but businesses as will and reflects in all facets of our
social dealings.
ii. EQUALITY:- It may be considered a subject of justice and
it refers to eliminating all social prejudices in other to
promote complete fairness and regard everyone with
mutual respect and given them an equal opportunity.
iii. BROTHERHOOD:- Peaceful coexistence and tolerance
towards others regardless of belief and ideologies.
iv. BENEVOLENCE AND EMPHATHY:- We know that
selfishness and greed can be detrimental to a
community’s social order. For a fair and sustainable
economic system, it is essential that we contribute
equally to the society. The modern economic models are
suggestive of that too that wealth concentrated in one
hand leads to negative results and inflation within an
economy.1
47
The economic system prescribed in Islam is unique since it differs
fundamentally from man made laws and systems in defining
economic problems. In general an economic system is referred to
the structure of production, allocation of economic inputs,
distribution of economic outputs and consumption of goods and
services in an economy. It is a set of institutions and their social
relations. Alternatively, it is a set of principles by which problems of
economics are addressed.2
The Islamic economics system aims to achieve five objectives
in general;
a) Provisions of basic needs: the state is entrusted to guarantee a
smooth supply of all basic necessities of life all the citizens via
regulation or enforcement.
b) Fairness and equitable distribution: Islam discourages
concentration of wealth in few hands and ensures it
circulation among all sections of the society. Allah says
“That which Allah giveth as spoil unto his
messenger from the people of the
township, it is for Allah and his
messenger and for the near of kin and the
orphans, needy and the wayfarer, that it
48
becomes not a commodity between the rich
among you” (Q 59: 7).
c) Promotion of brotherhood and unity: in a truly Islamic society,
there exist an antagonist classes of have and have not’s which
are set against each other. Despite the existence of inequalities
of wealth, the Islamic society is not divided into conflicting
classes due to differences in social ranks.
“it is not righteous that ye turn your faces
away to the east and west, but righteous
is he who believe in Allah and the last day
and the Angels and the scriptures and the
prophets; and gives his wealth for the love
of Him, to kin-folk, orphans, needy,
wayfarer and those who ask and to set
slaves free and to observe proper worship
and payment of Zakat” (Q2: 177).
d) The achievement of moral and material development views
growth and development as two sides of a coin and considers
the needs of tangible and intangible resources as equally
important. The socio-economic progress of a person is usually
in aspects of life and has spillover effects. Good conducts are
believed to be contagious and in totality.
e) Elimination of exploitation: any form of activity meant to take
advantages of another either physically or mentally some
49
effective measures adopted by Islam are the prohibition of riba
based lending.
4.2 SOCIO-ECONOMIC EVILS INHERENT IN RIBA
From a legal perspective of Islamic commercial law, riba is
deemed as wrongful appropriation of others property. The basis of
this ruling is taken from the theory of transfer of property in Islamic
commercial law. It has been observed that a property be it cash or
capital, tangible asset, services and the like that belong to one party
cannot be transferred to another except following one of the
contracts below:
i. Property earned by one party as a result of the combination of
one’s individual creative labour and entrepreneurship or
natural resources or capital as the case may be. This could be
partly seen in various forms of partnership in Islamic law.
ii. Property whose title has been transferred by its owner as a
result of bilateral exchange such as in contracts exchange e.g.
sale, debt settlement by contra transaction (Muqasah) etc.
iii. Property whose title has been transferred by its owner by
virtue of remittance of rights of others in the owner’s property
50
such as in the case of rebate granted for early settlement of
any financial obligation (Ibra) etc.
iv. Property whose title has been transferred by virtue of donation
and grants by the owner or donor such as in the contract of
gratuity e.g. gift (hibah), endowment (wakaf), will (wasiyyat)
etc.
v. Property transferred from one hand to another following the
law of inheritance.
This theory of transfer of property in Islamic law provides no room
for lending activities based on interest because interest is an
income claimed outside the legitimate framework of the Islamic
theory of transfer of property from one hand to another. Therefore
income yield or earned from riba activities is non-halal because
Islamic law does not approve the mechanism of earning this
income.3
Generally riba is forbidden because of the harmful effects that
result from it as follow:
51
ECONOMIC EFFECTS/IMPACT OF RIBA
1. Keeping money idle and unproductive and swelling the ranks
of the poor and hinders the flow economic saving and
formation of capital.
2. Discourages the amount of investment.
3. Riba creates deficit of capital.
4. Diverts investments in speculative sectors.
5. Riba is against the efficient distribution of capital.
6. It causes inflation.
7. Induces destruction of wealth.
8. Constitute a major factor of unemployment.4
SOCIAL EFFECTS
1. Among these are cutting ties, creating hostility between the
rich and the poor, spreading corruption, moral decay and
promiscuity caused by need.
2. Increment in the exploitation of labor.
3. Creates monopolistic opportunity for the capitalist.
4. Imposes unnecessary burdens at organizational levels.
52
5. Concentrates wealth I the hands of few and reduce number of
entrepreneurs.
On the state level, countries are weakened, their resources fall
under the control of others, they end up following the desires of
their enemy and they are robbed of their natural wealth which
compounds their problems the more.5
4.3 IMPACT OF INTEREST ON SOKOTO STATE POPULACE
Having examined the socio-economic effects of riba, it is to
note that these has undoubtedly contributed in no small measure
to the underdevelopment of the state as it contributed to the plague
of poverty in the state.
For those who have entertained the act of usurious
transactions, it has left them in hardship and to an extent has
caused loss of live and properties as well. Some debtors in the area
have encountered losses and were unable to repay even the
principal, let alone the interest. The gross misconduct of this
practice has generally led to the exploitation of the poor and
destitute and also results in moral decay among the youths and
53
promiscuity among the females caused by certain needs. Generally
it has concentrated wealth in the hand of few whose sole aim is the
expansion of wealth at the expense of the poor thereby creating a
wide gap between the rich and the poor from which hostility arises.
54
END NOTE
1. Dr. Muhammed Daud Bakar, riba and Islamic banking and
finance, international Islamic university, Malaysia.
2. www.scribd.com/islamic commerce/values/effects.
3. Ibid, p. 79.
4. Ibid, pp. 82-91.
5. Ibid, p. 128.
55
CHAPTER FIVE
5.1 SUMMARY
The concept of riba which refers to all forms of usurious
transaction, that is transaction that require interest on differed
payment and the likes, have been utterly prohibited in the
glorious Qur’an and those who engage in it are said to be inviting
the wrath of Allah (SWT).
Islam is more than just a religion of ritual, which permeates all
affairs of its adherents. Many verses of the Qur’an as well as the
sayings of the prophet Muhammad (S.A.W) contain injunctions
on commercial and economic activities the result being why
exchange service becomes imperative for Allah has permitted
trade and forbidden riba.
Sokoto central market serves as the nerve centre of goods
exchange and trade services, therefore it is undoubtedly true that
riba has taken form or is existence in the their activities which
has brought losses and hostility between traders at the market
place and have induced the exploitation of the end consumers.
56
5.2 CONCLUSION
The reason why Islam prohibits all forms of riba from all forms
of transaction is Islam whishes to establish an economic system
where all forms of exploitation and injustice are eliminated. Islam
wishes to establish justice between the financier and the
entrepreneur. It has been mentioned that prohibition of interest
in an economy and replacing it with profit-sharing system will
increase the level of savings and investment able to combat
unemployment and inflation simultaneously since interest rate
will no more enter into the profit calculation in the investment.
The Islamic economic system is profitable and productive than
the conventional one were wealth is concentrated in the hand of
few. The consequences of the prohibition of interest are, among
others, to promote the distributive justice, economic growth and
stability, encourage innovation and profitability and allocation of
resources efficiently.
5.3 RECOMMENDATION
At this stage it is relevant to note that every system is
influenced by its own worldview which in turn is based on a set
57
of implicit and explicit assumptions about topical issues as the
case of riba and the nature and purpose of life. However Islam
which has been perfected by Allah (SWT) have prohibited riba,
thus it is the general duty of Muslims to conduct their day to day
activities, transactions in accordance to the dictates of the
glorious Qur’an and on state levels, there should be institutions
guiding aspects of trade and banking activities such as interest
or price regulatory committee and a stiff penalty be awarded to
any defaulter thereafter in conformity with the dictates of the
Shariah.
58
LIST OF ORAL INFORMANTS
1. Mallam Yahayya Wurno, (56years), Deputy Market manager,
Sokoto central market, 5th of October 2012.
2. Alhaji Hamza Dukamaje, (68years), Revenue collector, Sokoto
central market, 5th of October, 2012.
59
BIBLIOGRAPHY
Orisankoko A.S (2009), “An Appraisal of Unethical practices in the
Contemporary Nigeria banks system vis-à-vis recourse to
Islamic panacea”. A conference paper presented at the
1st international conference on Islamic banking and
economics reform, jointly organized by the department of
Islamic law, university of Ilorin, Nigeria, and IRTI of the
international development bank Jeddah, October 6th -8th
2009.
Manzoor Ali (1992), ‘Islamic Banking and Finance in Theory and
Practice’, in centers of Islamic economics; Jeddah, IDB,
Islamic research and training institute.
Paramole K.O (1999), ‘Mudarabah: A lawful business transaction
in Islam’ in the Muslim world league journal, Saudi
Arabia, vol.24, no.4.
Paramole K.O (2000), ‘Riba (usury): An unlawful means of wealth
Acquisition and distribution in Islam’, in Al-Hadaarah,
LASU, vol.5, no.3.
60
R.I. Adebayo (2010), ‘The motivating Factor for the Viability of
Islamic Banking in Nigeria’, being a paper presented at
the international conference on Islamic banking and
finance, held at crescent university, Abeokuta, between
19th and 22nd march 2010.
Bello A.S (2009), ‘Devine Banking in Nigeria’ The Qur’an and
Biblical injunction, an overview and regulatory
framework in Islamic banking and finance; in S.
Sulayman and B.S Galadanci (eds), IIIT publication,
Nigeria office Kano.
Afzal-ur-Rahman (1976), ‘Economic Doctrines of Islam’, vol.3,
Lahore, Islamic publication limited.
Usman A. (2004), ‘B.A Project: Hoarding and Inflation in Islam’,
Sokoto, department of Islamic studies, UDU. Sokoto.
irfan Ulhaq (2010), ‘Economic Doctrines of Islam’, Herndon
international institute of Islamic thought.
Muhammad A.M (1989), ‘Islamic Economics: Theory and Practice,
London, Cambridge the islamic academy.
61
INTERNET
Biblehistory.com, international standard bible encyclopedia
www.bible-history.com. Accesed on the 2nd, October, 2012.
SCRIPTURES
The Noble Qur’an, (translated by) Al-Hilali M.T, Dar-us-Salam
publications, Riyadh Saudi Arabia.
Bible, King James Version.
62
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