A Sharī‘Ah assessment of al-Qarḍ al-Ḥasan (Ethical Loan) and its impact in al-Hayat relief foundation, Ogun state, Nigeria
Joint Authors
Sodiq, Oyesanya Oyekolade
Ajani, Salako Taofiki
Source
Al-‘Abqari : Journal of Islamic Social Sciences and Humanities
Issue
Vol. 18, Issue 2019 (31 May. 2019), pp.40-59, 20 p.
Publisher
Islamic Science University of Malaysia Faculty of Leadership and Management
Publication Date
2019-05-31
Country of Publication
Malaysia
No. of Pages
20
Main Subjects
Sociology and Anthropology and Social Work
Abstract EN
Inaccessibility to ethical loans is considered one of the impediments to improving socio-economic conditions of Muslims in Nigeria.
Consequently, Muslims are hindered economically to grow due to lack of adequate funds to invest.
Thus, Al-Hayat Relief Foundation offered an alternative lending platform for Muslims.
This paper, therefore, addressed the administration of interest-free loans in the Foundation in the light of the principles of the Sharī‘ah (Islamic Law), while also critiquing the impact of such loans in order to analyse Islam’s contributions to the socio-economic growth of the informal sector of Ogun State, Nigeria.
Using content analysis, the paper collected data primarily from interviews.
Findings revealed that the administration of ethical loans in the Foundation conformed, largely, to Sharī‘ah.
Observed impacts included promotion of financial inclusion, sustainable economic empowerment of Muslim households, creation of employment opportunities, deepening and strengthening of the informal sector through provision of funds and promotion of micro-entrepreneurship.
The paper concluded that the Foundation has created an enabling platform for funds’ provision using the principle of ta‘āwun (cooperation).
It, therefore, recommended that the organisation needs to strengthen its institutional measures in the administration of ethical loan in order to reduce high rate of defaults among its members.
American Psychological Association (APA)
Sodiq, Oyesanya Oyekolade& Ajani, Salako Taofiki. 2019. A Sharī‘Ah assessment of al-Qarḍ al-Ḥasan (Ethical Loan) and its impact in al-Hayat relief foundation, Ogun state, Nigeria. Al-‘Abqari : Journal of Islamic Social Sciences and Humanities،Vol. 18, no. 2019, pp.40-59.
https://search.emarefa.net/detail/BIM-1122517
Modern Language Association (MLA)
Sodiq, Oyesanya Oyekolade& Ajani, Salako Taofiki. A Sharī‘Ah assessment of al-Qarḍ al-Ḥasan (Ethical Loan) and its impact in al-Hayat relief foundation, Ogun state, Nigeria. Al-‘Abqari : Journal of Islamic Social Sciences and Humanities Vol. 18 (May. 2019), pp.40-59.
https://search.emarefa.net/detail/BIM-1122517
American Medical Association (AMA)
Sodiq, Oyesanya Oyekolade& Ajani, Salako Taofiki. A Sharī‘Ah assessment of al-Qarḍ al-Ḥasan (Ethical Loan) and its impact in al-Hayat relief foundation, Ogun state, Nigeria. Al-‘Abqari : Journal of Islamic Social Sciences and Humanities. 2019. Vol. 18, no. 2019, pp.40-59.
https://search.emarefa.net/detail/BIM-1122517
Data Type
Journal Articles
Language
English
Notes
Record ID
BIM-1122517