EVALUATING THE BOOKKEEPING PRACTICES OF MUSLIM TRADERS IN THE CONTEXT OF ISLAMIC INHERITANCE

Abstract

Purpose ― This study evaluates the bookkeeping practices of Muslim traders that carry out their trading activities in Kano State, Nigeria, from an Islamic inheritance perspective. Design/Methodology/Approach ― The major source of data was the administration of questionnaires. Semi-structured interviews were also conducted to support the results. Findings ― The questionnaire results found traders maintaining incomplete and improper records of their assets and liabilities. They also kept very minimal records for waṣiyyah (Islamic will). The findings imply that their inheritable wealth would not be fairly distributed based on the provisions of Islamic inheritance law. This claim was supported by real-life cases obtained through interviews portraying the consequences of incomplete and improper bookkeeping records. Originality/Value ― This paper is a pioneer study that empirically links bookkeeping practices to Islamic inheritance. Research Limitations ― This study is limited to Kano State, which is one of the 36 states of Nigeria. Practical Implications ― Traders are required to maintain proper and complete records of their assets, liabilities and waṣiyyah with a view to ensuring that their wealth is fairly distributed among their claimants when they die. Social Implications ― Keeping proper and complete records by traders could maximise the share to be given to each of their heirs and would save them against exposure to poverty, particularly if the wealth is properly invested.