Usury and its Implication on the Economy of Muslim Civil Servants in Nasarawa State, Nigeria

Abstract

The practice of interest among Muslims is a condemnable act by Islam because of its logical consequences on the economy of people. This paper aims to survey the implication of interest on the economy of Muslim civil servants of Nasarawa state, to be specific the interest charges by the cooperative societies when a member collect any facility. The methodology used is both library and fieldwork where books were consulted and interviews were equally conducted. This research is significant as it would serve as a clarion call to the Muslims who are either consciously or unconsciously involved in the transactions that have an interest or any of its elements, to speed up and desist from partaking in the interest. Muslims should avoid the consumption of interest in their financial transaction. The findings revealed that most Muslim civil servants in Nasarawa state, use to collect loans from the cooperative societies or banks that charge interest and continue to suffer from financial volatility until they have paid off and their economy is not in an equilibrium position. It is recommended that Muslim civil servants should join Islamic cooperative societies in their places of work and where there is none at all, they should hasten in establishing one.