Author(s):
Muhammad Ubali, muhammadubali6@gmail.com,
Abstract:
The paper adopts secondary methods in generating the data. Islamic financial instruments are conducive to
a dynamic economy in which the benefits of growth are shared by the community at large. It becomes the
focus of this paper therefore, is to access the Islamic financial Instruments as a weapon to control socioeconomic crisis in Nigeria. This paper therefore provides an insight on the meaning of Islamic financial
Instruments,its categories; Charity based Financial Instruments, and Qard al-Hasan based Financial
Instruments, rationales for prohibition of interest in Islam. The paper has established that if the obligation
of Zakah and voluntary giving of waqf, sadaqah and Qard al-Hasan is carried out by the wealthy Muslims
sincerely and consistently it will surely promote social welfare and foster love and cooperation and
minimize economic crisis, social vices and poverty in the society. It therefore explores the recommendation
and conclusion. However, the paper has measured numerous advantages of Islamic financial instruments
IWF