Author(s):
Baba Uba Ibrahim, babauba.ibrahim@slu.edu.ng,
Kabiru Uba Ibrahim, kabiruubaibrahim@gmail.com,
Abstract:
The economic crisis that arose due to the effects of Covid-19 pandemic have offered an important yardstick
by which one can gauge the advantages and disadvantages of Islamic economics which is derived from the
Prophetic guidance. During the Covid-19 pandemic economic crisis arose in Nigeria, and there has been a
renewed debate on the role that Islamic economics can play in the stabilization of the economic system in
the country, as it is related to strong ethical principles on which it is based upon. The Islamic economic
system is one that complies with Islamic law i.e., the Shari’ah, based on the rulings derived from the Quran
and Sunnah and other secondary sources of Islamic law. The paper, using content analyses method,
highlights on the various Islamic laws and guidelines which govern the economy as guided by the Prophet
(SAW). Muslim jurists have extensively researched, discussed and deliberated over centuries in order to
compile a comprehensive framework of principles of running the economy diligently. Islamic economics
has become an important part of the international economic system which Nigeria should benefit from. The
major findings are that Islamic economics is very essential to modern civilization which Nigeria could also
benefit from. Muslims are expected to practice their businesses in accordance with the Islamic economic
provisions and laws, which when abided by, the economy would surely develop, whereby the gap between
the rich and the poor would be narrowed, and an easier life, with less malpractice could be achieved
IWF