Author(s):
Dr. Murtala Abdus-Salam Adebayo AJANI, ajanmurtabs@yahoo.com, 08055624825 or 07083072167
Abstract:
Generally, cooperative system in Nigeria, particularly the Conventional Cooperative (CC) had
made some successful development impacts on the cooperative members in the past, in the areas
of socio-economic phenomenal before its declination in recent time. The Islamic Cooperative
activities have started in prototype manner of the CC with efforts to transform the conventional
pattern to the Islamic pattern. This paper is concerned with some of the roles that the Islamic
Cooperative can play in meeting the social and financial sustainable development of its members.
The paper examines the sustainable development from the Islamic perspective and relates it to
that of the world commission on environment of the United Nation (UN) that postulates the
cultivation of economic and social equity in societies throughout the world, amongst its goals,
ideals and value. This paper examines some of the Islamic Financial Products (IFPs) and suggests
the ways they can be operated without derailing from the Shar??ah, to bring about the required
sustainable development for the members. It recommends that there is need for the Islamic
cooperative education and concludes that there is need for collaboration of the Islamic
cooperative stakeholders, the Islamic scholars in the Islamic finance and government to attain the
set goals of an Islamic ideal cooperative.
IWF