By Bukhari Sikirullahi
ABSTRACT
Economy is an integral part of life without which the latter cannot be meaningful. Islam’s relevance to human life manifests in the kind of allowance it accords economy. In the contrast, Islam’s kin interest in the elimination of all forms of injustice and cheating among its adherents and among mankind as a whole is justified in its condemnation of riba. The proliferation of Islamic Cooperative Societies in our society is an indication that Muslims are aware of the stand of Islam on riba. However, most of these societies are not familiar with the numerous lawful chances of investment Islam has. This paper, therefore, looks in to some Islamic financial products; their concepts, basis, scopes and relevance to modern day economy with particular reference to Cooperative Society.
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