The Menace of Ribaa among the Traders in Gombe main Market: Solution from Islamic Perspectives

Abstract

Muslim scholars and some of the Muslim Ummah are willingly concerned on curving the menace of Ribaa (usury) dealings in the business transaction, to avoid its effects on any given society. Islam permits business and forbids Ribaa and all its kind both from the Glorious Qur’an and Sunnah of Prophet Muhammad (SAW). However, people neglect the prohibition to some extent that they consider it as a tool for business strategy without considering it as haram and that may lead to Allah’s wrath upon those dealing with it and the society at large. Therefore, this research explores the menace of Ribaa among the traders in Gombe main market, a solution from Islamic perspectives. This concluded that the people involvement in Ribaa practice that the implications have tremendous effect on the society not only those dealing with the haram business. Thus, some possible Islamic ways and solutions on Ribaa based transaction were suggested which will possibly reduce it practice to the lower level. The methodology employed was analytical and descriptive.