Achieving Social Security in Nigeria through Wealth Generation and Management in Islam

Abstract

finance and ethical investment practices, the research explores how adhering to Islamic principles can contribute to economic stability and societal well-being. It investigates the role of zakat (charitable giving), community-based support systems, and ethical business conduct in fostering wealth creation and equitable distribution. By analysing the compatibility of Islamic principles with Nigeria's socioeconomic context, the study aims to provide insights into viable strategies for promoting social security and economic prosperity in the country. This study delves into the principles of wealth generation and management in Islam, presenting it as a viable paradigm for achieving social security in Nigeria. By examining Islamic finance, ethical investment practices, and zakat (charitable giving), it elucidates how these principles can contribute to economic stability and societal well-being. Furthermore, the research explores the role of community-based support systems and ethical business conduct in fostering wealth creation and equitable distribution. Through a comprehensive analysis of Islamic principles within Nigeria's socioeconomic context, the study aims to suggest recommendations for policymakers and stakeholders to develop social security and economic prosperity in the country. Semi-structured interviews and focus group discussions were conducted with experts, policymakers, scholars, and practitioners in Islamic finance, economics, and Nigerian socioeconomic development to gather insights, perspectives, and experiences related to the research questions. The paper concluded that the principles of wealth generation and management in Islam are applicable to achieving social security in Nigeria.