Financial Practices Among Muslim Informal Sector Operators at Aliero Onion Market and Their Shariah Compatibility

Abstract

This paper explores the financial practices among Muslim informal sector operators at Aliero onions market and evaluates the practices from Shari’ah perspective. The data is generated using informant interview. The financial practices are evaluated with reference to the existing literature on Islamic finance. Descriptive and analytical approaches are used in the data analysis. The research finds most of the financial practices compatible to the Shari’ah and recommends the promoters of Islamic banking in Nigeria to target these kinds of organizations in mobilizing clients and customers.

Keywords: Financial practices, Muslim informal sector operators, Aliero onions market, shari’ah compatibility.