As Ikorodu Muslim ummah holds Ramadan lecture

By Wahab Abdulah

REVERED scholar, Sheikh Daud Adelakun, has said that Muslims are under obligation to shun haram business transaction, quoting from the Quran 2 verse 275 that though Allah allowed trading and business transaction but forbids usury.

Adelakun, a  Chartered Accountant and Chief Imam, Omitoro Central Mosque, Ikorodu, stated this at the 15th Annual Ramadan Public Lecture organised by Federal Low Cost Housing Estate Central Mosque, Ikorodu, Lagos last Sunday.  The theme of the event was “Islamic Economic System: The Solution to Economic Crisis.”

He noted that in order to mitigate against the biting economic recession in the country, some Muslims engage in all kinds of business which are not halal merely to make ends meet, adding that  Allah has allowed trading but forbids usury.

He added that engaging in halal (permitted) business transaction is like engaging in act of worship.

According to him: “In Islam, money must not be idle, no fixed deposit and it is a great sin to consume usury. Again, Islam made provision for different modes of business transactions namely: Mudaraba, Musharaka, Murabaha, Muzaraha as well as allowing Muslims to own properties and wealth in a halal way.

He added that Zakat as an institution, could help to alleviate poverty if those whose wealth has attained Nisab, give out 2.5 % (1/40) of their wealth to the poor.

Earlier, in his welcome address, Chairman of the community, Alhaji Ismail Bello stated that the topic was considered in view of the present economic recession in the country, just as he thanked members who have contributed immensely  in one way or the other to ensure the development of the Mosque and the entire ummah.

Highlights of the programme were the Security tips and Health talk delivered by Princess Adegboye Kofoworola (Divisional Representative of Lagos Neighbourhood Security Corps [LNSC], Ikorodu) and

Dr Abdul Hameed Omotayo, Chief Medical Director (CMD) of Helping Hands Royal Clinic, Ikorodu, respectively.




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