Islamic Ethics of Business and Transaction: A Lesson for Nigerian Muslim Entrepreneurs

Economic set back is one of the major problems facing the world today.  In Nigeria, business transactions are carried out with uncertainty, price manipulation, hoarding, withholding full measure, false swearing, interest, exploitation and fraud which is having a significant decline in business growth.  However, mankind is directed towards exchanging goods and utilities through buying and selling for the promotion of social and economic life.  This paper explains concepts such as Islamic ethics, business transaction, and entrepreneurship.  It goes further to discuss the importance of Islamic ethics of business and transaction in eliminating cheating, fraud, hiding defects of merchandise, false swearing, monopolizing stocks and interest rates in business transactions. It concludes that, Islam prohibits every type of fraud and deception whether it be in buying and selling or in any other matter between people.  It is therefore, recommended that, Muslim entrepreneurs should uphold the teachings of Islam on business and transactions.  They should be honest and truthful by holding their faith dearer than any worldly gain that is ephemeral.