Exploring Mushārakah Mutanāqişah for Poverty Alleviation: a Proposal to Islamic Cooperative Societies in Nigeria.

Poverty is a phenomenon on which research has been carried out from time to time, especially in Nigeria and the developing countries. It has been confirmed that the cooperative is the best financial institution for the eradication of poverty in any given society. Despite the flourishing and involvement of the conventional cooperatives in poverty alleviation programs organized by various governments, there is still a persistent increase of the incidence of poverty in Nigeria. The hope is that the advent of Islamic cooperatives (ICs) in Nigeria will make a positive change to the problem of poverty because of the availability of Islamic Financial Products (IFPs) such as mushārakah mutanāqişah (MM), among others. The concern of this paper, given the level of poverty in Nigeria, is to examine to what extent mushārakah mutanāqişah (MM) can be used by numerous Islamic Cooperative Societies (ICSs) to alleviate poverty among the members of ICSs and more generally the people in the country. [ABSTRACT FROM AUTHOR]