This paper aims to assess the role of the hisbah institution in ensuring ethical business practices in Nigeria. The aim is to correct the erroneous impression that the institution is meant only to serve spiritual and social purposes in the society devoid of economic contribution.
The paper uses a literature survey approach to describe the economic dimension of the institution and its specific role in ensuring that businesses are conducted in line with Islamic business ethics.
The paper confirms that absence of discussion on the economic role of the hisbah institution in complementing the effort of regulatory and monitoring authorities in the inspection of weights and measures, quality of food products, manipulation of prices, supplies and production, monopolistic collisions, cheating and fraud, has made many people in Nigeria mistake it for an institution whose primary occupation is to prevent and control moral decadence and social vices in such societies.
The paper concludes that the task ahead of shari'ah implementing states in Nigeria therefore is to maximally exploit hisbah's economic role in view of its relevance to the modern economy.
The paper attempts to fill the vacuum in the contemporary literature on the economic role of hisbah in Muslim societies.
