This article analyzes a typical co-operative inquiry which examines ethical alternative finance models and combines elements of African financial system, Islamic finance and a unique mix of neo-modern economic thoughts. The primary purpose is to see if this combination of humanistic models would achieve poverty reduction via action research. Thus the entire eastern part of renewal was embraced, thereby lodging in a co-operative inquiry where the research owner as it were only becomes a facilitator and ready to listen and to learn from experts in finance; covering financial regulators, a donor agency and representatives of financial institutions across banking, insurance and fund management. In other words, the eastern path of renewal is fully adopted in this study being grounded in narrative method, emerging through hermeneutics or interpretive methodology, navigating in the course of critical theory, and ultimately effecting innovation through co-operative inquiry within the context of established and clearly defined research questions. This exploration deals with the four modes of knowing as they unfolded in the co-operative inquiry. The other aspect of the co-operative inquiry involves those areas of policy, which relate to reaching the primary goals of Islam and a moral Islamic economic system via effective regulation. This is expected to move Islamic financial institutions in the direction of authentic economic development rather than just seeking a bigger market share. The co-operative inquiry, then, involves invoking collective agreement with the group members on those issues that will help achieve sustainable Islamic finance-and-development in Nigeria. A theory is then developed and clearly validated by the rules of co-operative inquiry.

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