A Muslim’s Thought on Christian Banking in Nigeria
By Yushau A. Shuaib
It is rather unfortunate that every issue in Nigeria today is debated on the basis of ethnic or religious sentiments, while every action taken is politicised, becoming a weapon for further escalation of animosity among the Nigeria’s citizens.
What is more alarming is when religious leaders join the bandwagon in fanning the ember of hatred and enmity through provocative pronouncements and combatant posture against programmes and policies that might have good intentions.
The recent brouhaha over the non-interest banking grossly associated and referred to as Islamic banking system is one debate that has created divisions in the polity. Interestingly the Islamic banking principle was mooted long time before the appointment of the current governor of Central Bank of Nigeria (CBN) Mallam Sanusi Lamido Sanusi as attested to by principal insiders in the apex monetary institution. In an interaction in CBN, Pastor Tunde Lemo, the Deputy Governor of Central Bank in charge of Operations disclosed that: “Islamic banking is a programme that started several years before the appointment of the current Governor, Sanusi Lamido Sanusi.” He added that the first application for license was about ten years ago. He went on to mention that more than three years ago he led a team to Malaysia to develop the framework for Non-Interest Banking, part of which, of course is Islamic Banking.
Also at the floor of the National Assembly when he was summoned by federal legislators, the Governor of the Central Bank, Sanusi Lamido Sanusi expressed dismay over the unfortunate tendency of treating every single national matter on ethnic and religious basis. While denying suggestions that the new banking policy has religious motives, he said most of the key decisions preparing Nigeria for an Islamic banking were taken under his predecessor, Professor Charles Soludo who is a staunch catholic and that communications detailing the guidelines for the transactions were signed by deputy governor of the bank, Tunde Lemo, a Christian cleric.
Sanusi also disclosed that Professor Soludo approved Nigeria's fulltime membership of the International Islamic Banking Council, while the administration of former President Olusegun Obasanjo approved Nigeria’s full membership of the Islamic Development Bank (IDB). Meanwhile many Nigerian banks, including Bank PHB, Intercontinental Bank, and the United Bank of Africa (UBA), have long sought windows to operate Islamic banking in the country. Bank PHB has operated the banking system in minimal measures since 1999, the CBN boss added. In addition, the Securities and Exchange Commission (SEC) and the Nigerian Depositors Insurance Corporation (NDIC) have long issued guidelines for Islamic funds and Islamic insurance respectively.
Before this disclosure, the current President of Christian Association of Nigeria (CAN), a Niger-Deltan, Pastor Ayo Oritsejafor has been the arrowhead of Christian critics against the non-interest banking. He uses harshest words of condemnation over the issue. Meanwhile other respected Christian leaders deliberately refuse to engage in provocative statements but rather take diplomatic steps towards resolving the misconceptions.
There are various ways religious leaders could promote their faiths without resorting to provocative and intimidating statements in an effort to prove they are strong leaders. We have seen how other peace-loving religious leaders provide scholarships, establishing institutions of learning and investing in ventures that could be inspirational for evangelism and at the same time promote religious tolerance and peaceful coexistence among people from diverse backgrounds.
Some Christian leaders like Bishop David Oyedepo, Pastor E.A. Adeboye, and even Prophet T. B. Joshua among others have received endorsement of government to establish Christian universities and broadcast stations that were neither objected to nor criticised by Muslims and their groups. Those institutions established by them are also patronized by non-Christians. Today, for instance, more than eighty percent of faith-based universities in Nigeria are owned by Christians. Since such educational ventures are positive steps towards economic growth, there was never any objection or campaign of calumny from Muslims to associate such ventures as attempt for “Christianisation of Nigeria.”
Unlike his predecessor, Archbishop John Onaiyekan who established and maintained cordial and mutual relationship with Muslims and Islamic groups in Nigeria towards a united and prosperous country based on better understanding, Pastor Oritsejafor is always engaging in political activism and actions that are mostly against anything Islamic and the sections that are presumed as predominantly Muslims. Rather than engaging in unnecessary outbursts, Pastor Ayo Oritsejafor and his co-travellers clamouring against the introduction of Islamic banking should be advised to channel their energies towards ensuring realisation of Christian banking in Nigeria that could be fashioned in line with biblical injunctions.
Though Islamic banking system is globally recognised as financial model for investment alternatives, the prohibition of usury or charging interest on loans as well as investment in prohibited goods and products are not only abhorred in the Quran but also have references from verses in the Bible. Some sections in the bible that prohibits usury for instance in the King James version of Bible include: Exodus 22:25-27, Leviticus 25:36-37, Psalm 15:1-5, Deuteronomy 23:19-20, Jeremiah 15:10 , Ezekiel 18:7-9, 17 and Matthew 25:27 just to mention a few.
Literatures on Islamic banking and finance are in their thousands, getting similar publications from the Christian perspectives should not be difficult to obtain from many Christian universities in Nigeria that are not only established to churn out graduates but to provide scholarly materials in various subjects. Pastor Ayo Oritsejafor should exploit those potentials and also engage scholars and intellectuals to work out the frameworks for Christian Banking in Nigeria. The Nigerian Muslim will surely not object or condemn the initiative just like similar programmes and policies initiated and formulated by Christians.
Since Christian professionals in the financial worlds including our Dr Ngozi Okonjo-Iweala and Segun Aganga among others have spoken to express supports for the Islamic banking, including the recent endorsement by the National Assembly, agitators against the system should either give peace a chance by the development or go to the Court, the last resort.
It is dangerous to use religion for selfish political power and economic gains when it should be the weapon to uplift our spirituality and enhance moral standards in whatever we do. No one should be against Christian banking in Nigeria even if operated side by side with Islamic banking.
So what is delaying the immediate take off of the bank? I need loan at no interest; infact I need the loan in the millions and billions. Hope the scheme will not be hijacked and the rich will to be the only ones getting the zero interest loans at the end of the day.
This is the kind of half truth that these zealots are known for. Who are you to say Oritsejafor resulted to provocative and intimidating statements? Why did you not quote the Shariah council threatening to go to war if the Islamic banking is truncated?
Now the law for the establishment of private tertiary institution did not give special preferences to Christian operators, like Sanusi is trying to lower the the deposit for Islamic banking from the normal 25 billion to 10 billion and 5 billion respectively.
I know very soon, Muslim will begin the agitation for separate rules to help them establish Islamic Universities, where they teach nothing but the Arabic language. Heck! Jonathan had already set up a commission for Almajiri's Education, where they do nothing but feed those homeless Hausa/Fulani children and teach nothing but alif, baa, taa, caa.
Bone headed, clearly bone headed literati. Ok! When is the Islamic Banking taken off? Many people are waiting for loans.
If it fails, we will go to war like, "Shariah council threatening to go to war if the Islamic banking is truncated? "