Controversies are a part of life, different points of view, different interpretations, but Truth is constant, and facts (they say) are sacred. The average Muslim living in Nigeria today must therefore be extremely discomfited to see how these universally accepted principles are so easily jettisoned anytime the words "Islaam", "Shari'ah" or "Muslim" is involved.
Seeing the passionate furore that the subject of "Islamic banking" has excited, the reader might expect Contemporary Issues to jump in the fray. You would expect us to point out how these imaginary "wars" are stoked by professional Christians - the two-penny bishops who depend on periodical controversies like this to remain relevant.
You would want us to point out obvious facts that the so-called "Islamic banking" concept was actually incorporated into the Nigerian financial system under the leadership of a Christian Central bank Governor, that there are hundreds of institutions (including names. such as HSBC, Lloyds TSB and Citibank) successfully managing billions of dollars worth of assets in countries as diverse as Australia, United Kingdom and South Africa. But, why bother with these obvious facts?
However, just so as not to be accused of being dismissive of other people's views, we shall try to understand why traducers are opposed to this particular initiative. We shall do this by presenting a parallax of the views expressed in the media and assist with a bit of explanation here and there.
"Non interest banking, Islamic banking or participant banking is banking activity that is consistent with the principles of Islamic law (Shari'ah) and its practical application through the development of Islamic economics. Shari'ah prohibits the payment or acceptance of specific interest or fees known as Riba or usury for loans of money. Investing in businesses that provide goods or services considered contrary to Islamic principles is also Haraam (forbidden)" - [Omoh Gabriel, Vanguard 09/08/2011) apparently, opposition is not based on ignorance.
"The fact is that Sanusi's predecessor, Charles Soludo approved-in principle-the establishment of IBF (Islamic Banking and Finance) in Nigeria in March 2009" [Okey Iheduru, Business day online 01/02/2010]. So, next time you hear anyone say that the current CBN governor has introduced "lslamic banking" and is thereby trying to "set the country a fire" tell that person, no matter how high they may be in the Christian or other hierarchy, that he/she/it is a LIAR.
"The UK for example, has a minority Muslim population of about 4 percent, and has amended regulation to cater for Islamic banking. South Africa also has a minority Muslim population of about 2 percent but has had Islamic banking since 1989. Japan has begun the introduction of Islamic banking and China is also introducing Islamic banking.
Countries across Europe, Africa and Asia, not withstanding the significant presence of Islamic banking in the Middle East, have begun embracing the Islamic finance and investment philosophy". [Omoh Gabriel, Ibid) - Mr. Gabriel has apparently done his research! Pity the scaremongers who benefit from needless controversies do not read anything that can do them good.
"I see (lslamic Banking) working because there is so much poverty and a huge percentage of Nigerians are un-banked. It is very difficult to walk into a bank and get an overdraft, even to pay school fees even when the bank manager knows your source of income the banking sector has failed in Nigeria in terms of helping their customers. They collect money from a huge percentage of Nigerians and give it to about one per cent of the population.
I think when it comes, Islamic bank will fill the gap that conventional and microfinance banks have not been able to fill" [-Cliff Mbagwu. economist and retired banker, Vanguard8/07/20 11].
Except for the "renaissance professionals" and others who have sworn life-long enmity to the person of the current CBN Governor because of the impact that the ongoing reforms has had on their pockets, very few can openly contradict Mr. Mbagwu's summary of the utter failure of the current banking model.
Any reasonable interlocutor will therefore demand an alternative. If there are serious institutional or regulatory issues with the alternative that Muslims demand, by all means,
let responsible stakeholders discuss them you might have noticed that we quoted non-Muslim sources - and these are not even academic sources. We have done this to demonstrate how clearly the facts are, and how groundless the opposition is.
No non-Muslim will ever be forced to non-interest banking. Just as no Muslim has reason to deal with any of the several financial institutions masquerading as Community Banks who cater exclusively to Christians - we can mention the Haggai Microfinance Bank owned and operated by the Redeemed Christian Church and the Parallex Community Bank of the Christ Embassy Church respectively. These and several other church-owned institutions proliferate, providing Christians of different denominations with preferential access to alternative financial services.
We do not grudge them, and there is no controversy about it, so why the hysteric opposition against "Islamic banking"? Having demonstrated that it is not due to either ignorance of what it is all about or paranoia of what it may cause, we hasten to add that the opposition is actually based on knowledge.
Knowledge of what it can do. Those who oppose Islamic banking do so for one reason only. They know its potentials, if properly implemented. They know its capacity to transform the lives of its beneficiaries; they see it is a potential game changer which will loosen their hold on the heartstrings of a vast majority of their indentured followers.
If you think we exaggerate, read this: "In 10years from now, it would have grown and matured to what it is intended to be a religious oppressive instrument and tool for social coercion of the poor to convert to Islam. It is heavily skewed to put other noninterest banking at disadvantage" [Primate of the Nigerian Anglican Communion, Revd. Nicholas Okoh].
There you have it. Excuse the primate his crude articulation (as is wont of "primates"), but his words expose what his professional colleagues hide under cassocks of lies and fear mongering. They are afraid, yes. But their fear is not about the implementation of Islamic banking in Nigeria, it is fear of its success.
So, if you, reading this, has anything to do with the emerging Islamic banking framework whether on the regulatory, service provision or demand side, here is what we expect of you: this scheme must succeed. It must assist in helping Muslims out of poverty and want. It must respect the rules of the Shari'ah in all its ramifications; and Muslims must drive it all the way.
Whatever it takes, we must neither yield, nor compromise this space. News that Stanbic IBTC Bank has received a licence when Jaiz Bank is still struggling to raise N25biliion capital is not cheering. Even if its transformative potentials cannot be immediately achieved, its benefits must reach the Muslims on the streets of Lagos or Kaura Namoda. This baby must not die. Those who take benefits from the system must fulfill all obligations; those who regulate must be fair and firm; those who provide service must be above board. Maybe we will even attract more people into our perfect way of life through it! This project must succeed; it is not about them, it is about us.
This article was culled from the publications of Deen Communication Limited