The ever-combative Christian Association of Nigeria (CAN) is once again accusing the Muhammadu Buhari-led Federal Government of plots to ‘Islamise’ Nigeria through the back door, using the Sukuk Islamic bond as handle.
CAN’s latest allegation is contained in a statement issued on Tuesday in Abuja through its general secretary, Rev. Musa Asake.

The Christian body called on the Federal Government to without delay abrogate the laws and framework behind the bond, vowing to seek legal redress should government fail to do that.

What is Sukuk
Sukuk are investment certificates that give Shariah compliant returns on investments.

On the FGN Debut Sovereign Sukuk, the Federal Government issued its first Sukuk (non-interest lease assets facilities) between Thursday 14th September 2017) and Wednesday 20th September after decades of advocacy by Muslim Finance experts for non-interest financial instruments like the Sukuk.

This was followed by few newspaper advertisements of the offer.

FGN Sukuk has been certified as Shariah-compliant by the Financial Regulation Advisory Council of Experts (FRACE) of the Central Bank of Nigeria.

The Council after painstaking review of the structure and contract documents with the legal and financial teams, and making necessary corrections signed off the certificate of Shari’ah compliance of the debut Sukuk.



Read more https://barometerng.com/can-sukuk-and-alleged-islamisation-plot-yinka-salaam/

Why Sukok bond is a terrible thing

A business man can walk into any commercial bank armed with all necessary paper work and get a loan.

It's that simple.

A conventional commercial bank is only interested in you repaying the loan and interest.

The commercial bank will not be a part of your company.

They will not own any equity in your venture and neither will they partake in any form of profit sharing.

The interest rate in Nigeria can be a b!tch but other than that you are rest assured that your business is yours only.

Now consider the Sukok loan.

The Sharia bank will have a share of your company and will partake in profit sharing.

When Buhari took a loan from his Arab masters, he inadvertently sold us to them.

A huge tranct of that loan gotten from the middle-east went into oil and gas exploration.

That means under the Sukok arrangement, Saudi Arabia owns shares in Nigeria oil sector.

Now, lets fastfoward the clock a bit...

In the not so far distant future, commercial banks will be discarded in prefrence of sharia banking.

Now, lets assume as a Kafur like myself you intend to venture into pig rearing and are badly in need for some cash.

Do you think, the Sharia bank will extend you a faccility?

Don't you think it will go against their sharia code to invest in such a haramic venture?

It doesn't stop in piggery but practically any other venture that they will deem un-Islamic.

They have succeeded on the Political, Military and Legal fronts and now they are about to hit you hard with this economic warfare.

Don't be fooled.

Yoruba muslim