All praise is due to Allah, the Lord of the universe. May His peace
and blessings be upon the noble Prophet Muhammad (Peace be upon him),
his faithful companions and dutiful followers till the end of time,
amin.
The Muslim Congress (TMC) joins other sister Islamic organisations,
civil societies and advocates of ethical finance to educate Nigerians
and also condemn the diabolical campaigns from few overzealous
Christian groups and anti-Islamic media, against the planned
introduction of Non-interest/Islamic Banking in Nigeria. It is
strange, that these ill-timed campaigns are coming from religious
groups, who ideally should be spreading morals, ethical businesses,
engendering divine principles and winning souls for God in a perverted
society. Despite all odds, we are happy at the informed comments on
the matter by eminent scholars like Dr. Ishaq Lakin Akintola of MURIC,
Mr. Kamor Disu of MPAC, Dr. AbdulLateef Adegbite (CON),
Secretary-General, Nigerian Supreme Council of Islamic Affairs
(NSCIA). We also salute the efforts the former Governor of the Central
Bank of Nigeria, Professor Charles Soludo, had invested on Islamic
Banking Model in Nigeria. May Allah reward
you all contributors abundantly.
The series of campaigns against Non-interest/Islamic Banking are
pre-planned and organised by coalition of anti-Islamic forces to
humiliate Islam and blackmail Sanusi Lamido Sanusi, the current CBN
Governor. Alhamdulillah, the Governor vindicated himself and the Apex
body he presides over by coming up at the peak of the criticism with a
Revised Framework for the regulation and supervision of institutions
offering non-interest financial services in Nigeria. The sponsors of
the campaigns believe that it is time to marginalise Muslims; to deny
them their rights and demonise anything with Islamic colouration since
they have their own - Dr. Jonathan Goodluck, a brother-in-faith in
power.
The first attack on non-interest banking emanated from a Christian NGO
with some fire-brand pastors as advocates; they hinged their arguments
for opposing Islamic banking on what they called “illegal redefinition
of non-interest banking, introduction of religion into banking,
unconstitutional exclusion of non-Muslims from non-interest banking
and major contravention of the Nigerian Constitution. In our opinions,
the arguments of these overzealous elements are weak and dangerous in
volatile multi-religious society like Nigeria. Islamic banking is not
being smuggled into Nigeria; it is a working model in all advanced
democracies, including America!
The second ill-motivated attack appeared few days later as an
editorial in the Guardian newspaper on 8th June 2011 titled “CBN and
non-Interest Financial Institutions. The editorial was published to
provide media support for the hate theologians and bigots, thereby
assisting in poisoning the minds of the general public against Islamic
banking and the shared benefits is portends for lovers of Ethical
Funds & Investment. Let it be said loud and clear, that the Muslims
are not unaware of the anti-Islamic posture of Guardian Newspaper.
The third attack came from the Anglican Bishops of the Dioceses of
Nigeria; they joined other propagandists singing the same unpleasant
song – Shariah bank! Religious bank!! Islamic bank!!! According to the
Anglican Bishop of Enugu, Rt. Rev. Emmanuel Chukwuma, the emergence of
a religious bank would definitely pose serious threat to the unity of
the country because of its religious connotation. In what manner, we
ask the clergymen? Are they bankers or human right activists?
The fourth attack, the most recent and shameful was orchestrated by
the Christian Association of Nigeria (CAN) in Delta State on Thursday,
June 30, 2001. The demonstrators numbering hundreds of idle,
unemployed souls took to major streets in Warri, protesting against
the plan to commence Islamic banking in the country. Alas! They did
not protest scarcity of kerosene, epileptic power supply, lack of
drinkable water, rising unemployment, worsening education system,
corruption in high places, need to return the loots of James Ibori et
cetera. Yet, they have the gut to call for the resignation of the
Central Bank of Nigeria Governor, Mallam Lamido Sanusi, saying he had
through the policy encroached on the secularity of Nigeria as
enshrined in the constitution. We wish to correct our Niger-Delta
bothers that Nigeria is not a secular state, but a multi-religious
society that adopted officially three major religions. The
Constitution allowed the practitioners
freedom of religion, conscience and liberty within the ambit of the
laws. Islamic banking has foundation in the Laws of Federal Republic
of Nigeria.
The fifth attack came from Archbishop of Lagos, Anthony Cardinal
Olubunmi Okogie. He based his attack on the fact that Islamic Banking
if established in Nigeria is capable of fueling religious tension in
the land. How we ask the Cardinal? Is banking hall a wrestling arena?
Are lovers of Islamic banking going to drag unwilling Christians to
their bank? Remember Cardinal! Islam made pilgrimage to Mecca a
compulsory obligation, but Bible is silent on such practice, it is
neither an obligation nor a virtue, but because of jealousy, the
Christians lobbied government for support and recognition of its
innovative Pilgrimage Jerusalem, and today Nigerian Christians are
observing the rites without any hue and cry from the tolerant Muslim
population across the 36 states of the federation. The foundation of
this antagonism, when viewed critically is intolerance, hidden agenda
and hatred for Islam and Muslims by the leadership of the Christians
in Nigeria.
We state clearly that mischief makers under the guise of different
Christian associations have continued to oppose globally acknowledged
Islamic developmental models (like banking, insurance, ethical
investment, Arabic language, Shari’ah courts, affiliation with OIC et
cetera) for reasons best known to them.
Unwarranted opposition from the Nigerian Christians is perennial,
historical and can easily be recounted without stress in retrospect.
There was a time in this country, when Nigeria’s membership of
Organisation of Islamic Countries (OIC) was put to national debate and
discourse. Despite the numerical preponderance of Nigerian Muslims,
the government of the day bowed to the pressures and blackmail from
the few but vocal Islamophobic elements among the Christian community
by dropping the intention. They also lobbied President Olusegun
Obasanjo and Professor Charles Soludo to remove the age-long Arabic
inscription on the nation’s currency notes without putting it to
national debate. We did not complain.
It is also on records that when OIC offered Nigeria non-interest loan
for augmenting its deficit budget, the same hate theologians condemned
the worthy proposal and discouraged the Federal Government through
media outburst and blackmails. Thereafter, Nigeria opted for IMF loan
with its killing and inhuman compounded interest. The option of IMF
loan worsened the nation’s Public Debt, increased the debt burden and
created serious financial crisis. President Olusegun Obasanjo captured
the predicament of Nigeria under the peonage of IMF loan and its
merciless interest rate thus: "All that we had borrowed up to 1985 was
around $5 billion, and we have paid about $16 billion; yet we are
still being told that we owe about $28 billion. That $28 billion came
about because of the injustice in the foreign creditors' interest
rates. If you ask me what the worst thing in the world is, I will say
it is interest"! This is partly one of the rationales why Nigerian
Muslim like their counterparts globally loathed interest-yielding
investment, financial securities and banking; they preferred instead
non-interest banking and finance.
We state without apology to any group that Islam abhors interest-based
banking and transactions because it is antithetical to the theological
foundation of the religion. The Qur’an is the source of divine
guidance, which Muslims must follow both in their private and public
life, without deviation. With reference to interest, Allah says:
Those who eat interest (Riba) will not stand on the Day of
Resurrection) except like the standing of a person beaten by devil
leading him to insanity. That is because they say: "Trading is only
like interest,'' whereas Allah has permitted trading and forbidden
interest.Allah will destroy interest and will give increase for
charity. And Allah likes not the disbelievers, sinners.
Qur’an 2: 275-276
The above injunction explains why Islamic banking, economics and
finance are permitted in nations like Malaysia, Sudan, Europe, America
and other advanced democracies. Islamic banking is taught in
first-class universities across the globe and it is a feasible banking
model practiced in over 71 countries, even where the Muslim population
ratio is small like Britain compared to Nigeria with large number of
Muslims. Why then should a tiny group, because its media visibility
and mastery of blackmail denies Nigerian Muslims their rights? How is
the Islamic banking system a threat to the Nigerian secular status or
Christian interest? Are they aware that the regulatory framework for
non-interest banking was conceived and initiated by Professor Charles
Soludo, former Central Bank Governor because of his exposure and
knowledge about Islamic Finance as a veritable alternative to
conventional banking model. It was a project inherited and continued
by the current
CBN Governor, Sanusi Lamido.
Furthermore, it should be emphasized that the Muslims are not alone in
their rejection of interest-based banking and all usurious economic
activities; it has being an historical issue in most societies and
civilisations. The History and Ethics of Interest by A. Birnie
reported that ancient philosophers such as Plato, Aristotle, Cato,
Cicero, Seneca and Plutarch detested and condemned interest and
usurious transactions in strong terms during their days. Evidences of
these sentiments can be found during the Republican Rome era, 340 BC,
when interest-based transactions were outlawed altogether.
Nevertheless, in practice, clever ways of evading legislation against
usury were devised by mischievous elements, a situation which lasted
till the collapse of the Republic.
To curb interest-based transactions during the period under
discussion, the Democrats in Rome rededicated themselves to the cause
of the poor masses suffering under the burden of debt cause by
excruciating interest rates. Consequently, under the banner of Julius
Caesar, a ceiling on interest rates of 12% was set, and later under
Justinian interest rate was lowered further to between 4% and 8%.
These laudable steps left fertile ground for the organised assault on
interest by the Orthodox Church following the Christianisation of the
Roman Empire later on. We wonder if the Nigerian Clergymen are
familiar with their religious history with regard to fight again
interest and usurious dealings. With specific reference to
Christianity and Judaism, there are several Biblical injunctions which
prohibit the act of giving and collection of interest. God instructed
the Jews and Christians thus:
"Thou shall not lend to thy brother money to usury, nor corn, nor any
other thing, but to the stranger. To thy brother thou shall lend that
which he wanted, without usury: that the Lord thy God may bless thee
in all thy works in the land, which thou shall go into posses.
(Deut23:19-20).
“Take not usury of him nor more than thou gavest. Fear thy God that
thy brother may live with thee. Thou shall not give money upon usury,
nor exact of him any increase of fruits (Levit 25: 36-37).”
“If thou lend money to any of my people that is poor, that dwelleth
with thee: thou shall not be hard upon them as an extortioner, nor
oppress them with usuries. (Exodus 25: 25).”
"And if you lend to them of whom you hope to receive, what thanks are
that to you? For the sinners also lend to sinners, for to receive as
much… Love ye your enemies: do good, and lend, hoping for nothing
thereby: and your reward shall be great, and you shall be the sons of
the Highest…" (Luke 6: 34-35)
Building on the authority of the scriptural texts, the Roman Catholic
Church had by the fourth century AD prohibited the taking of interest
by the clergy; a rule which they extended in the fifth century to
cover other Christians. In the eighth century under Charlemagne, they
pressed further and declared usury to be a general criminal offence.
This anti-usury movement continued and gained momentum during the
early middle Ages and reached its zenith in 1311 when Pope Clement V
made the ban on usury absolute and declared all secular legislation in
its favour, null and void. Unfortunately, the rise of Protestantism
and its neo-liberal tendencies subtly and diplomatically encouraged
this condemnable phenomenon. This pro-interest position has remained
pervasive in the ethics of investment and banking among the Christians
until today. The fact is that all the three acclaimed regions-Islam,
Christianity and Judaism have undiluted, unambiguous and
uncompromising
theological foundations that prohibit interest and usurious dealings.
If other religionists wish to bargain their hereafter for worldly
gains, the Millions of Nigerian Muslims are eager to do otherwise and
therefore seek to put their money in ethical finance acceptable by
Islamic standards. The present situation whereby there is no single
Islamic bank constitutes a breach of their fundamental human rights as
Nigerians. It stands in contradiction to the spirit of Section 38 of
the 1999 Constitution, which guarantees freedom of religion and
liberty to manifest one’s conscience within the ambit of the laws.
Saving in halal (lawful) banks is part of Islamic beliefs and acts of
worship.
Based on the forgoing points, The Muslim Congress enjoins Nigerian
Christians to be tolerant and objective in their reaction to Islamic
norms and ideals. The Muslims in Nigeria genuinely need Islamic banks
to purify their wealth, investment outlets and safeguard their
hereafter. The fact that others do not need non-interest banking does
not mean that they should stand in the way of the Muslims. People read
religion into everything but claim that it is not religion when they
wish to do mischief.
We describe the statement credited to the Anglican Bishops as
insincere, rebellious, ungodly and self-seeking. The threat to go on
demonstration if their position is ignored is an indication that they
are idle and have abdicated their divine responsibilities of winning
souls for God, enjoining what is godly and guiding humanity aright. An
idle hand they say is the devil’s workshop.
We therefore call on the Federal Government, ably led by President
Goodluck Jonathan to ignore the lobby, ranting and mischievous
campaigns of the Christian groups, the prejudiced Guardian Newspaper
editorial and threat of idle Bishops and allow CBN to face its
statutory responsibilities. We advise that any attempt to deny the
Muslims in Nigeria the planned Islamic banking would portray Mr.
President as ungrateful to the massive votes given to him by
cross-section of Muslims in Nigeria, thus tantamount to biting the
fingers that fed him. We also caution the National Assembly, as the
representatives of the people, not to allow the voice of some few
Islamophobic elements to becloud their reasoning thereby making foil
the planned introduction of Islamic Banking in Nigeria. The security
agencies must also pay attention to the threat of these elements to go
on demonstration as their interest is not at risk. The international
community also needs to pay
special attention to this ugly development at this auspicious moment
when the world is clamouring for peace and mutual respect. What the
Muslims are asking for is not a favour but Allah-given right, which is
also constitutionally guaranteed and is also in tandem with the United
Nations human rights principles of which Nigeria is a strong advocate.
Long live Nigeria Media and Federal Republic of Nigeria


TMC