₦airaland Forum

"ON THE ISSUANCE OF SUKUK BOND AND ISLAMOPHOBIA IN NIGERIA"

BY.

YUSUFF O. ASHIRU

It is an undisputable fact that Nigeria is a multi-religious society but with two relatively equal prominent religions- Islam and Christianity. In a country like this, the fact that there may be fear of one religion becoming dominant is undeniable. This is evident from the recent allegation from the Christian Association of Nigeria that the issuance of Federal Government Sukuk Bond in Nigeria is an attempt to islamize the country.

According to AAOIFI, Sukuk are " securities of equal dominations representing individual ownership of interest in the portfolio of the eligible existing and future assets". Sukuk bond differs from conventional bond in that the former complies with the Sharia (Islamic law). This Islamic bond does not have interest rate attachment. It is seen as an asset based instrument rather than debt based instrument because there is no guarantee of profit and repayment of the principal to the its holder(lender). Also, the fund raised from this issue can not be used to finance projects considered socially irresponsible by the Islamic law.

Since the legitimization of sukuk by the Fiqh Academy of the Organization for Islamic Cooperation in 1988 as a financial instrument among member countries, sukuk have been dominating the capital markets in these countries. The United Kingdom, a country whose has about 60 percent of her population as Christians, after observing its effectiveness in Muslim countries especially during the 2008/2009 global financial melt down issued her first sukuk in 2014 in order to help her healing economy. The available records have shown that Muslim countries were less affected by the said financial crisis. Apart from the United Kingdom, other non-Muslim countries like Germany, Hong Kong, and Luxemburg have also issued this instrument to tackle recessions.

In 2013, after the release of the guidelines on the issuance of Islamic bond by the Debt Management Office, Osun state government under the leadership of Gov. Rauf Aregbesola became the first and only state to issue sukuk in Nigeria. The state government issued sukuk bond worth of #11.4 billion in other to finance some capital projects in the state. No wonder the first tenure of this Governor witnessed unprecedented capital projects in the state and earned him the second term.

Seeing the effectiveness of the Islamic financial instrument across the world and Osun state, the federal government of Nigeria recently embarked on the issuance of sukuk in Nigeria with the target of #100 billion naira. According to the government, this is part of the efforts to finance the deficit in the 2017 budget and some capital projects in the country. The government believes that sukuk bond will ensure financial inclusiveness in the country. Many Muslims in the country do not participate in the conventional financial system because most of its fundamentals are against Islamic law which Muslims in the country do not play with. Therefore there was an urgent need to introduced sukuk side by side with conventional bond to ensure more participation in the financial system.

The Christians in Nigeria under the umbrella of the CAN are therefore urged to support the government efforts towards financial inclusiveness which is key to inclusive growth and development. The body should not forget that Nigeria is multi-religious consisting of Muslims and Christians of equal relative population. Hence, the country can never neither be Islamised nor Christianised under any administration.

Both Muslims and Christians should allow tolerance and throw away there differences. They should understand that Religious institution has both capacity to make and mar a society depending on the attitudes of the different religious practitioners towards each other.


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Oluwa e to ni oo
E to bi oooo

Mhen

Amberon11:
Jesus is the prince of peace . He is the giver of peace and doesn't need peace from anyone.

OK.

rollybest:
I thought it's Koranic

U can say so, its in the hadith of the prophet.
That aside, its way of showing respect to people of the past, its not only the prophet muslims pray for like that, they pray for scholars dead or alive. We can just conclude that it's part of Arab culture.
Peace be upon you too.

rollybest:
Good evening all, please for a long time now, i always observe that any time Mohammed name is mentioned, peace be upon him is always attached. why?

Its the norm
If u mention Jesus (peace be upon him) and other prophet of God, its the norm to chant this short prayer for them.

FFK be like

Russia!!!, where are thou.

We need u to counter this satanic machine with something bigger.

Funny enough, they are preaching disarmament to other nations and threaten some, yet they keep acquiring more weapons..

Focus on being the next Dangote.

Nice lobbying

Abiodunspectre:
Follow the instructions to add your device driver's manually
Follow these instructions to update the driver manually on your PC. Once your phone is connected to the PC, drag the notification bar down & touch the Tab indicating "Charging" - Change it to Transfer files. If your Internal storage & SD Card do not still show, follow the instructions below:

On your PC go to the Start Menu & click on the CONTROL PANEL option. Once the window opens, look for DEVICE MANAGER on the list & click on it. A pop-up box will open; Look for Portable Devices [or Unknown Device] on the list & click the arrow beside it [you should see your device with a warning sign on it]. Once you click on the device another dialogue box shows; click on Driver at the top then UPDATE DRIVER.
1. CLICK - Browse my Computer for Driver Software
2. Tick,*Let me pick from a list of Device Drivers on my PC; Click Next
3. Select the DEVICE DRIVER [from where you have them stored]
4. Choose, MTP USB DEVICE
And you're good to go.

Thank u very much for this...
God bless u abundantly

University of Ibadan

200 level

God saved ui
Na 2020 dem for resume

I tire for thread wet dey make front page these days.

Paitor

NCAN south-West zone

Check that guy very well, oti fi ori gbale



BTW, thank God for his life

Where is the fine

The person below me might have something good to say

Dem try
Next please..

Buhari b lik, baby you dey make my heart to ding ding. Can't wait to meet u in the other room


Aisha be like, kai Maigida, Zahra must b listening

Babcock secondary school




I'm wondering if this nigga survived this

C

Babzeeto:
I am a Nigerlite. I was so privilaged to have schooled in El-Amin international school, Minna. A school owned by her Mother (Maryam Babangida). Halima happened to be a student in that school as well. I was in same class with her (primary1) per-say.
That was around 1990-91 or so, after going thru nursery as well.
Her mother was a very good woman. There was free meal for all pupils.

Halima my friend, Happy married life!

Egbon why are u lying

Another one
Reporting live from Ibadan

Oga ooo

Make them update us about aso ebi
I no go carry last for the owanbe.


On behalf of me myself and I, I donate this to the family.