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From: Abubakar Muazu <abubakar_muazu@yahoo.co.uk>
Date: 27 July 2011 16:37
Subject: Re: [dandalin-siyasa] Re: Latest CBN Guidelines on Islamic Banking - The Exposed Deceit of Mr Joe Attueyi and the Unfortunate Review by Professor Mobolaji Aluko
To: dandalin-siyasa@yahoogroups.com
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From: Abubakar Muazu <abubakar_muazu@yahoo.co.uk>
Date: 27 July 2011 16:37
Subject: Re: [dandalin-siyasa] Re: Latest CBN Guidelines on Islamic Banking - The Exposed Deceit of Mr Joe Attueyi and the Unfortunate Review by Professor Mobolaji Aluko
To: dandalin-siyasa@yahoogroups.com
There is an implicit assumption that the idea of Islamic Banking will lead to asking those that patronise it to follow a particualrly Islamic line of personal behavioural action(s) along the line of Sharia that contradict other persons' beliefs -- religious or atheistic. I find this a limiting understanding. The question to ask is: does the Islamic Banking principle require of one to change his/her faith, mode of personal behaviour to access its services? Certainly the answer to that is NO. For if that is the case since the introduction of Islamic Banking in the US and Britain, to mention two of the countries where this alternative banking has been embraced, then we could have heard of people being forced to convert to Islam before partaking in its service. There are no such stories. Now with the revelation that 60% of shareholders of Jaiz International Bank are from the South East - a noted place with of concentration of Catholics - were they, in any way required to dress as muslims, say Salamu Alaikum, perform ablution, wear turban/scarf or hijab before their shares were allocated to them? How come they were ready to invest in such a banking scheme? Or have they become converts to Islam? Those who chose to patronise such a bank as workers must be people who are conversant with and are experts in the operations of such a bank. People without competence in that area of economics should not work there, unless they are ready to be trained in its operations and principles and are ready to observe the framework set by the regulatory authority. I think the basis of recruitment to work in such a bank is expertise, not faith. Instead of making insinuations that cannot stand regulatory standards and practices, it is better to keep quiet or rather, more crucially, undertake a detailed study of this alternative banking practice that has been operating even in pre-dominantly non-Muslim countries and also in the Muslim dominated ones. A useful intervention is to ask for guarantees against abuses, misuse and theft of people's funds in the name of non-interest banking, by any name called. I think emphasis should be on the guarantees of transparency, probity and accountability from such a bank. There is no Muslim that will oppose the introduction and operation of Christian Banking in Nigeria. As a matter of fact Muslims should encourage their Christian brothers and sisters to strenuously work to get their's established. This will broaden the space for choice for all of us and create room for competition so that the Nigerian, no matter where she or he happens to come from or what faith she or he professes or professes none, will draw real bebnefits. I think it is rather sad that some people want to foreclose this option of choice for our people. It is in the spirit of democracy to welcome a pluarality of banking services and investment options, broaden room for economic exapnsion to the overall benefit of the people of Nigeria. I am more interested in the emancipatory services of this banking model. if it could work to free us - especially the majority of the common people - from the current economic debacle of the country, being made difficult by the present usurous banking services, the better for everyone: Muslims, Christians or Pagans/Atheists. The recent experience of prohibitive interest rates of almost 25% that simply makes it impossible for a genuine investor to borrow funds from the banks is a direct disincentive to growing the economy. No one that believes in the develpment of Nigeria will oppose an alternative investment framework that has proven to work elesewhere and is serving as practical alternative to the present usurous interest-based banking model. People like me were thinking that after the successful consolidation in the banking sector - thanks to Prof. Soludo's intellectual brilliance and economic acumen - there would be a lot of funds directed at supporting investors towards growing the Nigerian economy. Instead, what we heard were tales of greed and theft of people's money in the billions in some banks. Look at what the banks are doing: they place adverts in the media urging you to collect money, on ususrous interest rates, and urging you to spend it on consummables. The present banks need an alternative model to wake them up to the reality of supporting genuine investors. If Islamic Banking will rouse them from their present approach to a more directed economy driven investment, so be it! Subject: [dandalin-siyasa] Re: Latest CBN Guidelines on Islamic Banking - The Exposed Deceit of Mr Joe Attueyi and the Unfortunate Review by Professor Mobolaji Aluko |
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