Dear Brothers Dike and Oyenubi et al:
I am delighted that Attorney Oyenubi has weighed on this matter by providing
some legal opinion gratis on this important issue of Islamic Banking in Nigeria.
I believe what we are dealing with here is a matter of perception. Whether a perception
is true or false does not usually matter considering it is almost always considered
as close to 99.99% of the truth.
Unfortunately, an antagonistic stand against Islamic Banking, which started as a knee jerk reaction
by some Christian leaders in Nigeria led by Rev. Ayo Orietjiafor President CAN) has now percolated
into the mainstream where it continues to feed on ignorance rather than knowledge
and on emotions rather than rational thought.
The matter was unfortunately further muddled by a poor description of Islamic Banking as the
only form of 'Interest free' banking that is allowable in Nigeria as was presented in the initial
draft of Guidelines for Islamic Banking.
If Islamic Banking had been called simply "Interest Free Banking" or by any other name other
than Islamic I doubt if there would have been so much 'noise' and confusion of the matter.
If let's say it had been presented as Ahmadiyya, Ansarudeen or Arab banking it would
probably not have provoked as much angst amongst some Nigerian Christians.
A lot of falsehoods and misinformation continue to be spread on this matter even
by otherwise well educated Nigerians who are normally well informed and are
enlightened on other matters.
These same people find the combination of Islamic Banking and Sharia Law
too scary to fathom. But are they?
Facts:
**8haria Law has always been a component of Nigeria's judicial system; it was in place
before amalgamation in 1914 and transcended into the Nigerian constitution at independence
and was retained in the 1999 Constitution. The maintenance of Sharia Law was guaranteed
to the Sultans and Emirs of northern Nigeria just as other forms of Common Law were
guaranteed to the traditional rulers
of the colonized regions of southern Nigeria (the Southern Protectorate).
Thus Sharia and other forms of Common Law have always
existed side by side with the basic Nigerian jurisprudence which was derived from Westminster.
Laws of Great Britain.
The only difference between then and now is that the traditional rulers and political leaders
of northern Nigeria originally limited Sharia Law to civil matters even though they
had reserved the rights to also introduce Sharia into criminal matters whenever they wanted to do so.
**Islamic Banking is only one form of Interest Free Banking. There is nothing under current
Nigerian laws that forbids Christian organizations and representatives of our native religions
e..g. Sango, Ayelalala, Oro, Ogboni, Okija etc, from applying to set up their own forms of interest
free banking in the country. Once the Governor of the CBN receives such applications he would be
expected as part of his fiduciary duties to ensure that the proposed entities are legal and that
they are acceptable under the rules governing banking in Nigeria. Once deemed acceptable
the governor of the CBN would then set up guidelines and procedures for setting up such banks.
**The process of introducing Islamic Banking started during the tenure of Prof. Soludo and long
before Mallam Sanusi took over as governor of CBN. It was Prof. Soludo who approved the setting
up of Islamic Banking and it was under his tenure that the initial draft of the guidelines was prepared.
**Prof Soludo still supports the concept of Islamic Banking; Dr Mrs Okonjo Iweala our current
Minister of Finance also supports Islamic Banking, just as her predecessor Mr Aganga.
The aforementioned individuals are Christians with vast knowledge in the financial field than
most of us.
**The idea that Mr Sanusi is using state funds to promote Islamic Banking is false.
Mr Sanusi is not promoting Islamic Banking. He is presenting Islamic Banking, its underlying
principles and the proposed guidelines he is about to put in place for such entities
to Nigerian political leaders and through them to all Nigerians.He is doing the job
we ordinary Nigerians are paying him to do.
**Some have suggested that since Islamic Banking was legal under Nigerian laws
that Mr Sanusi should just simply approve them and allow them to start doing business in Nigeria,
considering that he does not need legislative approval to do so. I disagree.
I believe that Mr Sanusi has acted wisely as he would have been in hot water if he had discreetly
sanctioned Islamic Banks without first increasing public awareness about such financial institutions.
Prof Soludo, former governor of the CBN was chastised for attempting to re denominate the Naira by the Yar'adua
government even though the Banking Act gave him the power to do without resorting to
the Presidency or the Legislative Assemblies/
**No Nigerian citizen would be forced to patronize the Islamic Banks against their will.
**Islamic Banking is just an alternative form of banking that is guided by different rules
and principles in the same manner that rules governing traditional banks are different
from those governing Credit Unions.
We must learn as Nigerians to live and let live. It is unlikely that a financial institution which
operates as an Islamic Bank would open a branch in a jurisdiction where it is unlikely
to attract customers, business and deposits.Thus the fear that islamic Banks could be used
as a ruse to Islamize Nigeria is unfounded. Nigeria can not be Islamized any more than she
can be Christianized. The secular status of Nigeria was never compromised by over a century
of Christian Missionary Schools which were later followed the establishment of schools by
denominations of the Islamic religion.
Bye,
Ola
I am delighted that Attorney Oyenubi has weighed on this matter by providing
some legal opinion gratis on this important issue of Islamic Banking in Nigeria.
I believe what we are dealing with here is a matter of perception. Whether a perception
is true or false does not usually matter considering it is almost always considered
as close to 99.99% of the truth.
Unfortunately, an antagonistic stand against Islamic Banking, which started as a knee jerk reaction
by some Christian leaders in Nigeria led by Rev. Ayo Orietjiafor President CAN) has now percolated
into the mainstream where it continues to feed on ignorance rather than knowledge
and on emotions rather than rational thought.
The matter was unfortunately further muddled by a poor description of Islamic Banking as the
only form of 'Interest free' banking that is allowable in Nigeria as was presented in the initial
draft of Guidelines for Islamic Banking.
If Islamic Banking had been called simply "Interest Free Banking" or by any other name other
than Islamic I doubt if there would have been so much 'noise' and confusion of the matter.
If let's say it had been presented as Ahmadiyya, Ansarudeen or Arab banking it would
probably not have provoked as much angst amongst some Nigerian Christians.
A lot of falsehoods and misinformation continue to be spread on this matter even
by otherwise well educated Nigerians who are normally well informed and are
enlightened on other matters.
These same people find the combination of Islamic Banking and Sharia Law
too scary to fathom. But are they?
Facts:
**8haria Law has always been a component of Nigeria's judicial system; it was in place
before amalgamation in 1914 and transcended into the Nigerian constitution at independence
and was retained in the 1999 Constitution. The maintenance of Sharia Law was guaranteed
to the Sultans and Emirs of northern Nigeria just as other forms of Common Law were
guaranteed to the traditional rulers
of the colonized regions of southern Nigeria (the Southern Protectorate).
Thus Sharia and other forms of Common Law have always
existed side by side with the basic Nigerian jurisprudence which was derived from Westminster.
Laws of Great Britain.
The only difference between then and now is that the traditional rulers and political leaders
of northern Nigeria originally limited Sharia Law to civil matters even though they
had reserved the rights to also introduce Sharia into criminal matters whenever they wanted to do so.
**Islamic Banking is only one form of Interest Free Banking. There is nothing under current
Nigerian laws that forbids Christian organizations and representatives of our native religions
e..g. Sango, Ayelalala, Oro, Ogboni, Okija etc, from applying to set up their own forms of interest
free banking in the country. Once the Governor of the CBN receives such applications he would be
expected as part of his fiduciary duties to ensure that the proposed entities are legal and that
they are acceptable under the rules governing banking in Nigeria. Once deemed acceptable
the governor of the CBN would then set up guidelines and procedures for setting up such banks.
**The process of introducing Islamic Banking started during the tenure of Prof. Soludo and long
before Mallam Sanusi took over as governor of CBN. It was Prof. Soludo who approved the setting
up of Islamic Banking and it was under his tenure that the initial draft of the guidelines was prepared.
**Prof Soludo still supports the concept of Islamic Banking; Dr Mrs Okonjo Iweala our current
Minister of Finance also supports Islamic Banking, just as her predecessor Mr Aganga.
The aforementioned individuals are Christians with vast knowledge in the financial field than
most of us.
**The idea that Mr Sanusi is using state funds to promote Islamic Banking is false.
Mr Sanusi is not promoting Islamic Banking. He is presenting Islamic Banking, its underlying
principles and the proposed guidelines he is about to put in place for such entities
to Nigerian political leaders and through them to all Nigerians.He is doing the job
we ordinary Nigerians are paying him to do.
**Some have suggested that since Islamic Banking was legal under Nigerian laws
that Mr Sanusi should just simply approve them and allow them to start doing business in Nigeria,
considering that he does not need legislative approval to do so. I disagree.
I believe that Mr Sanusi has acted wisely as he would have been in hot water if he had discreetly
sanctioned Islamic Banks without first increasing public awareness about such financial institutions.
Prof Soludo, former governor of the CBN was chastised for attempting to re denominate the Naira by the Yar'adua
government even though the Banking Act gave him the power to do without resorting to
the Presidency or the Legislative Assemblies/
**No Nigerian citizen would be forced to patronize the Islamic Banks against their will.
**Islamic Banking is just an alternative form of banking that is guided by different rules
and principles in the same manner that rules governing traditional banks are different
from those governing Credit Unions.
We must learn as Nigerians to live and let live. It is unlikely that a financial institution which
operates as an Islamic Bank would open a branch in a jurisdiction where it is unlikely
to attract customers, business and deposits.Thus the fear that islamic Banks could be used
as a ruse to Islamize Nigeria is unfounded. Nigeria can not be Islamized any more than she
can be Christianized. The secular status of Nigeria was never compromised by over a century
of Christian Missionary Schools which were later followed the establishment of schools by
denominations of the Islamic religion.
Bye,
Ola
-----Original Message-----
From: A.O. Oyenubi <lawoffice@rogers.com>
To: nyerere dike <nyedik2000@yahoo.com>; NIDOCANADA@yahoogroups.com
Sent: Sun, Jul 31, 2011 9:05 am
Subject: Re: Re: NIDOCanada | Islamic banks in Canada?
-- From: A.O. Oyenubi <lawoffice@rogers.com>
To: nyerere dike <nyedik2000@yahoo.com>; NIDOCANADA@yahoogroups.com
Sent: Sun, Jul 31, 2011 9:05 am
Subject: Re: Re: NIDOCanada | Islamic banks in Canada?
NOISE! NOISE!! NOISE!!! The Constitution of the Federal Republic of Nigeria makes provision for Sharia law(try changing that if you can) and the Sharia Council/Expert/Board is supposedly made up of persons versed in Islamic law, finance the Quran (try getting the Christian et al committed knowledgeable in this area too before making so much noise). Common law is still applicable in Nigeria, just like in Canada UK. You can always avail yourself of the common law system if its your preference. A contract is still a contract, anywhere on the face of the earth. Sharia Banking is not being forced down anybody's throat. There is no compulsion here, my friend!. If the Constitution allows it, why can't the CBN spend state money to promote it?...for crying out loud!!!
A.O. Oyenubi
A.O. Oyenubi
Sent from my BlackBerry device on the Rogers Wireless Network
From: nyerere dike <nyedik2000@yahoo.com>
Sender: NIDOCANADA@yahoogroups.com
Date: Sat, 30 Jul 2011 09:52:19 -0700 (PDT)
Subject: Fw: Re: NIDOCanada | Islamic banks in Canada?
|
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All of Us will Learn.
GENERAL PUBLIC NOTICE | Nigeria High Commission, Ottawa invite all Nigerians in Canada to register with the Mission for better services to its citizens in Canada. Register today at http://www.NigeriaHCOttawa.ca and inform others.
Nigerians In Diaspora Organization. Our mission is to promote the spirit of patriotism, networking, and cooperation among Nigerians in Diaspora....
Need a home based business? Check out this new business that I just joined at http://OneX.me/KingWaleAde , It a great way to make money for yourself and the up front money in nothing.
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