Ever since Lamido Sanusi stepped on the scene as the new CBN governor, it was obvious that Nigeria, and her banking sector was in for a new season. He had been severally accused of being too outspoken, worse still; he had been severally accused of acting out a script and implementing a Northern agenda. When the banking reforms he undertook swept away corrupt Christian bank CEOs, many Christians had begun to view him through the prism, it was not surprising the outcry from the predominantly Christian south of Nigeria as they took Lamido Sanusi to the cleaners over his introduction of Islamic Banking into the nation’s banking sector.
However, the outcry against the introduction of Islamic banking by Christians and Christian leaders in Nigeria, led by CAN President, Pastor Ayo Oritshejafor, goes beyond Lamido Sanusi as a person. It is the cry of a people who have lost trust in the religious or ethnic neutrality of any new and altruistic development in our polity. As a nation, we have had a host of untrustworthy leaders who have sold us dummies many times before, asides this, events that have unfolded in Nigeria in the past four months since the April Presidential elections which heated the polity to its boiling point, sufficiently laid the foundation for the current outcry against the introduction of Islamic banking.
Islamic banking or non-interest banking, on its own, as an economic agenda, concept or idea, should have been welcome into our nation with open arms by all, Christians and Muslims alike. For it would provide a much needed panacea to our harsh business environment. In an economy where bank loans have peaked at 34% interest rates, a killing rate, non-interest banking offers an easier platform for small and medium sized businesses who need loans to thrive and expand, but who would literally die, under the current rate regime of our banking sector. Islamic banking could be summarily described as banking in accordance with the dictates of the Quran, the Muslims holy book. Under Islamic banking, or non-interest banking, businesses would obtain loans without interest, but the profits proceeding from the business for which the loan was obtained would be split at an agreed rate between the bank and the loan taker. The bank would not provide loans for the setting up of certain businesses however; these include breweries, tobacco companies, or brothels, which are considered sinful in the religion of Islam. However, all other businesses would be beneficiaries of this new bank. Both Christians and Muslims would have ample opportunity to obtain loans, to buy shares or work with the bank. These were the explanations of Lamido Sanusi as he spoke on Sahara Reporters TV a week ago. Is there anything wrong with this? No! Matter of fact, it is an economic rescue plan that should be welcome in Nigeria. Assessing the introduction of Islamic banking in Nigeria through the eyeglasses of economic merit or demerit, it stands out with merit, advantages to the economy, and for the betterment of the average individual Nigerian. It is, or should be considered an act of economic ingenuity on the part of the CBN.
However, the economics of Islamic banking is not the only matter for consideration as far as Nigerians are concerned. And truly, it would be hypocritical for anyone to view Islamic banking through the eyeglasses of the economics alone. The political circumstances surrounding the arrival of the bank are another issue that must be considered, for in the face of political unrest, matters of economy would take a backstage. Nigeria has had a long history in religious strife between Christians and Muslims. Skirmishes upon skirmishes have taken place. The stories are known to all, but in the last four months, the situation had reached a crescendo. Summarily, in the run up to the elections, a top Northern leader had issued a threat against Jonathan emerging the PDP flag bearer and ultimately President, in his words he had quoted the famous line “Those who make peaceful change impossible, make violent change inevitable”, this because of the perceived dumping of the zoning policy of PDP which had zoned the Presidency to the North for the moment. Shortly afterwards, rumor spread around the nation that another top Northern leader had issued a threat that if Jonathan emerged President in the 2011 elections, they would make Nigeria ungovernable for him.
The elections came and the North of Nigeria exploded in bloody killings, which started as political killings but quickly turned ethno-religious, as southerners became the target and churches were burnt. It was said that Northern youths had been instructed to declare they did not want “an infidel” as President. Heavy criticisms and local and international outcry greeted the killings as 11 youth corpers serving in the North were also killed in gory manners. As the dust settled over this issue, the violent Islamic sect Boko Haram which had previously been minimally active since the killing of their leader in 2008 suddenly gained a burst of renewed vigor and confidence. By June, barely two months after the election killings, Nigeria recorded her first suicide bomb attack ever, the target being the Nigerian Police headquarters itself in Abuja, Boko Haram claimed responsibility for this bombing, and to prove their point went further to detonate at least ten to twelve bombs in the North Eastern part of Nigeria within the next month. Their demands included the Islamisation of Northern Nigeria, the abolishment of Western education, and implementation of Sharia law in the twelve Northern states of Nigeria.
As all these unrest engulfed Northern Nigeria, the South watched, petrified, distrusting, worried and almost scared. Southern Nigeria is dominated by Christians, and one can expect what the state of mind of the average Nigerian Southerner would be in this spate of ethno-religious violence in the North. While the North of Nigeria boiled, perhaps what made Nigeria as a whole peaceful, was that there were no reprisal attacks from the South, for if there had been reprisal attacks from the South of Nigeria, Nigeria would have boiled over and the peace and thin stability pushed over the brink, President Jonathan would have been thoroughly embarrassed and that might have spelled the beginning of a long season of armed hostilities across Nigeria. But Nigeria survived this, the south acted the sheep, OPC, MEND, and all the ethnic militias down south turned the other cheek as these progressed.
It was in the middle of this that the nation woke up one morning to learn that the CBN Governor had just approved Islamic Banking for the nation! Southern Christians, who had in the past four months silently watched the happenings in the North with dismay, suddenly gained their voices! It was as if the ”battle” had just been brought to their doorsteps, the rapid progression of Northern agitation, both violent and civil, had already created a mindset of bias and distrust. Southern Christians would hear none of it! There was an issue over the re-introduction of Ajami script on the Naira, but that was a minor issue, the Islamic banking was the major issue as far as many Southern Christians were concerned. “How could the CBN governor champion the introduction of Islamic banking into Nigeria?”, people questioned. In the first week of the announcement, the image portrayed by the media was almost as though the CBN herself was taking up “Islamic banking” as its new modus operandi!
All these circumstances, plus the already skewed perspective through which many Christian leaders view Sanusi accounted for the huge public outcry from Christians against Islamic banking as soon as it was announced. Christians did not give a hoot about its economic advantages and the relief it would bring to our already strangulated economy. It was seemingly the culmination of a Northern Islamic agenda! The politics overshadowed the economics. However their fears, worries are legitimate concerns. For the announcement and implementation of Islamic banking, in my opinion was absolutely untimely. It came at the apogee of ethnic and religious distrust in Nigeria. To cap the whole, Muslims across the land, celebrated the arrival of Islamic banking with a tinge of victory. This further deepened the distrust and discomfort of Nigerian Christians with Islamic banking.
The issue with Islamic banking has to be carefully handled. There is a gulf of mutual distrust between the North and South, it has been there for ages, it is no good deepening it. The CBN governor has already demonstrated a lot of equanimity in the face of provocative accusations and insults. For that he should be commended. But he must not cease to continue to educate the people about the truth of Islamic banking. It is not an agenda to Islamize Nigeria. It is only a bank, much like GTB or WEMA or Zenith bank, but it would be run with Islamic precepts and principles. Many Christians do not understand the entire framework of the bank; the word “Islamic” simply put them off and rung off an alarm in their minds. The politics of the day had already skewed their mindsets and this reaction is to be expected, accommodated and maturely dealt with.
I submit to the declaration of Pastor Tunde Bakare, “Nobody can Islamize Nigeria!” It is an impossible mission to try to Islamize Nigeria, a country evenly shared by Muslims and Christians. Any attempt to do so, would unwittingly lead to the death of Nigeria herself. Islamic banking however has come to stay, for it does not flout any laws of our constitution. Moreso, it is good for our ailing economy. However this whole scenario points to a vital lesson. Policies might be sound, but their implementation requires plenty of discretion. The mood of the people must be gauged, especially when such a policy hinges on anything ethnic or religious. The circumstances leading up to the introduction of such a policy must be objectively considered and proper education must accompany it. For perception is many times stronger than reality and a none issue could degenerate into a fracas if not properly handled. In all sincerity, I myself, a Christian southerner, confess my distrust at the announcement of the new bank, until I did proper research, listened to the CBN governor speak about it and weighed the matter in my heart of hearts. So I fully empathize with the antagonists of Islamic banking. Perhaps until the bank starts its operation and our people see that it is just one bank among many, their distrusts might not be healed.
Nigeria’s unity should be preserved, nursed and healed, for it is deeply wounded. We all must work to heal our country, and not drive her ethnic nations further apart. I hope that tolerance, mutual understanding, mutual respect will prevail over this matter of Islamic banking, and all other matters relating to ethnic and religious differences in Nigeria.
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