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| Sanusi Lamido, CBN Governor |
Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has said contrary to public perception, it was not his idea to introduce Islamic banking - also known as "non-interest banking" - into the Nigerian financial system.
The credit, he said, should go to his predecessor in office, Professor Chukwuma Soludo, whom he said developed the processes and procedures for the implentation of the system before he left office in 2009.
There has been increasing opposition to this type of banking, especially from the Christian Association of Nigeria (CAN) which said it was part of a plan to Islamise Nigeria.
But Sanusi said at the weekend in Kano at a lecture organised by Tijjaniya Youth Enlightenment Iinitiative held at Kofar Mata Juma’at mosque that "Islamic banking is for all, both Muslims and Christians".
He said: "Islamic banking proposal began from the period of former CBN Governor Charles Soludo, and all the process and procedures for its formation were arranged before my coming as the Governor of the CBN.
"I inherited the idea. A committee on the formation of Islamic bank was appointed and this was led by a Deputy Governor of the CBN Mr. Tunde Lemo... the committee was fully satisfied with the proposal and formation. So this is not my idea, I met it on ground."
Sanusi said the Banks and Other Financial Institution Act (BOFIA) gives power to the establishment of such financial institutions and that those who oppose it should go to court.
He confirmed the CBN would soon issue a licence to Ja’iz Bank "because they are about to fulfil the requirement for the issuance of licence".
Lamido said most of the people enjoying loans from the Islamic Development Bank (IDB) are Christians, even though it is an Islamic bank, adding that nothing will stop the formation of the Islamic bank in Nigeria.
He called on the people to disregard those opposed to the bank, saying: "The issue will soon be solved and there is nothing to panic about it, because those opposed to it really misunderstand it. So if they are opposed to this idea, let them go to court to challenge it."
Meanwhile, some experts have identified lack of proper education by regulatory authorities to help the masses understand the dynamics of Islamic economics as a major bottleneck in current efforts to introduce the system.
A renowned Sharia Advisor and Islamic Finance Consultant, Shaikh Ziyaad Muhammed, told THISDAY in an interview that the furore over the planned implementation has been largely caused by "lack of understanding of the concept occasioned by lapses on the part of financial regulatory bodies including the Central Bank of Nigeria (CBN and fear in introducing a new concept that is not well understood. So communication at all levels-school, university, banking and business as well as at the Islamic scholarly level needs to be introduced and there needs to be a strong initiative probably driven by the central bank.
“Communication to the people is the most critical aspect in understanding Islamic Economics and Finance; there will naturally be scepticism.
“Islamic Banking has no intention of Islamising any economy; it has the intention of removing poverty from an economy and uplifting the economy- that is the priority and primary objective of Islamic economics.”
Chief Executive Officer, Metropolitan Skills Limited, Mrs. Ummahani Amin, also carpeted the regulatory bodies for not giving enough enlightenment to the people so as to enable them properly understand Islamic financing.
Speaking in Abuja at a stakeholders’ training workshop on the ‘Fundamentals of Non-Interest Banking’ organised by the Metropolitan Skills Limited, Muhammed said the fear of the alleged Islamisation of the economy due to the introduction of Islamic Banking was unfair even though it is understood that the country was “probably more volatile when it came to the issue of religion as opposed to many other countries. But the reality is that many countries around the world have already embraced Islamic Banking not because of any religious issues but because they realised that the philosophy makes sense-it’s profitable for all those involved, it has ethical standards; it’s highly transparent; it has high levels of disclosure and therefore, even the financial authorities in the United States and the United Kingdom have introduced Islamic Banking in both countries.”
He added that there was no harm in carving out another name for Islamic Banking if that would allay people’s fears about the non-interest financing model.
Both the Christian and Muslim participants at the seminar however told THISDAY in an interview that their hitherto negative perception of the subject matter has changed to a positive pusture by further education on what Islamic Banking is all about.
In Benin, former Chief Whip of the Senate, Senator Roland Owie, called on the National Assembly to as a matter of urgency, review the CBN Act "before Sanusi sets Nigeria ablaze with the various reforms he has embarked".
He also wants the federal lawmakers to call the CBN boss to order before he destroys Nigeria with the various banking reforms he has put forward in recent times.
Senator Owie who spoke to THISDAY in an interview, observed that since Sanusi assumed leadership of the Apex bank, things have not been well with the Nigeria financial system.
According to him, “Sanusi has spent billions of the country’s financial resources rescuing the banks. The same rescued banks he wants to sell now. Nigeria is not Sanusi’s Emirate. As if the confusion he created in the banking sector is not enough, he has now moved over to heighten the religious tension in the country at this critical moment in our history with the establishment of Islamic Bank."
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