The issue of Nigerian Islamic Banking System has evoked the interest of many Nigerians as some propose that it should come to the fore, while others hold that it should be abolished.
If you are coming across the concept of this financial system for the first time, it is deemed necessary that you become abreast with its doctrine through this link:en.m.wikipedia.org/wiki/islamic_banking.
An interview we had with an average Christian Nigerian- Dr. Christian Ogbulafor disclosed that the system is discriminated for its religious affiliation as he unveils:
"I wonder what this Boko Haram pioneers take us for, Goats or Morons? They think they can slaughter majority of Nigerians based on some religious sentiments and still impose a system of banking which is in conformity with their religion. For the fact that I am a Nigerian and a Christian as well, I cannot sit back and watch Muslims control the major resources of this great nation under the name of a lucrative non-interest banking system. Who knows what hidden agenda they have to disclose in the future.''
On the contrary, we took a side view of our respondent and interviewed a Muslim this time. Malam Ibrahim Salisu Nakiru, who owns a Pharmacy in Zamfara. He also took a religious archetype and he says:
''The Islamic Banking System is a welcome development and the first paramount financial system that I have ever witnessed. As Muslims, almost all Nigerians see us as the ones with evil theories, principles, beliefs, norms and religious ideologies that differ with theirs other than the African Traditional Doctrines. This system is a basic indicator that the Qur'an is supreme and can stand in control of many prominent issues in the world, let Allah be praised. As for Christians who do not like it, they should try as much as possible to realise that this is a federation and does not belong to only one religious sector in the state.''
Another perspective was disclosed by the CBN Governor, Mr. Sanusi Lamido who was summoned by the National Assembly on Thursday. Following the reaction of many Nigerians as to the relevance of Islamic banking and the need for its existence, Sanusi enlightened the House on the merits of the system as he claimed that it is a non-interest banking system which has the same purpose as conventional banking (to make money for the banking institute by lending out capital) but it requires that such money should come through a mutual agreement whereby both parties agree on a profit margin and tend to suffer a loss if it occurs. He also stressed that the system is not coming into operation to exist as a religious policy applicable to financial institutions as he is not a pioneer of existing ones, rather he stressed that as a CBN governor, his role is to encourage the growth of the economy by introducing and enacting policies that will help achieve that trend and that Islamic banking system is one of such. Against his summon, many Nigerians are not satisfied with the system as majority claimed that Sanusi had a silent audience in the House as questions to probe the limpidity of his policy were not raised or even allowed to be asked.
Following the reaction of Christians against this policy, Pastor Tunde Bakare, architect of the latter Rain Assembly urged that Christians should stop criticizing the emancipation of Islamic banking as every Nigeria is gifted a freewill to choose amongst variable that are of benefit to them. In is words: ''If you are a Christian and dislike Islamic banks, you have the choice to transact with them or not. Since Muslims agitate for their own system of banking and you disagree, then create your own system which works with your ideals.''
My own be sey Islamic Banking is lucrative and seems to be a policy that can improve the Financial sector with the ideals of sharia as it ensures that one party to a business trend is not exploited based on surplus profit which hides under the ambit of interest. It also ensures that capitals are ethically invested in moral businesses other than businesses that produce media such as gossip columns or pornography, drugs, etc. which endangers humanity. However, I think such policy is a vital issue and should not be imposed or forced to exist, rather a unanimous fit should be reached to bring this system into life. This is a democratic system, not a theocratic one. Everybody has a right to innovation but no one has the right of imposition.A question that remains mysterious is that Nigeria is gradually embracing disunity owing to the championing of one religious ideology over another. Each class of Nigerian humanity comprises of some level of sub optimized religious trends. Other than the economic benefit this Islamic banking system has come to offer, how far will it travel to bring about unity? Owing to already existing Islamic principles like the Almighty Boko Haram, the north is now domiciled by a class of Nigerians who in the eyes of the rest are termed Terrorist. Do we enact principles of a Babylonian nature or policies that are lucrative in both human synergy and financial liberation?
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