Ahlul Bayt News Agency) - “This is coming
after over five years of raising fund for
capitalization, stiff opposition from some
Christian groups and media bigots amidst a
myriad of other challenges,” Disu Kamor,
spokesman of the Muslim Public Affairs
Centre (MPAC), told OnIslam.net.
Jaiz Bank Plc began Shari`ah-compliant
financial operations in Nigeria in January.
Based in the capital Abuja, the ban has two
branches in the core Muslim northern states
of Kano and Kaduna.
It is expected to spread its tentacles to other
regions in the coming years.
“The whole idea of this banking option is to
bring more people into banking in Nigeria
that provides banking without interest,” the
bank chairman, Alhaji Umar Mutallab, told
the bank’s inaugural Annual General
Meeting.
“This kind of banking is for all religions
because no religion wouldn’t want to help,
especially in funding critical project without
using interest elements.
“Whether it is Christianity or Judaism, every
community wants to borrow money without
being bugged down with multi-layer
interest structure.
Islamic banking has been a hot issue in
Nigeria since the Central Bank of Nigeria
(CBN) unveiled plans to introduce Islamic
banking services in the country.
Christian groups have strongly opposed the
move, accusing the CBN governor Sanusi
Lamido Sanusi of favoring one religion
above another.
The umbrella Christian Association of Nigeria
threatened a legal action unless the CBN
withdraws its license to Jaiz to launch
Islamic banking services.
But the CBN rejected the Christian
accusations, saying the model was only
optional and is meant to give Nigerians an
alternative to the much-criticized
conventional banking system. Sources at the
Jaiz bank told OnIslam.net that the bank’s
operations started on a low-key without any
press briefing in order not further heat up
the socio-political atmosphere in the
country.
Nigeria, one of the world's most religiously
committed nations, is divided between a
Muslim north and a Christian south.
Muslims make up 55 percent of the
population, Christians 40 percent and five
percent atheists.
Nigeria’s Muslims and Christians generally
live peacefully side by side, but regional and
ethnic rivalries bubble under the surface.
Muslim Support
MPAC called on Nigerian Muslims to throw
their weight behind the nascent Islamic
banking industry.
“Alhamdulillah! The Islamic banking is here:
our religion mandates it; we fought for it;
and with the Mercies of Allah, now we’ve got
it,” Kamor said.
“It is therefore incumbent on us to learn
about its operations, support and sustain
it.”
Prof Ishaq Lakin Akintola, executive director
of the Muslim Rights Concern (MURIC), told
OnIslam.net that it behooves on “all of us
Muslims to rally round this initiative to
ensure it succeeds”.
“Whether we will act now or lament later,
the choice is ours. This is the time to be
proactive so that we’ll not be forced to be
reactionary later.
“Finally, Allah loathes riba (interest), Jaiz
Bank affords us the chance to please Him,
the merits of the banking system are
conspicuous and the time to support it is
now!”
Islam forbids Muslims from usury, receiving
or paying interest on loans.
Transactions by Islamic banks must be
backed by real assets, not shady repackaged
subprime mortgages.
Shari`ah-compliant financing deals resemble
lease-to-own arrangements, layaway plans,
joint purchase and sale agreements, or
partnerships.
The Islamic banking system has been
already practiced in 50 countries worldwide,
making it one of the fastest growing sectors
in the global financial industry.
In a report last November,
PricewaterhouseCoopers said the $1 trillion
Islamic finance industry was expected to
grow by between 15 to 20 percent per year
going forward.
Dr. Abdul-Lateef Adegbite, scribe of the
Nigerian Supreme Council for Islamic Affairs
(NSCIA), said Islamic banking has come to
stay.
“We thank Allah (SW) for His mercies for
letting this dream come to a reality in our
life time,” he told OnIslam.net.
“It is indeed a dream come true. Together
we must support this initiative in order to
shout down those who are always against
Islam.”
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