Sukuk + ignorance x bigotry = Islamophobia

As usual in Nigeria, each time the country seeks to benefitfrom an idea that has the minutest semblance of Muslim culture or tradition intended for the common good of the nation and its development; it is most often misconstrued by uninformed non-Muslims, particularly Christians, as a means to Islamising the entire nation. In a recent statement issued by the General Secretary of the Christian Association of Nigeria (CAN), Rev Musa Asake, published in some national dailies including the punch newspaper, CAN has alleged that the floating of the Sukuk bond by the Federal Government (FG) is part of strategies to Islamise Nigeria.

Rev Asake is demanding for the abrogation of the laws and framework behind the bond; threatening further to seek legal redress if that was not done. He argued that the FG was attempting to sell the nation to Arab countries through the Sukuk bond; adding that the promotion of a sectional religious financial policy was a violation of the country’s constitution. He equally accused the FG saying “Rather than stand in defence of the constitution, it is disappointing to note that the FG is pursuing what is an outright confirmation of an Islamisation agenda”.

To corroborate its position, CAN quoted the International Monetary Fund (IMF), which according to it, described the issuance of Sukuk by non-Islamic countries as “a breach of the religious neutrality of the government of such states”. We are not aware, as Nigerians, of how and when IMF became the global overseer over sovereign nations including Nigeria. Rev Asake would be helping us by quoting relevant sections of the Nigerian constitution or Acts of the National Assembly that give such powers to IMF.

One is prompted to ask CAN why it kept mute when former President Goodluck Jonathan sought for the approval of the National Assembly to source for $7.9 billion foreign loan from the Islamic Development Bank (IDB)? Why did CAN fail to raise alarms when the then President Jonathan, a Christian, was attempting to “Islamise” the country? Is CAN raising alarms now because Muhammadu Buhari, a Muslim, is Nigeria’s President?This simply suggests that CAN’s allegations arespeculative.

Although the sophistry about the Islamisation of Nigeria has continued to be advanced by non-Muslims in the country over the years, one finds it incredible to understand the premise from which itsprouts. It could be blamed on the longstanding mutual suspicion between religious adherents in Nigeria. At least for now, it would be misleading for anyone to imagine that Nigeria would be Islamised or Christianised on account of the religion of its President or the adoption of financial instrument. 

Muslims in Nigeria, for instance, have never considered loans taken by Nigeria from the IMF and Paris Club as a means to taking them out of the fold of Islam even though such loans are usury-based; a practice that is un-Islamic.But even if the false theory of CAN were taken for granted, there are several questions that need to be answered. How does Sukuk, which is not one of the cardinal principles of Islam, constitutes an Islamisation agenda? Could we thusbe right, based on CANs hypothesis,to say that Vice President Yemi Osinbajo is part of the perceived Islamisation agenda under President Buhari? 

Like many other non-interest financial facilities, Sukuk is purely a financial system that is anchored on the principle of mutual sharing of profit, which in effect prohibits usury (riba). Usury is a practice condemned by both the holy Qur’an and the Holy Bible. As an alternative to financial certificates that offer interest, Sukuk operates within the precepts of Islamic law. Antagonists of Sukuk are probably apprehensive of it because the name Sukuk is Arabic by origin. “Sukuk” is the plural of the Arabic word “Sakk” which literally means“legal instrument or cheque”. It is commonly referred to as Islamic bonds. If the detest for Sukuk is on the basis of its name, then they may have to avoid other things that have names of Arabic origin including sugar, coffee and cotton. 

Sequel to the crash in the price of crude oil in recent times, the FG has been contending with the challenge of financing its budget deficit. The Debt Management Office (DMO) which has the mandate to use innovative strategies to fund deficits, resolved to explore the benefits of Sukuk in the domestic debt market which would not only serve as an alternative source of financing for government but shall also facilitate the mobilization of idle funds and allocation of scarce resources within the economy. This is for the benefit of all Nigerians.

Apart from Sukuk, Takaful insurance is another non-interest financial facility that is an alternative to conventional insurance. It is a kind of insurance that is based on Islamic principles where members contribute money in to a pooling system in order to guarantee each other against loss or damage. It is an insurance that is without interest (riba), gambling (maysir) and uncertainty (gharar). Takaful ensures fairness and equity in profit sharing between the insurance company and the customer as the latter is paid by the company whenever he suffers a loss. 

Besides mutual suspicion mentioned earlier, there are other factors to which the misconceptions often expressed by non-Muslims in Nigeria can be traced or linked. Ignorance is one major factor. CAN is, perhaps, expressing fears over Sukuk because they are not aware that the United Kingdom in 2014 used it even though, like Nigeria, it is not a Muslim country. Yet, Britons did not say it was a means to Islamising Britain. If Sukuk had any Islamisation undertones, Hong Kong would not have issued to sovereign Sukuk in 2015.

Except we fear God as flowers of revealed religions and thus remain sincere in faith, character and words, we are likely to become bigots in some of our judgments about government intentions. It would be wayward of us to dare God’s wisdom in His choice of creating a world where different religions exist. Let us not fault God’s will in making some of us Christians and others Muslims, Jews,Hindus, Sikh, etc.Where piety is lacking, sentiments and bigotry dominate and rule the heart. May Allah (SWT) guide us against becoming Islamophobic over issues of common national economic advantage, amin.