Tuesday, October 3, 2017

OF SUKUK BONDS & NIGERIA'S CHRISTIANS

I couldn't be bothered by the fear expressed in some quarters of an ongoing Islamization agenda in Nigeria's financial system. SUKUK BONDS and the likes are all reactionary experiments that can be, and have easily been exploited by capitalist tendencies. As long as Nigeria hasn't, and can't shed her reliance from the Bretton Woods' institutions, all of these shenanigans will in no single way impact on the way, and who Nigerians worship. The British know this, hence they allow it in their financial institutions, ever the exploiters that they've always been, developing their land, entertainment and sports with interest-free Arab money, while keeping the financiers at arm's length from their prized possessions.


The scenario won't be so much different in Nigeria, despite the fact that Muslim faithfuls will be particularly drawn to the idea that financial instruments, such as Sukuk, and  Islamic Banking such as practiced by a few banks so licensed to so do, will bring them to the utopia of sharia-compliant Nigeria they've always dreamed of. When it was tried in Osun State a few years back, it was administered by a Christian commissioner for finance, though one can easily adduce that the prompting must've been at the instance of the Muslim and still Governor, Rauf Aregbesola, a Muslim zealot to the kilt.

In my estimation, the greatest undoing of pipe dreams like the Islamization of Nigeria, via the allure of interest-free financial instruments and banking, will not be from, and by antagonist Christians and other Nigerians, rather the elite Muslim Nigerians, who are not going to temper their unquenchable desire for acquiring wealth, seeing as Islamic financing as yet is a lake, compared to the mighty ocean that capitalism, with foundations steeped in Judeo-Christian traditions, swim in, and is where the big players play in. If you doubt me just look at where Alhaji Aliko Dangote turns to, each time he seeks a loan for another investment that interests him.


Christians who berate their leaders for not setting up something akin to what Muslims are doing, forget easily that  what presently obtains is Christian, or better still, as I've already stated, Judeo-Christian and nothing they'd set up will be anything different from what is on ground, and what the mega-churches have already set up in their private capacities. Interestingly, some Christians have even gone along to exploit interest-free loans in the Islamic banks in Nigeria, either by themselves or using proxies who are Muslims, to avoid "scandals".


The schools, churches and other edifices that churches are building today, with the surrounding communities they cultivate around them, with constant electricity and water supply, with other infrastructure the Nigerian government and democracy is finding difficult to provide, will not always be so expensive to access in future. They will be testament to the foresight of these church leaders (with whom I do not always agree with), besides birthing in upcoming ones (pastorpreneurs, Christian religious leaders and Christian entrepreneurs) new and more inclusive ways to do the same things, leaving others (proponents of Sukuk Bonds and Islamic banking) to play catch up.


'kovich

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