Sukuk purely financial system adopted globally – Economist

*Says both Qur’an, Bible prohibit usury addressed by Sukuk

Pan Atlantic University, Lagos, Dr. Austin Nweze, who said the controversy over the introduction of Sukuk Islamic Bond was created by mutual suspicion among religious adherents in the country.  He said other than that, Sukuk is purely a business financial system adopted globally as a component of the Islamic financial system anchored on the principle of non-interest…Singapore, United Kingdom and other non-Islamic states adopted the system based on its merit and not on any religious consideration.

The description by many of Christian Association of Nigeria (CAN)’s opposition to Sukuk system as “blind and sentimental” criticism based on dissemination of false information to the public about the Islamic finance system may have received further support as more non-Muslim scholars are now involved in educating the public about the faith-based financial system.

One of the latest contributors to the educative effort is an economist and lecturer at Pan Atlantic University (PAU), Lagos, Dr. Austin Nweze, who said the controversy over the introduction of Sukuk Islamic Bond was created by mutual suspicion among religious adherents in the country.

He said other than that, Sukuk is purely a business financial system adopted globally as a component of the Islamic financial system anchored on the principle of non-interest.

Nweze in a media chat in Lagos at the weekend said Singapore, United Kingdom and other non-Islamic states adopted the system based on its merit and not on any religious consideration.

It would be recalled that the Sukuk bond raised by the Federal Government has recently generated debate in the polity with the Christian Association of Nigeria (CAN) kicking against it.

However, Nweze stressed that the system is anchored on usury which both the Qur’an and Bible prohibit.

“Basically what that (Sukuk) means is that it is a non interest financing. You can share profit. It is a profit sharing thing”, he said.

According to him, government’s involvement in matter of religion has fuelled the suspicion and the criticism by CAN.

“If you take that out, it is a purely business thing which is good for us any day. In fact it is based on Qur’an and it is also in the Bible, I think in Psalm four or five which talks about usury. You should not be charging interest. If you go deeper, you will see the relationship between the Qur’an and the Bible”, he added.

In the meantime, many Islamic leaders in Nigeria have warned CAN to stop being agitated anytime anything Islamic is mentioned with relationship to government as, they, particularly the Muslim Rights Concern (MURIC) said, it would only mean that the Christian association would be opposed to anything capable to bring development and economic successes to Nigeria so long it did not comply with Christian.

One of them said, “The CAN is only wasting its time because you cannot continue to make noise because an Islam-related pronouncement was made by government.  You cannot continue to tell us that government should not be involved in religion because that belief begins and ends with you, although you have also made government to be involved in Christian matters as they affect our public life in Nigeria yet we do not complain.

“Although, much as we know, Sukuk is not by any consciousness on the part of government to back Islam over anything, but it is done because it is in line with the yearnings and aspirations to make our nation grate.  So, we warn that CAN stops using sentiments to drag us back in this country as we, as Muslims, will back the government to anything that will make Nigeria great again so long it does not hurt or stop us from practicing our religion of Islam.

“If CAN thinks Christianity has anything of this, let them bring it up so that we can all join hands together the faith way to move Nigeria forward.  But for you to continue to think that you will lord your religious ideology of ‘government should not be involved in religion’ on us whereas we do not share that belief and that belief of yours is causing us setback, you have missed it.”