Efio-Ita Nyok|23 September 2017
International development consultant, political scientist, social entrepreneur and public affairs analyst, Mr Princewill Odidi, has suggested what the Christian Association of Nigeria (CAN) should do to counter-balance the perceived Islamisation move on Africa's most populous country NegroidHaven can report.
According to Odidi, CAN should, instead of sit and cry foul in respect of Islamic Development Bank, mobilise wealthy Christians to open a Christian development bank that will provide credit for businesses, interest free loans for education, etc.
According to Odidi, 'The Christian Association of Nigeria instead of faulting the Islamic development bank and crying foul over the Islamization of Nigeria, should mobilize wealthy Christians nationwide and wealthy Pastors especially those flying private jets,
'To raise funds, open a Christian development bank that will issue small credit lines to start small businesses to poor members in their churches. Open interest free loans to Christian students to borrow and pay school fees. What other way can you evangelize the world without giving? Remember, God so love the world, so he GAVE!', he exclaimed.
It will be recalled recently the FG had issued a N100 billion sovereign Sukkuk fund which CAN has faulted on 5 grounds.
It has been learnt that Sukkuk is ASSET BASED banking unlike the conventional banking that is ASSET BACKED. In the conventional banking system, the borrower provides collateral to back the loan and retrieves his asset after the loan is redeemed, under Sukkuk, the loan is BASED on an asset which is land and irredeemable. The Sukkuk holder (lender) accepts land as asset on which the loan is based. At no time does the title pass to the customer, nor is it expected to pass. If the customer wishes to retrieve his asset at a later date, a separate agreement has to be drawn up. This is perceived by CAN as a sly attempt to sell Nigeria to rich Islamic Arab countries.
However, Nigeria's Islamic community has denied any such moves as alleged by CAN. According to the Deputy Secretary General of The Nigerian Supreme Council for Islamic Affairs (NSCIA), Salisu Shehu, it says said, 'CAN cannot claim ignorance about the fact that even the World Bank has been involved in issuing SUKUK and the floating of SUKUK Bonds. Interestingly also, several non-Muslim countries across Africa, Europe and Asia have also instituted Islamic Financial System generally and SUKUK in particular. Worthy of mention here are Kenya, Tanzania, South Africa, United Kingdom, Luxembourg, Russia, China, Singapore and a number of firms in the United States.
'Less than two years ago, Britain hosted a World Conference on Islamic Banking and Finance and David Cameron, the then British prime minister, openly declared that their intention was to make UK the hub of Islamic Finance in the World.
'It would certainly be embarrassing for CAN to be told that the first and foremost state in Nigeria to submit application for loan to the Islamic Development Bank is a Christian-dominated state in the South-East.'
Efio-Ita Nyok
Is a Blogger, the Editor & Publisher of NegroidHaven
