Chief Olu Falae File copy

Former Minister of Finance and Secretary to the Government of the Federation, Chief Olu Falae, has said the term ‘Islamic banking’, negates the secularity of Nigeria.

Falae spoke during an inter-faith public dialogue on the controversial banking system in Lagos on Tuesday.

He said, “Both the Bible and the Quran forbid usury. So, if there is a banking system which forbids such a thing, why give it a religious name? Why not something neutral?

“These issues have to be resolved considering the present state of the country. This time is critical because of religious crises and Boko Haram violence. Bringing up a banking system called Islamic banking is bound to be viewed within suspicious.”

A former member of the House of Representatives, Mrs. Josephine Soboyejo, said the fear of many on Islamic banking had its roots in past leaders’ “systemic approach at making Nigeria an Islamic state.”

She said, “During Shehu Shagari’s Second Republic a religious bias was presented when he created the Committee on Islamic Affairs and placed it under the Presidency.

“Even though General Yakubu Gowon inaugurated Nigeria’s membership of the Organisation of Islamic Conference in 1969, it was in an observer status. But President Ibrahim Babangida in January 1986 made the country a full member without consultation.

“Islamic banking is an integral part of the OIC. The CBN is foisting upon secular Nigeria a full-fledged Sharia system in Islamic banking.”

Soboyejo, who is the immediate past Commissioner for Women Affairs and Social Welfare in Ogun State, highlighted some challenges of the banking system to be addressed.

These, she said, are discrimination against non-Muslims, imposition of Sharia in the country and use of national fund to finance Islamic interest.

She added that Islamic banks could register and operate like other conventional banks but advised that the Central Bank of Nigeria should not make it its duty to promote the system.

-Punch

Posted by admin on Dec 21 2011. Filed under Headlines. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry