News:

Ramadan Mubarak!

I pray that we get the full blessings of Ramadan and may Allah (SWT) grant us more blessings in the year to come.
Amin Summa Amin.

Ramadan Kareem,

Main Menu

TMC PRESS RELEASE/The Muslim Congress (TMC)

Started by bamalli, July 22, 2011, 06:54:53 PM

Previous topic - Next topic

0 Members and 1 Guest are viewing this topic.

bamalli

TMC PRESS RELEASE

The Muslim Congress (TMC)

1 Thanni Olodo Street, Off Ikorodu Road, Jibowu B/Stop, Lagos
08023462555, 08033096636

DIABOLICAL CAMPAIGNS AGAINST NON-INTEREST/ISLAMIC BANKING MODEL IN NIGERIA
All praise is due to Allah, the Lord of the universe. May His peace and blessings be upon the noble Prophet Muhammad (Peace be upon him), his faithful companions and dutiful followers till the end of time, amin.
The Muslim Congress (TMC) joins other sister Islamic organisations, civil societies and advocates of ethical finance to educate Nigerians and also condemn the diabolical campaigns from few overzealous Christian groups and anti-Islamic media, against the planned introduction of Non-interest/Islamic Banking in Nigeria. It is strange, that these ill-timed campaigns are coming from religious groups, who ideally should be spreading morals, ethical businesses, engendering divine principles and winning souls for God in a perverted society. Despite all odds, we are happy at the informed comments on the matter by eminent scholars like Dr. Ishaq Lakin Akintola of MURIC, Mr. Kamor Disu of MPAC, Dr. AbdulLateef Adegbite (CON), Secretary-General, Nigerian Supreme Council of Islamic Affairs (NSCIA). We also salute the efforts the former Governor of the Central Bank of Nigeria, Professor Charles Soludo, had invested on Islamic Banking Model in Nigeria. May Allah reward you all contributors abundantly.
The series of campaigns against Non-interest/Islamic Banking are pre-planned and organised by coalition of anti-Islamic forces to humiliate Islam and blackmail Sanusi Lamido Sanusi, the current CBN Governor. Alhamdulillah, the Governor vindicated himself and the Apex body he presides over by coming up at the peak of the criticism with a Revised Framework for the regulation and supervision of institutions offering non-interest financial services in Nigeria. The sponsors of the campaigns believe that it is time to marginalise Muslims; to deny them their rights and demonise anything with Islamic colouration since they have their own - Dr. Jonathan Goodluck, a brother-in-faith in power.
The first attack on non-interest banking emanated from a Christian NGO with some fire-brand pastors as advocates; they hinged their arguments for opposing Islamic banking on what they called "illegal redefinition of non-interest banking, introduction of religion into banking, unconstitutional exclusion of non-Muslims from non-interest banking and major contravention of the Nigerian Constitution. In our opinions, the arguments of these overzealous elements are weak and dangerous in volatile multi-religious society like Nigeria. Islamic banking is not being smuggled into Nigeria; it is a working model in all advanced democracies, including America!
The second ill-motivated attack appeared few days later as an editorial in the Guardian newspaper on 8th June 2011 titled "CBN and non-Interest Financial Institutions. The editorial was published to provide media support for the hate theologians and bigots, thereby assisting in poisoning the minds of the general public against Islamic banking and the shared benefits is portends for lovers of Ethical Funds & Investment. Let it be said loud and clear, that the Muslims are not unaware of the anti-Islamic posture of Guardian Newspaper.
The third attack came from the Anglican Bishops of the Dioceses of Nigeria; they joined other propagandists singing the same unpleasant song – Shariah bank! Religious bank!! Islamic bank!!! According to the Anglican Bishop of Enugu, Rt. Rev. Emmanuel Chukwuma, the emergence of a religious bank would definitely pose serious threat to the unity of the country because of its religious connotation. In what manner, we ask the clergymen? Are they bankers or human right activists?
The fourth attack, the most recent and shameful was orchestrated by the Christian Association of Nigeria (CAN) in Delta State on Thursday, June 30, 2001. The demonstrators numbering hundreds of idle, unemployed souls took to major streets in Warri, protesting against the plan to commence Islamic banking in the country. Alas! They did not protest scarcity of kerosene, epileptic power supply, lack of drinkable water, rising unemployment, worsening education system, corruption in high places, need to return the loots of James Ibori et cetera. Yet, they have the gut to call for the resignation of the Central Bank of Nigeria Governor, Mallam Lamido Sanusi, saying he had through the policy encroached on the secularity of Nigeria as enshrined in the constitution. We wish to correct our Niger-Delta bothers that Nigeria is not a secular state, but a multi-religious society that adopted officially three major religions. The Constitution allowed the practitioners freedom of religion, conscience and liberty within the ambit of the laws. Islamic banking has foundation in the Laws of Federal Republic of Nigeria.
The fifth attack came from Archbishop of Lagos, Anthony Cardinal Olubunmi Okogie. He based his attack on the fact that Islamic Banking if established in Nigeria is capable of fueling religious tension in the land. How we ask the Cardinal? Is banking hall a wrestling arena? Are lovers of Islamic banking going to drag unwilling Christians to their bank? Remember Cardinal! Islam made pilgrimage to Mecca a compulsory obligation, but Bible is silent on such practice, it is neither an obligation nor a virtue, but because of jealousy, the Christians lobbied government for support and recognition of its innovative Pilgrimage to Jerusalem, and today Nigerian Christians are observing the rites without any hue and cry from the tolerant Muslim population across the 36 states of the federation. The foundation of this antagonism, when viewed critically is intolerance, hidden agenda and hatred for Islam and Muslims by the leadership of the Christians in Nigeria.
We state clearly that mischief makers under the guise of different Christian associations have continued to oppose globally acknowledged Islamic developmental models (like banking, insurance, ethical investment, Arabic language, Shari'ah courts, affiliation with OIC et cetera) for reasons best known to them.
Unwarranted opposition from the Nigerian Christians is perennial, historical and can easily be recounted without stress in retrospect. There was a time in this country, when Nigeria's membership of Organisation of Islamic Countries (OIC) was put to national debate and discourse. Despite the numerical preponderance of Nigerian Muslims, the government of the day bowed to the pressures and blackmail from the few but vocal Islamophobic elements among the Christian community by dropping the intention. They also lobbied President Olusegun Obasanjo and Professor Charles Soludo to remove the age-long Arabic inscription on the nation's currency notes without putting it to national debate. We did not complain.
It is also on records that when OIC offered Nigeria non-interest loan for augmenting its deficit budget, the same hate theologians condemned the worthy proposal and discouraged the Federal Government through media outburst and blackmails. Thereafter, Nigeria opted for IMF loan with its killing and inhuman compounded interest. The option of IMF loan worsened the nation's Public Debt, increased the debt burden and created serious financial crisis. President Olusegun Obasanjo captured the predicament of Nigeria under the peonage of IMF loan and its merciless interest rate thus: "All that we had borrowed up to 1985 was around $5 billion, and we have paid about $16 billion; yet we are still being told that we owe about $28 billion. That $28 billion came about because of the injustice in the foreign creditors' interest rates. If you ask me what the worst thing in the world is, I will say it is interest"! This is partly one of the rationales why Nigerian Muslim like their counterparts globally loathed interest-yielding investment, financial securities and banking; they preferred instead non-interest banking and finance.
We state without apology to any group that Islam abhors interest-based banking and transactions because it is antithetical to the theological foundation of the religion. The Qur'an is the source of divine guidance, which Muslims must follow both in their private and public life, without deviation. With reference to interest, Allah says:
Those who eat interest (Riba) will not stand on the Day of Resurrection) except like the standing of a person beaten by devil leading him to insanity. That is because they say: "Trading is only like interest,'' whereas Allah has permitted trading and forbidden interest. Allah will destroy interest and will give increase for charity. And Allah likes not the disbelievers, sinners.
Qur'an 2: 275-276
The above injunction explains why Islamic banking, economics and finance are permitted in nations like Malaysia, Sudan, Europe, America and other advanced democracies. Islamic banking is taught in first-class universities across the globe and it is a feasible banking model practiced in over 71 countries, even where the Muslim population ratio is small like Britain compared to Nigeria with large number of Muslims. Why then should a tiny group, because its media visibility and mastery of blackmail denies Nigerian Muslims their rights? How is the Islamic banking system a threat to the Nigerian secular status or Christian interest? Are they aware that the regulatory framework for non-interest banking was conceived and initiated by Professor Charles Soludo, former Central Bank Governor because of his exposure and knowledge about Islamic Finance as a veritable alternative to conventional banking model. It was a project inherited and continued by the current CBN Governor, Sanusi Lamido.
Furthermore, it should be emphasized that the Muslims are not alone in their rejection of interest-based banking and all usurious economic activities; it has being an historical issue in most societies and civilisations. The History and Ethics of Interest by A. Birnie reported that ancient philosophers such as Plato, Aristotle, Cato, Cicero, Seneca and Plutarch detested and condemned interest and usurious transactions in strong terms during their days. Evidences of these sentiments can be found during the Republican Rome era, 340 BC, when interest-based transactions were outlawed altogether.  Nevertheless, in practice, clever ways of evading legislation against usury were devised by mischievous elements, a situation which lasted till the collapse of the Republic.
To curb interest-based transactions during the period under discussion, the Democrats in Rome rededicated themselves to the cause of the poor masses suffering under the burden of debt cause by excruciating interest rates. Consequently, under the banner of Julius Caesar, a ceiling on interest rates of 12% was set, and later under Justinian interest rate was lowered further to between 4% and 8%. These laudable steps left fertile ground for the organised assault on interest by the Orthodox Church following the Christianisation of the Roman Empire later on. We wonder if the Nigerian Clergymen are familiar with their religious history with regard to fight again interest and usurious dealings. With specific reference to Christianity and Judaism, there are several Biblical injunctions which prohibit the act of giving and collection of interest.  God instructed the Jews and Christians thus:
"Thou shall not lend to thy brother money to usury, nor corn, nor any other thing, but to the stranger. To thy brother thou shall lend that which he wanted, without usury: that the Lord thy God may bless thee in all thy works in the land, which thou shall go into posses. (Deut23:19-20).
"Take not usury of him nor more than thou gavest. Fear thy God that thy brother may live with thee. Thou shall not give money upon usury, nor exact of him any increase of fruits (Levit 25: 36-37)."
"If thou lend money to any of my people that is poor, that dwelleth with thee: thou shall not be hard upon them as an extortioner, nor oppress them with usuries. (Exodus 25: 25)."
"And if you lend to them of whom you hope to receive, what thanks are that to you? For the sinners also lend to sinners, for to receive as much... Love ye your enemies: do good, and lend, hoping for nothing thereby: and your reward shall be great, and you shall be the sons of the Highest..." (Luke 6: 34-35)
Building on the authority of the scriptural texts, the Roman Catholic Church had by the fourth century AD prohibited the taking of interest by the clergy; a rule which they extended in the fifth century to cover other Christians.  In the eighth century under Charlemagne, they pressed further and declared usury to be a general criminal offence.  This anti-usury movement continued and gained momentum during the early middle Ages and reached its zenith in 1311 when Pope Clement V made the ban on usury absolute and declared all secular legislation in its favour, null and void. Unfortunately, the rise of Protestantism and its neo-liberal tendencies subtly and diplomatically encouraged this condemnable phenomenon. This pro-interest position has remained pervasive in the ethics of investment and banking among the Christians until today. The fact is that all the three acclaimed regions-Islam, Christianity and Judaism have undiluted, unambiguous and uncompromising theological foundations that prohibit interest and usurious dealings.
If other religionists wish to bargain their hereafter for worldly gains, the Millions of Nigerian Muslims are eager to do otherwise and therefore seek to put their money in ethical finance acceptable by Islamic standards. The present situation whereby there is no single Islamic bank constitutes a breach of their fundamental human rights as Nigerians. It stands in contradiction to the spirit of Section 38 of the 1999 Constitution, which guarantees freedom of religion and liberty to manifest one's conscience within the ambit of the laws. Saving in halal (lawful) banks is part of Islamic beliefs and acts of worship.
Based on the forgoing points, The Muslim Congress enjoins Nigerian Christians to be tolerant and objective in their reaction to Islamic norms and ideals. The Muslims in Nigeria genuinely need Islamic banks to purify their wealth, investment outlets and safeguard their hereafter. The fact that others do not need non-interest banking does not mean that they should stand in the way of the Muslims. People read religion into everything but claim that it is not religion when they wish to do mischief.
We describe the statement credited to the Anglican Bishops as insincere, rebellious, ungodly and self-seeking. The threat to go on demonstration if their position is ignored is an indication that they are idle and have abdicated their divine responsibilities of winning souls for God, enjoining what is godly and guiding humanity aright. An idle hand they say is the devil's workshop.
We therefore call on the Federal Government, ably led by President Goodluck Jonathan to ignore the lobby, ranting and mischievous campaigns of the Christian groups, the prejudiced Guardian Newspaper editorial and threat of idle Bishops and allow CBN to face its statutory responsibilities. We advise that any attempt to deny the Muslims in Nigeria the planned Islamic banking would portray Mr. President as ungrateful to the massive votes given to him by cross-section of Muslims in Nigeria, thus tantamount to biting the fingers that fed him. We also caution the National Assembly, as the representatives of the people, not to allow the voice of some few Islamophobic elements to becloud their reasoning thereby making foil the planned introduction of Islamic Banking in Nigeria. The security agencies must also pay attention to the threat of these elements to go on demonstration as their interest is not at risk. The international community also needs to pay special attention to this ugly development at this auspicious moment when the world is clamouring for peace and mutual respect.  What the Muslims are asking for is not a favour but Allah-given right, which is also constitutionally guaranteed and is also in tandem with the United Nations human rights principles of which Nigeria is a strong advocate.

Long live Nigeria Media and Federal Republic of Nigeria!
SIGNED
Luqman AbdurRaheem, MNIM, AMIMC, AMIOE
Amir, The Muslim Congress