Thursday, July 28, 2011

On Guidelines For Sharia Banking


Good exposition of the issues

Elombah.com
27 July, 2011

Written by Benjamin Obiajulu Aduba    

The guideline for Sharia Banking in Nigeria dated December 31, 2010 and released recently is not a completely useless document. It can be dusted up, cleaned up and put to use. There is sufficient evidence that it was put together in a hurry; and did not go through adequate political and legal review before issuance. Hence the loud out cry against it. The document once properly vetted could be used to accomplish some good. The first
 evidence of its hurried preparation is illustrated by the document’s incoherence in articulating what the guidelines intentions are.

It leaves the impression that the Central Bank of Nigeria (CBN) is trying to promote Sharia laws by economic medium whereas the opposite is the truth. CBN is trying to promote economic growth by using some of the Sharia principles. Therefore so long as economic principles are not interfered with Sharia practices it would be OK. If economic needs clash with Sharia principles, Sharia principles would be ignored.

That is why this effort is being promoted by CBN and not by an Alhaji or a Mallam or an Iman.
     
Written by Benjamin Obiajulu Aduba    

The guideline for Sharia Banking in Nigeria dated December 31, 2010 and released recently is not a completely useless document. It can be dusted up, cleaned up and put to use. There is sufficient evidence that it was put together in a hurry; and did not go through adequate political and legal review before issuance. Hence the loud out cry against it. The document once properly vetted could be used to accomplish some good. The first
 evidence of its hurried preparation is illustrated by the document’s incoherence in articulating what the guidelines intentions are.

It leaves the impression that the Central Bank of Nigeria (CBN) is trying to promote Sharia laws by economic medium whereas the opposite is the truth. CBN is trying to promote economic growth by using some of the Sharia principles. Therefore so long as economic principles are not interfered with Sharia practices it would be OK. If economic needs clash with Sharia principles, Sharia principles would be ignored.

That is why this effort is being promoted by CBN and not by an Alhaji or a Mallam or an Iman.

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