SANUSI'S ISLAMIC BANKING: THE UNTOLD TRUTH!

CBN GOVERNOR LAMIDO SANUSI.
CBN GOVERNOR LAMIDO SANUSI.
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The much celebrated intelligence of Sanusi Lamido Sanusi finally becomes questionably puzzling and submerged when he audaciously stood on the floor of the Nigerian Senate recently and talked vaguely and deficiently about his proposed Islamic banking and declaring that without Islamic banking, Nigeria cannot meet the vision 2020:20 goal and that it has nothing to do with Islam. This shows that he is a stealthy believer of the Islamic concept of “al-Taqiyya” which I shall touch later. But, in all ramifications this is an obvious exhibition of ignorance, intellectual deterioration, narrow-mindedness and ludicrous misrepresentation, which appeared in all manner of guises, misleading assertions. Sanusi Lamido brainwashed the unsuspecting (or is it ignorant?) senate leaders and Nigerians at large without considering how other great intellects in the country would dissect his dizzying notion of contradicting and confusing the general public with Islamic banking system.

The main problem I have with Sanusi Lamido is that his claims on Islamic banking are nothing but half-truths and he did that probably to avoid causing problems in a country whose foundation is already shaky or to avoid hurting the feelings of unwary non Muslim. What he told the senate leaders and Nigerians may be technically true; however, he leaves out essential facts and twists the truth to lead people to believe something different from the real Islamic banking system. This kind of lie is often justified on popular TV shows. The perpetrator (the sponsors of the proxy warfare against President Goodluck’s Government) believes “You don't tell the truth if it hurts someone's feelings or gets them in trouble”. This is designed to make lies sound truthful and murder respectable and to give an appearance of solidity to pure wind.

I think the Holy Bible was right when it says “by their fruit we shall know them”. Sanusi Lamido even lies more contemptibly and more conscientiously with less restraint of common honesty and a greater abandon of virtue. According to Random House College Dictionary, Lie is a false statement made with deliberate intent to deceive. Lying generally involves deliberate falsehood, told with the intent of misleading or causing someone to believe what is not true. It would seem rational that as a man has a brain, he should at least have a heart but unfortunately, this man appears to be heartless and uninformed. Proverbs 6:16-19 - God hates a lying tongue and a false witness who speaks lies.


Sincerely, If Islamic banks were doing true Islamic interest-free banking, interest-based banking would have vanished from Muslim countries as per Quraanic declaration in verse 81 of Surah 17 which states that when the righteous comes the wrongful vanishes. Allama Iqbal, the greatest Muslim thinker of the last century, held that intellect, culture and religion can do nothing unless interest-based system is demolished for which an interest-free banking system is needed to replace the existing system.

Usually, it is wise and fair to give people the benefit of the doubt, but when it comes to national safety and the future of Nigeria, we had better look twice, even thrice at Sanusi Lamido Sanusi’s patriotism on this matter. This is owing to the fact that it has been the political career of this man to begin with hypocrisy, proceed with arrogance, and finish with contempt.

Meanwhile, it seems our leaders at the Senate, House of Representative and even President Goodluck Jonathan and his advisors are oblivious as to the desires, doctrines, and distinctive nature of Islamic banking. While I feel a little audacious in giving advice to our national leaders, it is necessary since no one else is doing so. Sanusi Lamido Sanusi lies not because he is a liar by nature but by choice. Systemic lying as a religious policy is deadly, and if our leaders do not understand this, thousands could die when the trouble starts which the proxy war sponsors sought after to make the Nigeria ungovernable.

Sanusi Lamido, the CBN Governor (or is it Chief Imam of the CBN?) should be asked what he knows about the existence of al-Taqiyya in the Quran, Hadith, the Prophet's (PBUH&HF) custom, and the companions' custom. This may promote the explicit denial of proven facts and truths about the much talked about Islamic banking which Sanusi is hiding. Nonetheless, you owe it to yourself to search for the truth; and, indeed, posterity requires that you do so. As such, it is your prerogative to believe or reject my declaration. I want to demonstrate and prove that the concept of "al-Taqiyya" is an integral part of Islam. The word "al-Taqiyya" literally means: "Concealing or disguising one's beliefs, convictions, ideas, feelings, opinions, and/or strategies at a time of eminent danger, whether now or later in future, to save oneself from physical and/or mental injury." A one-word translation would be "Dissimulation."

While some Sunni Muslims assert that al-Taqiyya is an act of pure hypocrisy that serves to conceal the truth and reveal that which is the exact opposite (of the truth). Furthermore, according to those Sunnis, al-Taqiyya constitutes a lack of faith and trust in Allah (SWT) because the person who conceals his beliefs to spare himself from eminent danger is fearful of humans, when, in fact, he should be fearful of Allah (SWT) only. As such, this person is a coward. 1 Timothy 4:2 – in the Holy Bible also says that “those who depart from the truth speak lies in hypocrisy. Note that their hypocrisy is associated with lying”.

FUNDAMENTALS OF ISLAMIC FINANCE:
The term “Islamic banking” refers to a system of banking activity that is consistent with Islamic law (Shariah) principles and guided by Islamic economics. In particular, Islamic law prohibits usury, the collection and payment of interest, also commonly called riba in Islamic discourse. In addition, Islamic law prohibits investing in businesses that are considered unlawful, or haraam (such as businesses that sell alcohol or pork, or businesses that produce media such as gossip columns or pornography, which are contrary to Islamic values). In the late 20th century, a number of Islamic banks were created to cater to this particular banking market.

SHARIAH ADVISORY COUNCIL/CONSULTANT:
Islamic banks and banking institutions that offer Islamic banking products and services (IBS banks) are required to establish a Shariah Supervisory Board (SSB) to advise them and to ensure that the operations and activities of the banking institutions comply with Shariah principles. On the other hand, there are also those who believe that no form of banking involving interest payments can ever comply with the Shariah.

In Malaysia, the National Shariah Advisory Council, which has been set up at Bank Negara Malaysia (BNM), advises BNM on the Shariah aspects of the operations of these institutions and on their products and services. (See: Islamic banking in Malaysia). In Indonesia the Ulama Council serves a similar purpose.

A number of Shariah advisory firms have now emerged to offer Shariah advisory services to the institutions offering Islamic financial services. Issue of independence, impartiality and conflicts of interest have also been recently voiced. The World Database for Islamic Banking and Finance (WDIBF) has been developed to provide information about all the websites related to this type of banking.

True Islamic financial system is not reflected in the operations of present Islamic banks which ignore hadeeth qudsi and do not advance interest-free loans. Present Islamic banks themselves are not rid of interest and most of their earnings come from interest-like fixed returns.

The basic and foremost characteristic of Islamic financing is that, instead of a fixed rate of interest, it is based on profit and loss sharing”. The contention that Islamic financing is based on PLS is not supported by any quotation from Quraan and Sunnah. As present financing is based on interest which is a lending device, Islamic financing must naturally be based on interest-free lending device like TMCL (Time Multiple Counter Loan). Interest-bearing loans and PLS were in vogue in pre-Islamic days. Islam prohibited interest, permitted PLS to continue and commended Interest-free loan. Hence Interest-free loan can logically be said to be the basis of Islamic finance and not PLS which is only permitted and not commended.

The fact is that when a perceived celebrated intelligent person tells despicable lies about national issues, he immediately looks like a dreary, daft person in the eyes of other great intellects. Of course Sanusi Lamido need not be reminded that he is not the most educated nor intelligent person in Nigeria, but is only privileged to be the Governor of CBN.

Lamido Sanusi and his cohorts brought out the Blueprint of Islamic Financial system which include strategy for Elimination of Interest’. Lamido Sanusi claimed “This Blueprint offers a comprehensive treatise on the Islamic Financial System”. Unfortunately for the Chief Imam of the CBN, his so-called Blueprint negates the above quoted “hadeeth qudsi” by giving patently wrong advice “It is also recognized that banks should not be expected to enter into pure lending operations”. The Blueprint does not give any definite plan for eliminating interest. Sanusi’s action encompasses a comprehensive spectrum of behaviors that serve to further the vested interests of the sponsors of the proxy warfare he is currently carrying out. This is a blatant old-fashioned swagger and arrogance on the part of Sanusi Lamido Sanusi who also insulted the sensitivity of Nigerian Christians.

THE LAUGHABLE CONCEPT OF ISLAMIC BANKING:
Lamido Sanusi is only giving Nigerians half truth about Islamic banking; the half truth omitted is that they call it profit/loss sharing and no interest. For instance you want to buy a car worth N 1,000,000.00 The bank buys the car in its name and resells the same to you at N 1,200,000.00 and you pay N 100,000.00 per month for 12 months. Till you pay 20% extra and they make a mockery of themselves by believing that the additional 20% is not interest! It is quite laughable as they probably have problem with mathematics! It looks just a little more mathematical and regular than it is; its exactitude is obvious, but its inexactitude is hidden; its wildness lies in hiding.

In actuality, what Lamido Sanusi and his cohorts want to achieve is simply making cosmetic changes from the name of interest banking to profit, dividend, mark-up, service charges, commission, fee, and use of Islamic terminology like Modarabah, Shirkah, profit-loss sharing, etc. The truth is that it is all lies, yet most gullible Christians in Nigeria today have started to believe the brainwashing of Lamido Sanusi without carrying out proper research on his political and religious ideology.

The first modern experiment with Islamic banking was undertaken in Egypt under cover without projecting its Islamic image—for fear of being seen as a manifestation of Islamic fundamentalism that was abomination to the political administration. The pioneering effort, led by Ahmad Elnaggar, took the form of a savings bank based on profit-sharing in the Egyptian town of Mit Ghamr in 1963. This experiment lasted until 1967 (Ready 1981), by which time there were nine such banks in the country.

Nigerians in Diaspora need to be told that it won’t be impossible to think that Sanusi Lamido Sanusi may currently be carrying out the bidding of Hizb-ut-Tahrir: an international pan-Islamic political organisation whose goal is for all Muslim countries to unify as an Islamic state or caliphate ruled by Islamic law and with a caliph head of state elected by Muslims. The organisation has the strongest set up in the United Kingdom and it distributes its literature in all major cities of UK in a peaceful way. According to newspaper records, United States without declaring Hizb-ut-Tahrir as a militant organization banned it seeing its future plans to unify the Muslim world as a danger to America which we must also do in Nigeria because this organisation works to create a politically charged atmosphere conducive to terrorism.

On Hizb-ut-Tahrir’s website the organization introduces itself as: "…a political party whose ideology is Islam. Its objective is to resume the Islamic way of life by establishing an Islamic State that executes the systems of Islam and carries its call to the world."

Finally, it is the province of knowledge to speak, and it is the privilege of wisdom to listen. A problem well stated is a problem half solved. So, it is up to you Mr. President to either allow this evil proxy warfare prevail over your transformation efforts or simply put on your thinking hat and quash the obvious evil warfare at once. Either way, remember that the price of liberty according to Thomas Jefferson is eternal vigilance. Fundamentally, if you do not succeed to subdue the excesses of the sponsors of this proxy warfare, then, your Government runs the risk of failure which will be to the interest of those that promised to make Nigeria ungovernable at all cost. This is a defining moment for you Sir. You either define the moment, or the moment defines you. And as your name suggests, I wish you nothing but goodluck, as always!

To be concluded…
Contributed by: Kexter E. A. Donald Jnr, Amsterdam, The Netherlands. Email: [email protected]

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