What's The Difference?

So what's the difference? Between hating someone and drinking acid? Between not voting and rigging? Between knowing how to read and never reading?

I was thinking about the difference between GEJ and Obasanjo and I decided to shove it off until GEJ's tenure as president comes to an end. But as usual, my mind started wandering in all directions of "what's the difference?".

And it brought me to the topic of Islamic Banking. So I ask: "what is the difference between christians and ******?" Hey relax. I'm not insulting anyone here ok? I'm just asking a simple question. I mean look at what has happened in the country over Islamic Banking for the past months. Arguments and accusations flying left, right and center. And to think that the major players are "men of God" who should guide the flock in the path of peace and progress. Haba!

I am not here to say that the Northerners do not have vested interest in Islamic Banking but let us all step back and see exactly what this system of banking is all about:

Definition: Islamic Banking is the system of banking which is consistent with the sharia law. The sharia law prohibits the payment or acceptance of interest or fees (Riba or Usury) for loans of money. However, this same sharia law that prohibits interest rates et al is found in the Bible (Exd 22:25; Lev 25: 36,37:Deut 23:19,20; ). Now if you look at it from a selfless point of view, it could mean that Muslims who are core and are strict adherents to the instructions of sharia may actually not be an owner of a bank or a borrower, not due to no capital or willingness, but because their religion forbids them to pay or accept interest on loans.

As we speak, the interest rate a bank pays (at average) for a customer's deposit of N100million is about 6%. But to lend it will be nothing short of 17% and up to 22%. This is contrary to the +4% that the CBN recommends. This means that for a loan of N100million, the bank should lend it out at 6%+4%=10%. Look at it again, it means they make a margin three times that recommended. I think it is way too much a profit.

Looking at the current system of banking that we have; a young, honest fella, say Ahmed, from a farming family in Kano, whose dream is to expand his father's farmland into an agricultural powerhouse that produces crop and dairy products (what naija really needs) cannot gain access to a loan without having strong collateral and at the same time have to pay huge interest rates and fees. And we all know that interest rates can pull down a business faster than they help you build it. If the Islamic Banking system is introduced, Ahmed can definitely have his dream come true and at the same time, not go against his religious beliefs. 

To make things better, Islamic banks are not owned by just Muslims, but a christian can decide to open a bank that pays or receives no interest in repayment (thus, an Islamic bank). A christian may also borrow and lend or even buy shares of such a bank too without his/her hands/legs being cut off. Also, think of how much  lower the interest rates of commercial banks will be when Islamic Banking comes into play due to healthy competition.

For a fact, the United Kingdom and Malaysia are two sound examples of economies running smoothly with the Islamic banking system. What I expected of our "men of God" and "Christians" was to ensure that the system is approved and licensed while ensuring that the constitution, the appeal courts and the supreme court maintain authority over and above the sharia courts assigned to govern these bank.

Creating unfounded accusations and manufacturing conspiracy theories and directly dampening the development of our own country cannot be the calling of Christians. Christ (who we say we emulate) showed much love to everyone and even asked us to turn the other cheek. We have always called ourselves Christians, but if we have turned into our own enemy then we should ask again: "What is the difference?"