Home Finance Islamic banking will threaten national security – NIIA DG Prof. Bola Akinterinwa

Islamic banking will threaten national security – NIIA DG Prof. Bola Akinterinwa

by Business News Report

Acting Director General of Nigerian Institute of International Affairs (NIIA)Professor Bola Akinterinwa,said that the introduction of Islamic banking in Nigeria will further threaten national security. Akinterinwa made the remark in Lagos at the NIIA Fifth Brainstorming Session on Islamic Baking in International Relations the case of Nigeria. He said “While Islamic Banking does not constitute a major source of threats to national security elsewhere; it does in Nigerian of today”.

According to him, if Muslims are threatening the use of force to ensure introduction of Islamic banking in Nigeria, there will be chaos if Christians respond that no one has monopoly of violence.

Akinterinwa said that this would only bring chaos and that Islamic banking would not thrive in disorderly situation.

“The controversy is being largely driven by religion rather than viability of the bank or by the extent to which Islamic banking can assist national economic growth and development. The opponents of Islamic banking have the fear that its introduction will provide a platform for Islamic propaganda to the detriment of the interest of non- Muslims in Nigeria. Interestingly, one major fear of those opposing Islamic banking in Nigeria is the place of Islam. It is rightly or wrongly being considered that Muslims are looking for all manners of ways to Islamise Nigeria,’’ he said.
He said that the CBN guidelines talked about Islamic banking and non-interest banking at the same time, but the two are not necessarily synonymous. Akinterinwa said that the banking decree and laws in Nigeria did not allow the use of religious name for any bank.

“ There is nothing wrong in having Islamic banking as an additional or alternative banking system, but it is necessary to separate it from religious colouration,” he said. Dr. Ahmad Dogarawa, a Senior Lecturer at Ahmadu Bello University, Zaria, said that Islamic banking was being demanded by Nigerians and its establishment would make the sector more competitive. He said that the Islamic banks would compel conventional banks to improve their services. Ahmad said that the success of Islamic banking would provide platform for funds moblilsation and employment generation for unemployed youths.

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