Let Islamic Banking Be...

'Islamic Banking' is a concept that suffers from a nomenclature debate which stems from Islamophobia. Even with all the hullabaloo about Islamic Banking I assure you that it would not matter if it is called Christian Banking in so far as the precepts which are found in the Old & New Testament will be faithfully implemented, then let us have it please! For I know very well that they would not be any different than what is on offer in the so-called Islamic Banking. 

Yet unfortunately for the whole existence of this country no Christian authority has deemed it right to advocate for this despite the clarity of prohibition of interest in the Holy Bible. Is it then a problem that Muslims who have been requesting for such to be denied this constitutional right?

Perhaps, many would invoke the principle of secularism as what would nullify Islamic banking. Yet I would say that nowhere does it preclude any person from practicing his/her religion which as far as Muslims are concerned involves even the mundane aspects of one's life. Perhaps this is where there is a misunderstanding in that the very word secularism has it's roots in the separation of State & Church due to the fact that the Church failed to provide a solution to the socio-political issues of the day.

Conversely, for Muslims - regardless of whether they are under whatever sort of rule - it remains that no aspect of his/her life can be separated from his/her religion. And this is the basis/core of the tag: Islamic Fundamentalism.


Anyway, the regulatory framework/guidelines have already been modified to accommodate the sensibilities that may be hurt as a result of the use of 'Islamic' which is duly replaced by 'Non-Interest'.

As for the issue of the Advisory board in CBN it is borne out of the need to bolster the supervisory role so as to ensure that investors/depositors do not fall prey to the gimmicks of wrapping products/services under 'religious' names that have underlying un-compliant characteristics. This is in line with global best practices in the industry which is seeing a gradual move towards employing subject matter experts in various fields to ensure that the supervisory role is deepened & made more robust in light of constantly evolving realities.

Thus, conclusively with regards to Islamic Banking I think that with time and with the eventual introduction of Christian Banking there will be more understanding about the concept and it will be demystified. This is one of the tasks that is behooving the Christian clergy who are known for scholarship. It would be a pity for them to retrogress to the classical 'orientalist-bashing' of Islam which has since been consumed by the centuries and enlightenment.

Haidar Wali 201202040534hrs

P.S. Jaiz Bank International have since started operating so anyone can go and have a feel of what it's all really about.