Fletcher in the News

Sukuk: Borrowing for development without fear of interests; Prof. Warde Discusses With the Nigerian Tribune

Ibrahim Warde, adjunct professor of international business at the Fletcher School

While Nigerians and the rest of the world await the outcome of the nation’s first N100billion offer which ended on Friday after a two-day extension, its issuance has divided the country along religious lines. In a reaction to the sukuk offer, the Christian Association of Nigeria (CAN) described the issuance as a subtle attempt by the Federal Government to Islamise Nigeria. The body, therefore, called on the government to abrogate the laws and framework behind the sukuk issuance, failing which it would seek legal redress.

In a statement signed by its General Secretary, Rev. Musa Asake, CAN noted that it “has been protesting against this aberration since the Osun State Government, under Governor Rauf Aregbesola, embarked on this violation of the constitution.

“Rather than stand in the defence of the constitution, it is disappointing to note that the Federal Government is pursuing what is an outright confirmation of an Islamisation agenda.

“The recent floating of sukuk bond by the government is not only sectional but illegal and a violation of the constitution. Every law that has been promulgated to back the sukuk issuance and promote an Islamic banking system in Nigeria is ultra vires, illegal, null and void.”

But in its reaction, the Nigerian Supreme Council for Islamic Affairs (NSCIA), accused CAN of “Islamophobia.”

Read the full article