Along with coining the wrong name for Islamic banking, there are some critical issues that have been left out of the debate to introduce this financial system to Nigeria. Instead of calling it Islamic banking, it should be called sharia banking since its guiding principle is sharia law. Had it been initially called sharia banking, Nigerians would have quickly seen various similarities between this new Hausa campaign for sharia banking and their passionate advocacy for sharia law prior to its introduction over a decade ago.
You should recall, Hausa leaders told Nigerians that sharia law represented no harm and that Muslims would live in peace with their neighbors after its introduction. Once introduced, however, sharia law was everything but harmless. Using sharia, Northerners reinvigorated their domination agenda, giving jihadist the license to ethnically deplete Middle Belters in order to tip the balance of power and usher perpetual Hausa rule in Nigeria.
Ten years later, the legacy of sharia continues to rig havoc, with Boko Haram bombing Nigerian cities for the purpose of expanding the law. Also, Hausa jihadists continue to attack the Middle Belt, murdering women and children in order to impose their political will.
With the above fact, Nigerians must ask themselves these pertinent questions: Why should anyone buy this new Hausa advocacy for sharia banking, since sharia law has yielded nothing but terror? What is their hidden agenda with sharia banking? Moreover, what would be the negative repercussions of sharia banking?
If Nigerians ask the above questions and carefully reconcile this new Hausa advocacy against their campaign for Islamic law over a decade ago, they would have no choice but to evoke this old saying: Fool me twice, I am a fool. Furthermore, Nigerian newspapers would be warning about these potential repercussions.
Hausas would, for the most part, move private and state funds to sharia banks, creating a segregated financial environment in the North and Middle Belt.
Once the funds are segregated, jihadists would be at liberty to attack and disrupt secular banking, since it would have no impact on their daily financial interactions.
Hausa leaders would use the institution to commingle state with private funds for the sole purpose of enhancing their domination agenda.
While commingling state and private funds, Hausa will also channel funds to jihadist, expanding their ethnic depletion campaign in the North and Middle Belt.
Overall, sharia banking would continue to divide Nigerians further setting the nation in course of breakup.