The founding father of non-interest banking in Nigeria was waiting for that special moment, in 2012, to mark a turning point in the country’s financial sector. Nigerians from all walks of life were to bank with the first institution aimed at extending non-interest commercial facilities in the country. Those depositors wanted to deliver a message: “Islamic banking is just a product that can be patronized by anybody irrespective of religion.”

This ‘ethical’ seed that was planted in the banking sector has finally flourished. Four years later, Jaiz Bank has entered the profit-making territory and prompted conventional banks to open non-interest windows. The shareholders of the bank have also set up Jaiz Foundation for charity and human development.

When I was invited to speak at an Islamic finance event in Abuja, the headquarters of Jaiz Bank, I was wondering if I would get the chance to meet that visionary leader, and industry veteran, who played an instrumental role in introducing ethical finance to a multi-religious society. The former governor of the Central Bank of Nigeria, Muhammad Sanusi II, was the keynote speaker at the event. It was standing room only that morning as I saw how hundreds of banking executives and researchers came to hear what the emir of Kano has to say.

And for those who are not familiar with the history of that region, the emirate of Kano was one of the great Islamic empires that dotted the Sahara from medieval times, profiting from caravan routes connecting Africa’s interior with its Mediterranean coast.

Emir Sanusi was an extraordinary personality, to say the least. He was named in 2011 as one of Time Magazine’s ‘100 Most Influential People’. Having took the throne as a Muslim monarch, he left us with a vision which will promote financial inclusion by introducing alternative banking and debt capital market products. His influence in introducing the non-interest banking paradigm in Nigeria will forever live and influence the lives of millions living there.

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When few people try to make a difference ,, My Journey to Nigeria

“Once upon a time, there was a wise man who used to go to the ocean to do his writing. He had a habit of walking on the beach before he began his work. One day, as he was walking along the shore, he looked down at the beach and saw a human figure moving like a dancer. He smiled to himself at the thought of someone who would dance to the day, and so, he walked faster to catch up.

As he got closer, he noticed that the figure was that of a young boy, and that what he was doing was not dancing at all. The boy was reaching down to the shore, picking up small objects, and throwing them into the ocean. He came closer still and called out: “Good morning! May I ask what it is that you are doing?” The boy paused, looked up, and replied “Throwing starfish into the ocean.”

The somewhat startled wise man asked: “I must ask, then, why are you throwing starfish into the ocean?” To this, the young boy replied: “The sun is up and the tide is going out. If I don’t throw them in, they’ll die.”

Upon hearing this, the wise man commented, “But, young man, there are miles and miles of beach and there are starfish all along every mile! Moreover, there are countless beaches just like this one all up and down the coast. What you’re doing will not make a difference!”

At this, the young man bent down, picked up yet another starfish, and threw it into the ocean. As it met the water, he said: “It made a difference to that one.”

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The famous ‘starfish story’ crystallizes the persistent journey that are being undertaken by a few, silent heroes who try to make a difference in Nigeria. During the 2nd International Conference on Islamic Finance held in Abuja, they tried to send a message to decision-makers that: “Nigerian financial operators have identified Sukuk Islamic bonds as a major tool that can be used in closing the country’s gap on infrastructural deficit.”

From that conference came that tiny voice in the wilderness. Having lived comfortably as a lawyer, Ummahani Amin found herself becoming the convener of a conference which aims to turn up the volume on enlightenment campaigns so as to create the required awareness to investors and operators on the potentials of Sukuk. As the conference was about to close, Ummahani had to improvise a memorable speech. She was pleading her weakness that without the solidarity and genuine support of all Nigerians, she alone will not be able to make a difference. As Ummahani was living her moment of standing ovation among the audience, another powerful and charismatic figure picked up the torch. Chidi Izuwa of the Infrastructure Concession Regulatory Commission of Nigeria reminded the audience of a popular quote by the 14th Dalai Lama: “If you think you are too small to make a difference, try sleeping with a mosquito.”

One thing for sure, those backers of the ‘Sukuk notion’ will not be silent no more. They will keep going until they see Africa’s largest economy issues its maiden sovereign Sukuk.

Twitter: @MKhnifer

– See more at: http://reading.academia.edu/MohammedKhnifer/Papers 

http://sa.linkedin.com/pub/mohammed-khnifer-msc-mba-csaa-cifp/12/910/669

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