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The Christian Association of Nigeria (CAN) recently called the Sukuk Bond a new reason to worry over the Islamisation of the country.


In a statement by its General Secretary, Rev. Musa Asake, the body referred to the Islamic financial certificate as the Muhammadu Buhari-led government’s latest attempt to Islamise Nigeria and sell the country to the Arabian nations.


CAN claims Sukuk bond is an attempt to islamise Nigeria

The Muslim Rights Concern (MURIC) has reacted with a long statement by its President, Professor Ishaq Akintola.


The statement gave several reasons to prove that CAN is "spiteful" and why the bond is no reason to worry.


MURIC President, Professor Ishaq Akintola has reacted with a well-written statement

The Federal Government, through the Minister of Finance, has finally stepped into the issue, according to This Day.


Mrs Kemi Adeosun has stated that N100 billion bond offering is simply for raising funds for infrastructure development. She added that these projects have already been identified by the government.


"So, there is no religious driver behind it. It is really a financial product to meet the financial needs. This particular one of N100 billion is going to be used for road projects.


"We have identified the road projects that it is going to be tied to and there is no religious attachment to it. South Africa even did a sovereign Sukuk before Nigeria. So, there is no Islamisation agenda at all."


She added, "Funny a lot of investors that we have been marketing the bond to are just looking at the yield. So, it is really just another product which we hope would deepen the market and bring more people in.


"Not everybody wants to do bond or treasury bills. And we are still going to bring out more products."


Kemi says Sukuk bond is not an attempt to islamise Nigeria

ALSO READ: 'President Buhari is not Islamising Nigeria' - Group


The minister also offered some insight into the bond in order to prove that the Sukuk has no religious agenda.


In her words, "The committee started work in 2011. So, they have been working on it for six years, to structure products that would be compliant. Really, the Sukuk is about two things -one it is about raising money and deepening the financial market.


"We need to include many people in the market to raise the money that is needed for infrastructure. We have already introduced the savings bond which is for small investors.


"They were saying the process of getting into government securities was too complex, so we made the product for them. And this is another product.

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