Sukuk has worked for Nigeria, Hudud can do better
BY RIDWAN JAMIU
Sukuk and Hudud sound strange? Nay, every observant Nigerian knows or has come across the word ‘Sukuk’. It’s conspicuously inscribed on green signboards on major highways in the six geopolitical zones of Nigeria. I saw it in Lagos. I noticed it in Port Harcourt, Ilorin and on my journey through Kano-Maiduguri road.
SUKUK is ethical bond through which the Federal government raised billions of naira to finance road projects across Nigeria. This bond, unlike the conventional one, is subject to islamic commercial law and business ethic which unequivocally prohibits interest and usury in all forms. Sukuk securities are structured to comply with Sharia.
SUKUK is an islamic liquidity management instrument that has been used by many governments and cooperations to finance big projects. These countries include the UK, Singapore, the Gambia, Turkey, Sudan, UAE, Saudi Arabia and Hong Kong. More than $342 billion account for global SUKUK assets.
What’s HUDUD?
HUDUD are the universal and God-given penal laws which aim at protecting life, property, intellect, family and faith. These five are the necessities of life without which life becomes meaningless. Protection of the five essentials is the primary duty of any political leader that is worth the salt.
One aspect of HUDUD that Nigeria government, the federating units and the legislative bodies should seriously consider is punishment for brigandry. Banditry, highway robbery, deceipt killing, ritual killing, kidnapping, rape and terrorism come under this class of crime (Hiraba). These are crimes against humanity which should attract stiff punishment to serve as deterrent.
God says, “The punishment of those who wage war against Allah and His Messenger, and strive with might and main for mischief through the land is: execution, or crucifixion, or the cutting off of hands and feet from opposite sides, or exile from the land: that is their disgrace in this world, and a heavy punishment is theirs in the Hereafter. Except for those who repent before they fall into your power: in that case, know that Allah is Oft-forgiving, Most Merciful.”
Qur’an 5 verse 33&34
Waging war against Allah and His messenger is causing public harm and threatening public security and welfare.
Four classes of punishment are mentioned for government to choose depending on circumstances and gravity of the offense and impact: execution, crucifixion, cross amputation and banishment (or life imprisonment). Judgement and punishment should be made public. No time should be wasted. No one can make for us a law better than our Wise Creator. Justice must not be perverted. Perversion of justice is corruption and complicity.
Welfare and security are the major functions of any responsible government. Curbing the spate of insecurity in Nigeria requires decisive efforts. Ineffectiveness of some of our laws and ineptitude of some of our leaders are inadvertently promoting social vices.
Let’s apply HUDUD to mitigate or eliminate the crimes. Let’s be open-minded and tolerant to accomodate whatever will bring our society any good.
SUKUK has worked, HUDUD can work better.
Jamiu, is chief imam at Lekki Central Mosque
Views expressed by contributors are strictly personal and not of TheCable.
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