Customer's expectations in Sukuk (Islamic bond)‎ and the question of Islamization of Nigerian

Abstract EN

Since the introduction of Sukuk (Islamic Bond) in Nigeria, the importance of secularism has been the object of discussion, with the general belief by a large number of people that Islamic Sukuk will Islamize Nigeria and disrupt its secularity.

It is against this backdrop that this paper discusses the salient features and rationale behind of Sukuk.

It also discusses the differences between Sukuk and Conventional Bonds and clarifies the question of secularism and Islamization of Nigerians by the Federal Government through the Sukuk in Nigeria.

Generally, expository methodology wills be used for the study while historical approach was resorted to where necessary.

The qualitative, library based approach will also be used and the data will be exclusively seek from the Glorious Qur'an, Sunnah, books, journals, and Islamic manuscripts.

The paper found that Sukuk is one of the Islamic finance which refers to a system that functions on the principles of Islamic Law that must be free from receiving or paying Riba (interest) and Gharar (uncertainty) in contracts unlike Conventional Bond which is based on uncertainty.

Therefore, the study also indicates secular life and religion are pervasively entangled to the extent that official indifference cannot justify politically or constitutionally the indifference.

Many official practices such as work-free days (Saturdays and Sundays), holidays (on Christmas, Idul fiṭr), churches and mosques in the state government houses and presidential villa clearly show that there is an engagement with religion.

There is also evidence that, Sukuk does not violate section 10 of the Nigerian Constitution because it is not being financed directly or indirectly by the state funds.

The paper recommends that, there is need to embark on vigorous public enlightenment campaign programmes, to create more awareness on the objective and modalities of the Sukuk bond.

It concludes that, the conception of secularism in Nigeria is religious tolerance and equal treatment of all religious groups.