Pastor Ayo Oritsejafor...a challenge "...I am yet to come across any that operates strictly based on certain properly articulated Christian banking principles. I am aware of Kingdom Bank based in Nottingham, UK, but they evolved from being a mortgage outfit owned by Assemblies of God and, if I read them right, simply added savings into their portfolio. There are a couple of such institutions in the United States too. I am of course aware that there is the Vatican Bank and it is just that, a bank for the Vatican."
In closing last time I raised the following questions: Is there such a thing as Christian Banking? If there is, what are its main features and how does it differ from orthodox banking? If there’s no such thing as Christian banking, why isn’t there? Against the background of current experiences all over the world, shouldn’t there be Christian banking?
I shall try to answer these questions which I actually posed as one multifaceted question. This becomes even more pertinent against the background of an August 8 news report in the Moment, a Lagos-based daily, to which my attention has just been drawn.
Headlined, “Islamic Banking Opponents in Nigeria Seek Interest-Free Christian Banking Licenses”, it reads: “Having failed so far to convince the Central Bank of Nigeria (CBN) to withdraw its current guidelines on Islamic Banking, there are indications that some Christian groups may have decided to use a new approach to challenge the apex bank on the issue.
“Investigations by The Moment revealed that instead of continuing to protest against what they perceive to be the CBN’s attempt to use the guidelines to promote Islam over other religions, the Christian groups are now planning to apply to the apex bank for a non-interest banking licence that would allow them set up a bank that would operate in accordance with Christian principles (emphasis added).
“The Moment learnt that these groups, which in order to mobilise fellow Christians to support the plan have started going round churches in the Federal Capital Territory (FCT), Abuja, conceived this line of action in response to the CBN’s assertion that its guidelines also allow non-Muslim groups to apply for their own non-interest banking licence.
“For instance, the relevant section of the guidelines which top officials of the banking watchdog cite to support their claim, reads: ‘In line with CBN’s objective of promoting financial inclusion in Nigeria, individuals and groups wishing to practice non-interest banking based on established rules and principles other than Islamic may apply for a licence to operate such institutions, and the CBN will accordingly issue guidelines pertinent to that type of banking.’
“However, a source in Abuja informed The Moment that the Christian group’s decision to apply for non-interest banking licence was really to test the CBN’s pledge that other groups which apply would receive the same amount of attention that the current guidelines give to the Islamic religion. ‘In the church I attend, people are really angry over the CBN’s position on the Islamic Banking issue and they have decided to apply for a Christian banking licence to see if their application will be approved and what kind of guidelines the CBN will issue to govern Christian banking (emphasis added). They have also started going to other churches to get more people to support this plan.’
“Industry analysts told The Moment that if Christians apply for ‘Christian banking’ licence, the CBN could find it difficult drawing up guidelines for this form of banking mainly because it is not as well developed as Islamic Banking. Of particular interest is whether the contentious section in the current guidelines which states that the CBN will establish an Advisory Council of Experts to advise it on Islamic Banking will also be found in the guidelines for the other types of non-interest banking. Christians have criticised this proposed council of experts and they will be watching out to see if such a council will also be proposed for them, the analyst submitted’...”(emphasis added). I shall return to this report shortly.
The first shocking thing to note is that my not-so-exhaustive search has turned up nothing to suggest that there is anything known as Christian banking. There are Christian mortgage institutions and savings and loans outfits, so-called because they are owned by Churches, finance Church building projects and church activities, but I am yet to come across any that operates strictly based on certain properly articulated Christian banking principles. I am aware of Kingdom Bank based in Nottingham, UK, but they evolved from being a mortgage outfit owned by Assemblies of God and, if I read them right, simply added savings into their portfolio. There are a couple of such institutions in the United States too. I am of course aware that there is the Vatican Bank and it is just that, a bank for the Vatican.
The question as to what the main features of Christian banking are and how it differs from orthodox banking does not arise at all, since there simply isn’t any such thing! And on why there’s no such thing as Christian banking, I think it’s simply because, orthodox banking originated from Christian environments and was originally operated along basic Christian principles.
Then the ultimate question: “against the background of current experiences all over the world, shouldn’t there be Christian banking?” That I would answer in the affirmative for the following reasons.
One, no matter its history, orthodox banking no longer serves the interest of the Church (Pastor Benny Perez and the Church of Las Vegas, for example) nor those of Christians (the average believer unable to finance his/her business). Two non-interest, profit/loss sharing and ethical banking, (main features of Islamic banking) substantially conform with the Christian faith, save for arguments over whether usury is excessive interest or any interest and also investment in piggery. Three, should banking wind up becoming an evangelizing tool, which seems far-fetched at the moment, we won’t be caught napping.
In closing, please take a look at the emphasis added in the news report quoted above. I believe the issue of guidelines should be seen more as a challenge to us Christians to develop and articulate Christian banking principles around which the guidelines for Christian banking would be built, rather than see as a test for the Central Bank of Nigeria. As for the so-called advisory council of experts at the CBN, neither Islamic nor Christian banking requires one at State expense, and, in my considered opinion, we should press until the existing Islamic council is disbanded. (CONCLUDED)
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