GLOBAL FINANCIAL MELTDOWN AND THE CRISIS OFCAPITALISM IN NIGERIA: ISLAMIC PERSPECTIVES ON THE

SOLUTIONS

BY

ABDULMAJEED HASSAN BELLO (PhD)+2348022121928+2348037199987

E-mail boladebello@yahoo.com

DEPARTMENT OF RELIGIOUS AND CULTURAL STUDIES,UNIVERSITY OF UYO,

UYO, AKWA IBOM STATE NIGERIA

BEING A PAPER TO BE PRESENTED AT 9TH ANNUAL CONFERENCEOF NIGERIA SOCIOLOGICAL SOCIETY (NSS) AT CONFERENCE

0

CENTRE, UNIVERSITY OF LAGOS, AKOKA, YABA- LAGOSSTATE. NIGERIA

Abstract

The process of wage determination is central to economic analysis. The process under the capitalist tradition has resulted inenormous economic inequalities. This paper uses the prohibition of interest to examine the global financial crisis vis-à-vis crisis in Nigeria. The paper argues that the consequence of the global financial meltdown on Nigeria is immediate contagion impact on the financial markets of USA and Europe. The consequence has been depreciation in market capitalization and slash in the values of investments held by Nigerians. Because Nigeria economy is based on capitalism many of the successive regimes and governments policies, programmes and behaviours had led to increased poverty and deprivation among Nigerians. Thus, the solution to the capitalism crisis in Nigeria lies in abolition of interest based economy. Though, this is an Islamic approach, but based on Allah's injunctions which are quite consistent.

Introduction

The global financial Meltdown is cause basically by the

divergence between social and private interests at individual,

social, national and international level. The problem has

become extremely compounded because the means for the pursuit

of selfish interest have become institutionalized so much that

even the god-fearing is not aware of the danger and have

fallen victims (M. A. Fashola, 2009:6).

1

The process of wage determination is Central to economic

analysis. However, this process under the capitalist tradition

has resulted in enormous economic in qualities across all

sectors of society and across nations. Capitalism as the

dominant social, political and economic system, first of

Western Europe and later of much of the World has bred the

polarization of income to the extremes of the earning

spectrum. While capitalism ostensibly posits equal opportunity

for all, social harmony through the pursuit of self interest

and a free market economy and private property rights, the

real outcome of this system has been discrimination,

exploitation of labour and economic concentration of wealth in

society. In this regard, it becomes obvious that economic

immorality is not only salient feature of capitalism,

inevitable consequence of a system which continues to ignore

natural law of God the Almighty (Amir Ijaz, 1992:6).

The aim of this paper is to highlight Islamic finance

system as a solution to global financial meltdown and the

crisis of capitalism in Nigeria. The paper endeavors to show

the dynamics of the Islamic financial system in compare with

capitalism. Thus, the paper is divided into the following sub-

headings: theoretical framework, background of the present

financial crisis, capitalism crisis in Nigeria, Islam's

solutions to the global financial crisis and conclusion.

Theoretical frame work

2

Theoretical frame work of this paper is prohibition against

the making of loans on interest. The word used in this

connection in the Qur'an is 'Riba'. Allah says:

… They say, trade also is like interest; whereasAllah has made trade lawful and has made interestunlawful… Allah will blot out interest and willcause charity to increase (2:275, 276).

The Arabic word `Riba` is but partially covered by English

word "usury" which in modern parlance, signifies only an

exorbitant or extortionate interest (Randolph Quirk, :1162).

But the connotation of 'Riba' is not strictly identical with

interest as commonly understood. But for lack of better word,

"interest" may be used as a rough equivalent (Muhammad

Zafrullah Khan, 2004:53).

Background of the present financial crisis

The global financial meltdown is thought to be driven

basically by the global financial crisis (GFC) that has

engulfed the inter-dependent and inter-connected banking and

financial system and stock exchange across the major

industrial nations (M.A. Fashola, 2009:9). Ray Echbiri states:

On September 15, 2008 Lehman Brothers, a 600 billionUnited States investment bank field for bankruptcythat was adjudged the largest in the history ofUnited States. Since then, other U.S banks have beencrashing like a pack of cards as the crisis becomesystematic. Bank in Europe have also been takingturn to close shop. In Nigeria, banks are alsofeeling the pinch of the global economic crisis.That is expected since they are part of theinterconnected, interdependent global financialsystem (Ray Echbiri, 2009:36).

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In the beginning, the then CBN governor, ProfessorChukwuma Soludo said that Nigeria banks are safe, sound,

strong and capable of withstanding the shocks occasioned by

the global economic crisis. The most direct impact on Nigeria

is the effect on the international price of crude petroleum,

which is Nigeria's major foreign exchange earner (Afam

Onumonu, 2008:14).

Another negative consequence of the global financial

meltdown has to do with the financial services market in

Nigeria. This effect is the immediate contagion impact on the

financial market of USA and Europe with the global financial

crisis the institutional investors, in a bid to meet their

obligations in their home countries and at the same time

consolidate their assets in their home based so as to be

better weather the financial storm there have selling their

financial assets in emerging market and sending their funds

back home (Afam Onumonu, 2008: 14).

The consequence has been depreciation in market

capitalization and a slash in the value of investments held in

such markets-especially by citizens and institute.ons of the

country, which themselves worsen the trend by being frightened

into selling off their own equity holdings, thus further

depressing the market (Afam Onumonu, 2008: 14).

In Nigeria, because of the dearth of reliable financial

statistics, and the tendency amongst financial institutions to

be secretive about their income source and values, we may

never know how much was brought to Nigeria markets by these

institutions, and how much was taken away, nor will we know

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the extent to which their fund movements have contributed to

the current regressive state of Nigeria market. But suffice is

to say that Professor Soludo the then C.B.N governor

attributes the slump in Nigeria stock market to the withdrawal

of funds by foreign investors (Afam Onumonu, 2008: 14).

Capitalism crisis in Nigeria

Capitalism is an economic system characterized by private

ownership of the factors of production, market allocation of

resources, the use economic incentives, and decentralized

decision making. (Ray J. Ruffin et al, 1983:725) The colonial

economy of Nigeria was base largely on free enterprises and a

laissez-faire conception of the role of the state in relation

to economic activities (B.O. Nwabueze, 1993:92). The economy

of Nigeria was structured towards satisfying the demand of

British and global capital for raw materials, Primary exports

and transfer of resources to the metropolis (G.D. Olowononi,

2000:263).

The biggest evil of capitalism is that the wealth of the

nation is amazed in the hands of limited few and the rest of

the nation becomes a prey to want and poverty. The cases of

the eight banks chiefs axed by the Central Bank of Nigeria are

the best illustration of this assertion. N346bn and E11m in

six Nigerian banks had been traced to Mr. Erastus Akingbola,

former chief Executive officer of intercontinental Bank Plc.

According to the News papers, EFCC has so far possession of 13

mansions belonging to him in Nigeria, London, Accra Ghana and

Dubai.

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Another case is the case of former managing Director of

Oceanic Bank international Plc, Mrs. Cecilia Ibru, N235bn

traced to her account and suspected to own directly and

indirectly shares in 27 listed Nigeria firms, 275.7 Million

shares in first bank, 51 houses in Lagos, Abuja, Port

Harcourt, 1,030,000 Square meters of land in Lekki, 28 shops

at international city Building, Seven houses in Dubai, Estates

in South Africa, Eleven properties in Maryland, USA worth

$5.4m, shares in access, Fidelity, Union, Zenith, UBA, Bank

PHB, FCMB and GTB Bank. Also traced to Mrs. Ibru are shares in

un-listed Nigerian companies including without limitation: MTN

Nigeria Limited (814,332 Private placement shares valued at

N2, 000,000,000 purchased in the name of MasMacckoy Limited.

MTN Nigeria Limited (1,400,000 private placement shares

purchased in the name of ORION TRADING LTD, Nigeria Bag

Manufactures (1,785,000 private placement shares valued at N2,

000,000,000) and in so many other companies (Chiawo Nwankwo,

2010:59-61).

Admittedly, disparities in Nigeria originated as an

incident of transformation of the state from a colonial to an

independent one. By this monument us event, Nigerians were

ably translated to the privileged positions previously

occupied by Europeans. It was however, during the era of

Military rule that the disparities attained their present

intolerably staggering proportions as a result mainly of four

factors, viz, the civil war, the oil boom, the enormous,

unprecedented spending by the military government and

indigenization of expatriated enterprises. These had enable

6

some privileged Nigerians acquire so much wealth, billions in

many cases, as suppliers of arms and other materials, oil

merchants, middlemen, and bankers, government contractors,

investor and purchasers of former expatriate enterprises,

share brokers, insurers and agents of various kinds, etc. This

was also the era in which vast amounts of wealth were acquired

through unprecedented smuggling and foreign exchange dealings,

the era of the notorious "arranges" and traffickers in Indian

hemp, cocaine and heroin. Much of this wealth was, of course,

acquired through corruption. Corruption manifests injustice

because its fruits are underserved and unmerited. It is an

unjust enrichment (B.O. Nwabueze, 1993:96).

The use of monetary policy measures as a purposeful

instrument in aid of economic development and social justice

was one of the innovations introduced by the military

government in the management of the Nigerian economy (B.O.

Nwabueze, 1993:118). Forgetting that, in an interest motivated

society, as income disparities between the rich and the poor

to continue to widen, some sectors of society are more and

more inclined to live beyond their means. As money is borrowed

on interest, one is actually borrowed from one's own future

earnings. In effect, these are interest-based discounted cash

flows. With time, it is often the case that excessive

borrowing on interest creates excessive financial burden on

individuals-burdens which cannot be repaid (Amir Ijaz, 1997:

12). As the law requires the banks to set money aside every

year to cover those of their debts considered really bad. A

large part of their fund are there by tied up in this way and

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made unavailable for lending to financial desirable commercial

and industrial enterprises needed for the development of the

country. While mandatory provision for bad debts is

imperatively dictated by prudence and the maintenance of a

healthy banking system, the economy is the worse off on

account of such large sums being made unavailable for

profitable investment in economic development? B.O. Nwabueze,

observed the factor responsible for the alarming incidence of

bad debts in Nigeria. He says:The factors responsible for the alarming incidenceof bad debt in Nigeria undoubtedly include businessfailure due to project unavailability; poor,incompetent, reckless or dishonest management; fraudand other acts of sabotage by workers; default bygovernment to their obligation to contractors whoborrowed money to execute government contracts; lackof raw material, infrastructural facilitiesequipments and spare part of a general recession inthe economy. But there is another factor of greatimportance and relevance, viz lack of a proper moralattitude towards bank customers. The obligation torepay a debt involves a state of mind and aconscience (B.O. Nwabueze, 1993:122-123).

The problem did not lay only in the system of capitalism,

but in the children of capitalism the mafia of money that is

created in the process of capitalist government or capitalist

economies. Money and materialism are the goal in life. As a

result of that, selfishness commands the country. The

materialistic climate of this age has almost sanctified the

desire to get rich quick, and not to be too particular about

the means employed or at whose expense the rise to riches

depends.

Unfortunately many of the policies, programmes and

behaviours of the successive regimes or governments in Nigeria

8

have led to increased poverty and deprivation among Nigerians.

Also some of these policies have created anomic conditions

among the citizens. In reaction to the policies,

idiosyncrasies and situations to which their governments have

consistently exposed them, many Nigerians engaged in criminal

or deviants who do not react criminally or defiantly to the

misbehaviour of their governments feel betrayed and

criminalized by the words and actions of those governments and

their officers (Abimbola Tooki, 2009:38).

Islam solution to the global financial crisis

The capitalist economy is based on individual

initiatives, competition and therefore, on the exploitation

and the survival of the fittest. It is based on the

appointment of excessive return on capital in the form of

interest. Financial capital assumes the freedom to fly to

where ever it can get the highest returns (Ibrahim A. Ayagi,

1993:325). Thus, the real ethos of capitalism is

discrimination of wealth in society.

However before proceeding on the solution provided by

Islam for the global financial crisis, two points need to be

noted first, although the Islamic financial system is

influenced by the level of morality of people and by their

religious enthusiasm, it does not rely on voluntary action for

its performance. This means that in spite of the fact that an

Islamic finance may have high level of voluntary transfer

payment, i.e. charity, its structure and functioning do not

depend on the level of charity but rather on the basic axioms

and rules of the game that are manifested in the organization

9

of economic activity. Therefore the behaviour of the system is

not theocratic but, rather and a large extent, secular (Monzer

Kahf, 2005:83).

Second, the Islamic financial system is dynamic. This

means that it does not have "canon law" that goes into every

bit of details. It is only determines the broad lines and

basic principles. All details are left to the society to

create according to the art of the time (Muhammad Shawai Al-

fanjari, 1986:124-125).

Riba literally meaning, an excess or addition, signifies

an addition over and above the principal sum (J.M. Cowan,

1960:324). It covers both usury and interest. According to the

saying of the prophet Muhammad "every loan advanced to draw

profits" comes under this definition. Riba is prohibited in

Islam because it tends to draw wealth into the hands of a

small circle and hereby adversely affects its equitable

distribution. It promotes idleness in the money-lenders and

kills in the all incentives to help others and chokes all

springs of sympathetic behaviours. The money-lender takes

advantage of and make profits from, the need and distress of

others. While on the one hand Riba causes the lender to

exploit other people's wants (Malik Ghulam Farid, 1969:115).

It is the economic based on Riba that led to the present global

economic crisis.

Thus, Islam prohibits interest in any form whether its

rate is high or low, whether it is on consumption or on

investment loans and whether it is short or long term. In

fact, any sum stipulated to be received or given over and

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above what advances or received as loan is interest whether

the dealing is with an individual or a bank. Thus, the

prohibition of `Riba` is in essence a rejection to any form of

transaction that throws the risk totally on one party leaving

the other with assured gain. When Allah says: " O you who believe!

Devour not interest involving multiple additions", (3: 130). This does not

mean that interest is permissible at a moderate, only a high

rate having been disallowed. All interest are prohibited,

whether moderate or excessive, and the words "involving

multiple additions", have been added only to point to the

practice actually in vogue in the time of the prophet

Muhammad. Thus, the extreme limit has been mentioned merely to

bring out its heinousness (Malik Ghulam Farid, 1969:115-116).

Under the Islamic law, no monetary reward can be asked on

a contract of loan (Muhammad Fazel Lankarani, 1999:424), but

prohibition of interest in Islam does not mean that capital is

costless in an Islamic financial system. Capital is recognized

as important factor but Islamic law does not allow this factor

to fix a predetermined amount for the use of capital

(Sallauddin Ahmad, 2006:24). As the Islamic banks cannot

charge interest, participation in an enterprise is on a profit

and loss sharing basis. This expresses the fact that in order

to gain a share in output, one has to participate in the

production process as a factor of production and money is not

a factor of production. 'Riba' is prohibited because it tends to

draw wealth into the hands of a small circle and to restrict

the exercise of beneficence towards one's fellow beings. In

the case of loans which bear interest, the lender in effect

11

take advantage of, and makes a profit out of the need or

distress of another (Muhammad Zafrullah Khan, 2004:57). This

is clearly express in the Holy Qur'an:Those who devour interest do not rise except as riseone whom Satan has smitten with insanity. That isbecause they say; Trade also is like interestwhereas Allah has made trade lawful. So he to whoman admonition comes from his Lord and he desists,then will that which he received in past be his; andhis affair rests with Allah. And those who revert toit, they are the inmate of the fire; therein theyshall abide (2:275).

Also regards to interest:

O ye who believe! Fear Allah and give up whatremains of interest, if you are truly believers(2:278).

These injunctions automatically eliminate the possibility

for financial institutions to exist in the form and kind that

they do at the present time. Under these circumstances

individuals have only two alternatives, either to employ their

money in personal business or to pool their resources to

establish small or big business enterprises (Hashim Ahmad,

2001:51). What ever may be the structure of the business, it

will be run strictly on the basis of profit and loss sharing

without any debt financing. Lending to the business in every

case would be through equity sharing and thus sharing profit

and loss (Mirza Tahir Ahmad, 1997:182). All contracts, whether

involving large amounts of small, must be reduced to writing,

setting out all the terms thereof, as this is more likely to

keep out doubts, and avoid dispute. The writing should set

out the terms agreed upon fairly, and as a further precaution

it is laid down that the terms of the contract shall be

12

dictated by the person who undertakes the liability. Allah

says:O you who believe! when you borrow one from anotherfor a fixed period, then write it down. And let ascribe write it in your presence faithfully; and noscribe should refuse to write, because Allah hastaught him, so let him write and let him who incursthe liability dictate, and he should fear Allah, hisLord, and not diminish anything therefrom (2:282).

The borrower, and not the lender, is to dictate because;

(1) it is the borrower who incurs the liability; and justice

demands that the words defining the liability should be

selected by him; (2) the document is to be deposited with the

lender and not the borrower. So the borrower has been asked to

dictate so that the fact of his having dictated may serve as a

proof of the correctness of the amount and the conditions

about payment, and he may have no cause or ground to deny it

(Malik Ghulam Farid, 1969:117).

Now this would not only require the lender to be very

cautions while choosing who to finance, but it will also

require a high standard of honesty and integrity on the part

of the entrepreneur in need of financing. The market will work

to eliminate the dishonest ingredients; staying afloat will be

the honest ones and the ones who have earned the reputation of

goodwill (Hashim Ahmad, 2001: 51).

Equity sharing being the only form of raising finance

also has a social as well as an overall economic advantage.

For instance, the westernized business, raising finances on an

interest basis, must keep paying interest during recessions

periods even if the business is making huge loses. Such

13

adverse situations provide them with very short breathing

period to survive under difficult circumstances. The only

choice left is to declare they bankrupt, which hurts the whole

society and economy (Hashim Ahmad, 2001: 53). While in an

Islamic business entity under the same circumstances when the

production or business activity has to be lowed due to the

crisis, then the lender (equity sharer) will also have to

share the burden of it. The lender will not be paid anything

or may have to bear the loss of his/ her equity. But such

companies in turn are provided with much great breathing

periods. Thus, Islamic system provides possibility of

hibernation while the western Capitalist system has no

provision for this (Mirza Tahir Ahmad, 1997: 182). Thus, it is

a mistake to imagine that transactions involving interest

bring about an increase in the national wealth. The Qur'an

says that in the sight of Allah it is not a beneficent

increase (30:39).

Two major forms of business will be discussed. Besides

these forms of enterprises, there are many other business

activities undertaken in an Islamic system but they do not

relate directly to the subject of this paper. Namely, some of

them are 'Murabaha' (trade financing) 'Ijara' (Lease of hire),

'Ijara wa Iqtana' (hire purchase), etc. it is necessary not to

fixate upon the names and descriptions of Islamic business

entities, but to understand the concept of these practices.

The driven force behind all is the Islamic law 'Shari'ah', which

provides the guidelines for understanding these concepts. Two

of the main ingredients of this concept are, proportional

14

sharing of profit or loss and complete elimination of interest

in any form or disguise.

Mudaraba (profit sharing or trust financing)

The origin of mudaraba is in trade. Other Arabic terms

used to designate are Qirad and Muqarada. The terms are

interchangeable with no essential difference of connotation.

Mudaraba is an agreement where investors entrust capital to

agents who trade with and the profit is divided equally or at

pre-agreed basis between the agent and the investor (Al-Husoni

Muhammad Al-Husaini: 301). The profit-sharing or trust

financing requires 100 % capital from one party and 100 %

work/ management from the other party, and the capital for

investment must be in form of money delivered to the manager

(Al-Husoni Muhammad Al-Husaini: 303). Financial loss is borne

by the investor exclusively, except in the case of negligence

and there should be no intervention from the investor in the

management of the business. It is an agreement between two

parties where one party the owner of the capital entrust the

whole amount of the capital for a venture and the other, the

entrepreneur manages the venture using his labour and skill

(Al-Husoni Muhammad Al-Husaini: 304). In this type of business

venture, the human capital is given due recognition and also

upon he importance and value of providing capital in terms of

finance. Profit sharing is more equitable to conventional

interest-based banking system.

The Islamic banks are more concerned about sharing in the

future profit of their borrowers than about their present

worthiness. The decisions granting loans on the part of the

15

Islamic bank are taking in the longer time frame for the over

benefit of the society rather than promoting further the

interest of the business enterprises who have already achieved

credit worthiness (Salauddin Ahmad,2006:26).

Masharaka (Partnership Financing)

Musharaka is a partnership form to carry a specific

project, normally for a limited period. It is similar to a

joint venture. All parties involves contribute towards the

financing of a business venture. Profits are shared according

to an agreed ratio and the losses are shares to each party's

equity contribution (Sheik Khalil bin Ishak: 195). Partnership

financing is one of the best modes of Islamic finance, which

encourage the parties concerned to put their best efforts to

earn profits knowing the risk of incurring losses instead of

profits (Salahuddin Ahmad, 2996:27).

Thus Islamic financial system neither belongs to

capitalism nor to scientific socialism. The economic

philosophy of Islam is scientific without being mechanical. It

is disciplined without being over restrictive. It allows

private possession and private enterprises abut does not

promote greed and the amazing of wealth in a few hands hereby

a large sections of society turns into destitute, serfs and

slaves to a cruel and relentless system of exploitation (Mirza

Tahir Ahmad, 1997:171).

Islam recommend that money and wealth should be constant

in circulations and accumulations, capital and profiles,

should be made to contribute towards the relief of poverty and

rising of the standard of living through joint-venture,

16

partnership and other entrepreneurial pursuits (Mirza Bashir-

ud-din Mahmud Ahmad,1969:77). When capital is employed in

trade or industry it naturally provides works for labour and

it keep on circulating among different classes of people. In

this way a businessman is not only increase his own wealth but

also provides works for others (Mirza Bashir-ud-din Mahmud

Ahmad, 1969: 78).

In an interest-motivated society, owners of capital are

always ready to lend money without investigating the ability

of the borrower to repay on the borrower side, there are few

who seriously consider their repayment ability. Little do they

know that borrowing from the loan sharks, the likes of shylock

and prestigious finance house and banks, is tantamount to

borrowing from their own futures earning. It encourages the

habit of living beyond one's resource. It results in

overspending and an increasing in ability to repay and honour

one's pledges.

Conclusion

The solution to the capitalist crisis in Nigeria lies in

obedience to Allah's injunctions regarding just and fair

social and economic relationship and transactions. Although

this is an Islamic approach, but the fact is that, the

solution based on Allah's injunctions, are quite consistent

with human reasoning, observations, and social-scientific

analysis. And since the Islamic finance is not theocratic but

to a large extent secular, Nigeria may benefit from it, and

that does not turn the country to an Islamic State.

17

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