Challenge of training manpower for Islamic banking

One of the major roles of universities in addition to research, is the training of the much needed manpower for the country. In tandem with the philosophy of the University and keeping with the principles of its founding fathers, Sir Ahmadu Bello and the Great Emir of Kano, Abdullahi Bayero, all of blessed memory, the […]

One of the major roles of universities in addition to research, is the training of the much needed manpower for the country. In tandem with the philosophy of the University and keeping with the principles of its founding fathers, Sir Ahmadu Bello and the Great Emir of Kano, Abdullahi Bayero, all of blessed memory, the Bayero University Kano (BUK), before any university in Nigeria, saw the need for mounting a postgraduate programme in Islamic Banking and Finance.

Gladly, the University established what appeared to be the first International Institute of Islamic Banking and Finance (IIIBF) not only in Nigeria, but, the entire West African Sub-region in February, 2012. This was barely a year after the licensing of a first full-fledged non-interest bank in the country by the Central Bank of Nigeria (CBN). The initiative came at the time when, at the global level, Islamic finance is waxing stronger as a viable alternative to over a century’s old hegemony of interest based banking institution. Renowned financial experts like Christine Lagarde, the Managing Director and Chairman of the International Monetary Fund (IMF), Tony Blair, the EU Commission, Dr. Ngozi Iweala, to mention just a few have hailed the bold initiative of Muslims of providing a viable alternative system of banking that creates financial stability and economic growth in the world. Currently, Islamic finance operates in over 100 countries with a total worth of over $2.05 trillion in 2017 (IFSB, 2018).

At home, in Nigeria, we will never forget the hot, yet soothing debate that raged between the CBN, then headed by Malam Sanusi Lamido Sanusi, and those opposed to the introduction of the non-interest banking in Nigeria. When calm reigns, the sub-financial sector in Nigeria now has two licensed banks; recorded three outstanding capital market issues of Sukuk (Islamic bond), craved new roles for the regulatory institutions and ministries in the country – the Nigerian Deposit Insurance Corporation (NDIC) Securities and Exchange Commission (SEC), Debt Management Office (DMO), Federal Ministry of Finance (FMOF); developed indices for performance evaluation and lots more that are unfolding with the passage of time.

It is heartwarming to state that the Bayero University Kano’s IIIBF had been an indispensable part of all these metamorphoses. For instance, it served as an important beacon for middle and upper cadre academic (manpower) training, international conferences, global scholar’s forum, world-class publications – journals, conference proceedings, books of readings, etc. On my own merit, I am right, as a graduate of the IIIBF, to unequivocally state that the Institute has enviably grown from strength to strength, breaking the boarders and transcending to the global arena. The Institute was set to provide the much needed manpower to serve this important sector of Nigerian Banking and Finance. Bayero University as a rising star in the Nigerian academic arena has the opportunity to pioneer training in Islamic banking and finance. The Institute started Masters program in Islamic Banking and Finance and all arrangements were in place for the for commencement of Doctor of Philosophy degree (PhD) and perhaps a Bachelor’s degree in Islamic banking and finance, which will put the university in the global academic financial map.

Dishearteningly, we learnt that the University Management has decided to scale down the activities of the Institute. Reliable information available revealed that the IIIBF gradually being dismantled as all its academic staff have been posted to other departments in the University. The graduate programmes will likely fizzle out into thin air as the foundation meant to support them is shattered. This came at a time when the university is expanding its programs creating new faculties and even colleges in other areas while the Institute that promotes Islamic banking and finance is demoralizingly been neglected.

Although we cannot fathom the action of the university management, but, one wonders why the University will lose the opportunity it has of leading in Islamic Banking and Finance in the entire African continent as its current vision says it wants to lead in education in the Continent? The Bayero University Kano, of all the Nigerian Universities, has the singular and moral responsibility to promote this new area, provide the needed manpower and research for the growing sector.

As a former student of the Institute, I wish to remind the Bayero University Management that it will be disastrous to let this opportunity slips away. To my knowledge, it is the only institute in the Nigerian Universities and making it succeed should be a priority for the university. It is still not too late, I urge the University Management, to have a rethink on the matter, otherwise, the promise of the Almighty will come to pass. I further wish to call on His Royal Highness, the Emir of Kano, Muhammadu Sanusi II, especially with what he has done and is still doing to Islamic finance globally and the current NUC Executive Chairman, Professor Abubakar Adamu Rasheed who established the Institute to press on the University Management to do the needful. The indefatigable philanthropist Alhaji Aminu Dantata should also come in and press on the University Management to reverse its approach towards the Institute and let it be. Without this Institute, the future of Islamic finance education is at stake. All other stakeholders, including those wishing to further their education in the field should join hands in actions and prayers in recovering that is about to be lost.

Abduljabbar Muhammad  [email protected]