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Financial Accountability and Religious Sentiments: The Case of Sukuk Bond

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Abstract

This study bridged the gap in the literature by exploring the overlaps between public financial accountability and religious sentiments. Previous studies have considered accountability in specific religions and religious organisations through the expositions of their application of accounting concepts and procedures. However, the ways in which religious sentiments affect public accountability are rarely researched. Yet, religion and religious sentiments play central roles in the lived experiences of many people and affect their decisions and perceptions. We used the issuance of Sukuk as a way to understanding how religious sentiments can impact public financial accountability. Our analysis of the online commentaries on the media report of the Sukuk issuance relied on the theory of Symbolic Interactionism and an interpretivist research approach that recognises multiple realities and supports exploring people’s lived experiences. Symbolic Interactionism suggests that people create meanings from their interactions with others through symbols, actions and multiple roles in social settings. Our findings showed that the Sukuk issuance elicited conflicting symbolic meanings amongst Netizens that affected their opinions of governments’ efforts to enhance public infrastructure using alternative financing options. We argued that clarity on the intersection between religious sentiment and public financial accountability can lead to deeper understanding on the nature of public accountability. It could also support the design of appropriate accountability frameworks especially in contexts with social fissures capable of undermining public accountability.

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Notes

  1. Nexis provides full-text database including UK national and regional newspapers and trade press plus many newspapers including the Financial Times and magazines published worldwide. Also includes full-text information covering companies, industries, market surveys, countries, and people.

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Authors and Affiliations

  1. Bristol Business School, University of the West of England, Bristol, UK

    Ismail Adelopo

  2. Leicester Castle Business School, De Montfort University, Leicester, UK

    Ibrahim Rufai

  3. Keele Business School, Keele University, Staffordshire, UK

    Moshood Bello

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  1. Ismail Adelopo
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Correspondence to Ibrahim Rufai.

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Appendices

Appendix 1: Symbolic cues and meanings (note we anonymised the names of the respondents as necessary)

Opposition themes

Quotes

Cues (1st order code)

Symbolic cues (2nd order themes)

Symbolic meanings (3rd order aggregation)

Roles

Thank God, Christian leaders are speaking out.we should confront any antichristian agenda

Damian.I

Need to confront antichristian agenda;

Anti-Christianity Agenda

Religious encroachment

Osinbajo (the Vice President who is also a Pastor) the Christian leader becoming a ‘muslim’ pastor

this christian leaders…so it is now ur eyes have opened…osinbajo is there as a pastor, am sure he is not aware, he is fast becoming a muslim pastor…

APC_BETRAYED_MY_VOTE

Christian leaders ….ur eyes have opened;

 

Typical islamization plan can take up 100 years or more to be realized. Stop hiding the truth. There is a plan

ClassLLess S. Abu Aishah

Osinbajo becoming a ‘muslim’ pastor;

 

Nigeria is a secular state n stop shoving your terrorist religion down people’s throat

ANM

Typical islamization plan

 

I have no problem with Muslims promoting their religion, but d issue is using d federal govt tools to further their agenda. Yet we claim to be a secular country. And we have Islamic states within a secular Nigeria too. States in d north promote Islamic activities, build mosques, declare public holidays for their new year, sponsor people to mecca, yet Nigeria is supposed to be secular. If Muslims and their leaders still term CAN as islamophobic, then they are brainless

Ogho A

Shoving terrorist religion down people’s throat;

Islamic state within a secular Nigeria;

Threat to a secular Nigeria

Chaiii! Ignorance is a serious disease…

I. Umar

Ignorance

Ignorance

Knowledge gap

 

Thanks for this piece. The man's intention is solely to discredit the financial instrument and cause the Christians not to invest in it. It is only a display of ignorance. Fortunately, the Christians are knowledgeable and would take objective and informed decisions on same

Full blooded Nigerian BMS

Focused on discrediting

the financial instrument-ignorantly

 

Illiteracy of the highest order, Britain is 100% Christian country but has IBB = ISLAMIC BANK OF BRITAIN. be wise in your hatred please

Smart

Illiteracy due to hatred

 

I wonder if taking the bond would make you to use it to build mosques? Moslem hater, most of these clubs you support in Europe are owned by Arab investors—and you still want to kill yourself for EPL. Sukuk means interest free lending. You bargain on the profit made by your business. Even if it is govern by sharia, has the system forced itself down your throat. You just hate anything moslem that is all. Ask all these business entrepreneurs if the bank will ever lend them money without interest being charged -

Akanbi

Moslem hater

European clubs you support are owned by Arabs investors

Banks won’t lend without interest

Sukuk means interest free lending

Feigned illiteracy

You fail to explain how SUKUK is none interest bearing. Please explain. Proceeds from the 100BN SUKUK bond will be applied to construct infrastructure’s across the geo-political zones. These infrastructures will not be tolled—so where is the income to be shared to investors coming from? For your information, the SUKUK bond will be issued at 16.3% coupon rate—which the deceivers chose to call rent instead of interest. These rent is backed by FGN. In all ramifications, SUKUK is not different from the normal FGN Bond. So why call it SUKUK. Now tell us Bello; which principle governs the SUKUK ? Is it not Sharia based ?

Andy

You fail to explain how SUKUK is none interest bearing

Where is the income to be shared to investors coming from?

Lack of clarity

Government mistrust

 

I am with CAN on this. Sukuk is a policy strictly formulated in line with Sharia laws so Mohammed should stop deceiving himself. What is the intent of this loan? Where is money coming from? How come they are without interest? Sukuk is not a loan but something like a joint partnership with those bringing the money, they have shares in whatever you invest the money on, so who is Mohammed struggling to deceive? Which projects will these money financed and in which part of the country? It is a shame that this government is proving those that calls its horrible names right on daily basis

TOBBY777

What is the intent of this loan?

Where is money coming from?

How come they are without interest?

Which projects will these money financed and in which part of the country?

Government Deceit

  

The Minister of Information and Culture, Lai Mohammed, said the financial initiative was borne out of the need to include people who are opposed to interest-yielding enterprises. If the Arabs are so oppose to interest-yielding enterprises, why do they invest and keep their funds and savings in western banks? This man better come up with better reasons that make sense to rational people—not the mumu audience his comments are usually intended for

thusspokez

This man better come up with better reasons that make sense to rational people…

   

Supportive themes

Quotes

Cues

Symbolic cues

Symbolic meanings

Roles

What are d Christians doing n y can’t we have Christians Banks too? instead of that our pastors are having private jet n sleeping with women. Stop telling us they want to Islamicise d country, Nigeria is too big for that. Our Christians leaders should wake up, instead of helping the poor they take from d poor to enrich themselves

Victor I

Have Christian Banks too

Stop telling us they want to Islamicise the country

Nigeria is too big for that

Arbitrary claims

  

No Mind them…stealing from the poor and building mansions, buying private jets,private universities that the poor can't attend and yet they complain against a noble cause that assist normal people? Float your own Christian banks that give loans with zero % interest rate. That's way we would know church is not a profitable business in Nigeria and they also care for the poor…

James

….they complain against a noble cause that assist normal people?

 

Sentimental claims

 

Question: will it be mandatory for all Nigerians to borrow or by choice? So if you're a Christian and “long throat” takes you to an Islamic bank, then you deserve what you get if shareholders “Sukuk” you, simple

Olusesi

It is by choice

Choice

  

No, these CAN of worms people are not illiterates; rather they are hypocrites and deceivers. They are simply church entrepreneurs masquerading as christians. Let them also float their own christian banks with zero interest rates. I am a Christian, but I have no allegiance to these CAN people

NonPartisanElder

Float your own Christian- zero interest bank

  

Charles Soludo—the Christian vs. Charles Soludo—the Governor of the Central Bank of Nigeria

Charles Soludo introduced Jaiz Bank in Nigeria, and finally approved by GEJ when Lamido Sanusi was CBN Governor (please crosscheck). This Jaiz is now the initiator of the Sukuk, which is more beneficial to Nigerian infrastructural development than these conventional banks. No basis for all these sentiments please

Danladee

No basis for sentiments

  

Goodluck Ebere Jonathan (GEJ) the Christian vs. GEJ the President of Nigeria

Sanusi Lamido the Muslim vs Sanusi Lamido the CBN Governor

Mr man the world has pass this stage. It was just of recent Nigeria recovered from recession. Nigerian government at all levels are in dire need of capital to reflate the economy, the capital with less interest or none at all. We are in global community and these types of bond is being utilize by the most Anglican, Catholic, Orthodox and Lutheran nations; The Britons, Germans, Italians, French. This is alarmist. The VP, the CBN governor, the finance minister, the DG DMO, the budget minister, the economic adviser are all Christians and they are responsible for structuring of this bond. Pls Allow capable Christians to invest in this risk free SUKUK and reap the benefit before it closes tomorrow (tomorrow) Wedneday (Wednesday)

MBS

Nigeria just recovered from recession

Nigeria is in dire need of capital to reflate the economy

Sukuk is used by Christian countries and developed economies

Economic and infrastructural need

Economic imperatives

The VP, the CBN governor, the finance minister, the Director General, Debt Management Office, the budget minister, the economic adviser are all Christians and they are responsible for structuring of this bond (a reference to their multiple roles of being Christians but also economic and financial experts)

Appendix 2

See Table 4.

Table 4 Government response to some of the allegations on the Sukuk bond issuance
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Adelopo, I., Rufai, I. & Bello, M. Financial Accountability and Religious Sentiments: The Case of Sukuk Bond. J Bus Ethics 182, 397–420 (2023). https://doi.org/10.1007/s10551-021-04972-4

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