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Nigeria To Use Sukuk For Infrastructural Funding - Politics (3) - Nairaland

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Re: Nigeria To Use Sukuk For Infrastructural Funding by Sigo86(m): 10:54am On May 19, 2016
Firefire:
Please what happens to the Trillions of Naira / Billions of USD recovered from the 'Evil PDP'? If truly we have recovered those looted fund in addition to Abacha 'Stolen money' or illegally taken away fund, we don't need any additional loan from either China, IMF or Islamic Republic of Iran or Islamic Development Bank in Jakarta.

Except if the recovered loots has been re-looted.


Even as rich as USA is, dem still dey borrow.
Re: Nigeria To Use Sukuk For Infrastructural Funding by orisa37: 10:57am On May 19, 2016
I believe it's possible only in the north west and the Caliphate, and must be approved by NASS.
Re: Nigeria To Use Sukuk For Infrastructural Funding by Firefire(m): 11:02am On May 19, 2016
Sigo86:


Even as rich as USA is, dem still dey borrow.

Yes, they can borrow and anyone for that matter.

The Nigerian case is different, there should be full explanation on the recovered loots and its application before exploring any other option of borrowing.

Or have they re-looted the loot ?
Re: Nigeria To Use Sukuk For Infrastructural Funding by orisa37: 11:05am On May 19, 2016
[quote author=mariosam post=45759190]. Must be approved and certified by NASS.
Re: Nigeria To Use Sukuk For Infrastructural Funding by orisa37: 11:06am On May 19, 2016
[quote author=Beadex1 post=45759201]. Must be approved and certified by NASS.
Re: Nigeria To Use Sukuk For Infrastructural Funding by orisa37: 11:10am On May 19, 2016
[quote author=simplynola post=45759253][color=#006600]Then the bonds will finally turn to bondage. And Abuja will become ISLAMABONDS.
Re: Nigeria To Use Sukuk For Infrastructural Funding by Sigo86(m): 11:34am On May 19, 2016
Firefire:


Yes, they can borrow and anyone for that matter.

The Nigerian case is different, there should be full explanation on the recovered loots and its application before exploring any other option of borrowing.

Or have they re-looted the loot ?

I dont know if u're a programmed machine cos u repeated or can I say copied same thing u wrote earlier on.... Borrowing isn't d issue, d way d money is being used is d main thing... Developed nd advanced countries are still borrowing till date even as dey've more than enuf in deir reserve bt d difference dey always make is making use of d money judiciously in key areas...
Re: Nigeria To Use Sukuk For Infrastructural Funding by Firefire(m): 11:36am On May 19, 2016
Sigo86:


I dont know if u're a programmed machine cos u repeated or can I say copied same thing u wrote earlier on.... Borrowing isn't d issue, d way d money is being used is d main thing... Developed nd advanced countries are still borrowing till date even as dey've more than enuf in deir reserve bt d difference dey always make is making use of d money judiciously in key areas...


That is the word. Judiciously!

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Re: Nigeria To Use Sukuk For Infrastructural Funding by Sigo86(m): 11:41am On May 19, 2016
Firefire:



That is the word. Judiciously!

Thanks bro, Dats y majority of Nigerians av massive confidence in d governance of PMB.
Re: Nigeria To Use Sukuk For Infrastructural Funding by Firefire(m): 11:47am On May 19, 2016
Sigo86:


Thanks bro, Dats y majority of Nigerians av massive confidence in d governance of PMB.


I beg to disagree on the bolded.

Majority of Nigerians are rather loosing hope in this administration that would say something now and turn around to deny it the next moment.

Credibility and trust start from honoring your past words and commitment.

2 Likes

Re: Nigeria To Use Sukuk For Infrastructural Funding by Sigo86(m): 11:58am On May 19, 2016
Firefire:



I beg to disagree on the bolded.

Majority of Nigerians are rather loosing hope in this administration that would say something now and turn around to deny it the next moment.

Credibility and trust start from honoring your past words and commitment.

Based on PMB's massive fight against corruption.... The trust is there.
Re: Nigeria To Use Sukuk For Infrastructural Funding by Iko5000: 1:06pm On May 19, 2016
Not true 100 per cent. you will still pay a high fee for the bond or loan . if its free then no Islamic bank will make a profit and therefore collapse
omolola15:
Before you start shouting islamize please understand why Islamic bond is one of the best options when borrowing. It's interest free. You borrow 10 billion you pay back 10 billion. It's as simple as that. But I'm very sure some mumu people will still come here and shout islamize. Make i dey my corner dey observe them.


I no talk am? See them shouting islamize. They'll never read and comprehend. Where were you when UK and Hong Kong issued sukuk. Oh sorry you were busy doing something stewwpid somewhere stewwpid. Must you wail at every opportunity you get?

Incase you don't get it Islamic loans are interest free loans. So incase theirs an Islamic bank near you. And you are considering a loan for your business. You might wanna consider doing business with them. Because they won't put you through the agony other banks are putting you through.

This one don even change from islamize to islamatise. Na war for una ooooo






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Re: Nigeria To Use Sukuk For Infrastructural Funding by quintybabee(f): 1:22pm On May 19, 2016
I won't shout Islamize! I just want to know if they (the islamic bank) can loan a non islamic country, also I would like to know if whether the fact we have a muslim president is a factor as per the loan been granted
Re: Nigeria To Use Sukuk For Infrastructural Funding by ochiq(m): 1:59pm On May 19, 2016
More than u and ur dullard bubu of a president
Speakdatruth:
wot do u know
Re: Nigeria To Use Sukuk For Infrastructural Funding by Gaddafithe2nd(m): 2:49pm On May 19, 2016
smartmoses:
It will neva work in nigeria,this is the plan of Buhari to Islamatise this country.God will stop him very soon.we are not muslim and we can neva be.
Ignoramus, go read about Islamic banking in Europe, Asia and America, read how they use it to boom their economy. Many of you don't do research. Na hearsay una like.
Re: Nigeria To Use Sukuk For Infrastructural Funding by Gaddafithe2nd(m): 2:51pm On May 19, 2016
quintybabee:
I won't shout Islamize! I just want to know if they (the islamic bank) can loan a non islamic country, also I would like to know if whether the fact we have a muslim president is a factor as per the loan been granted
Yes they can lend any country money. you can Google it yourself
Re: Nigeria To Use Sukuk For Infrastructural Funding by Gaddafithe2nd(m): 2:58pm On May 19, 2016
orisa37:
And Islamic Bank for that matter.
What happened to it? Ask why Britain, Russia and Hong Kong just to mention a few has it . It is high time some people's certificate should be reviewed. Stop thinking like the people of dark ages.
Re: Nigeria To Use Sukuk For Infrastructural Funding by mytym(m): 3:08pm On May 19, 2016
omolola15:
Before you start shouting islamize please understand why Islamic bond is one of the best options when borrowing.It's interest free. You borrow 10 billion you pay back 10 billion. It's as simple as that. But I'm very sure some mumu people will still come here and shout islamize. Make i dey my corner dey observe them.


I no talk am? See them shouting islamize. They'll never read and comprehend. Where were you when UK and Hong Kong issued sukuk. Oh sorry you were busy doing something stewwpid somewhere stewwpid. Must you wail at every opportunity you get?

Incase you don't get it[b] Islamic loans are interest free loans[/b]. So incase theirs an Islamic bank near you. And you are considering a loan for your business. You might wanna consider doing business with them. Because they won't put you through the agony other banks are putting you through.

This one don even change from islamize to islamatise. Na war for una ooooo







I want to assume you read and comprehend well. You don't have to call people names if really youre educated and civil. Yes Sukkuk is interest free but it's one of the novel ways they (Islamic and Arab nations) are using as baits to deepen their faith and alliances.

One of the fundamental requirement in a Sukkuk bond/loan is that the issuer's interest must be directly represented in the assets and infrastructures that the sukkuk fund is used for.
Nothing harmful when UK or HongKong or India issues sukkuk so long their INTERESTs is reflected in the projects the loan is used for.
When a supposedly secular state like Nigeria goes to borrow Sukkuk from KSA, Turkey, Kuwait, Egypt its only a matter of time before its made official, however discreetly or otherwise.

How will your friend react if You as an individual decide to loan a friend some money the sukkuk way by not collecting interest but by telling your friend that whatever he spends the money on MUST reflect your religious interest?

Yes, PMB (APC) has already begun the process of ISLAMIZING nigeria. He has the alibi. The process may take months, years before it is fully materialise but the pattern of events has already tilted towards that direction. His foot soldiers had already started the process long before he was voted president.
And from all indications Nigeria just joined league of arab countries 'against' terrorism (that's what they claim it is on the surface).

Governor Aregbesola in 2012 got Sukkuk loan to build Schools. The money is supposedly to renovate old existing schools and build new ones.
It would interest you to know that 85%-90% of those schools are either Christian Mission Schools or Community Schools with a handful being muslim schools.
The Sukkuk project ensures that those schools when completed MUST have a Mosque. (there are documents so i'm not just spewing thrash)
Where do you think the idea of a universal school uniform came from? It was birthed from the same motive. I'm not sure if you are aware that ALL public secondary school pupils in Osun state wear the same uniform!
The policy also instructed all muslim female students to be wearing the scarf-Hijab even in schools which hitherto are not faithbased or mission schools. Apparently it resulted in several religious crisis in some towns.


Governor Ambode just made a law that Churches constituiting public nuisance through noise (deliberately ignoring the mosques and their loudspeakers) will be prosecuted. You will say isn't Ambode a 'christian'? Yes, he claims he is, so also Pastor Prof. the Vice President.
From a reliable source, the V.P was shut out of the meeting where it was instructed all religious activities in the Aso Villa Chapel should be suspended forthwith. I ask myself which else religious activity occur in the chapel if not christian.

Recently, Governor Elrufai another great pawn came up with anti-christian policies.


Islamic banking is not entirely bad and Sukkuk is only a subset of Islamic banking, Sukkuk bond really is not what it seems to be. Especially if one is not the issuer. It is suspicious for a secular state to go borrowing sukkuk not from christian/ secular countries but from Islamic nations.

Youre not completely wrong but please read more on Sukkuk and get wise. Thanks https://en.wikipedia.org/wiki/Sukuk , http://www.sciencedirect.com/science/article/pii/S2214845013000112

APC has a lot of things in their agenda, i'm certain turning nigeria to a fully islamic state is one big plan in the scheme of things.

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Re: Nigeria To Use Sukuk For Infrastructural Funding by aligapa: 10:04pm On May 19, 2016
Iko5000:
Not true 100 per cent. you will still pay a high fee for the bond or loan . if its free then no Islamic bank will make a profit and therefore collapse

Sukuk (Arabic: صكوك‎, plural of صك Sakk, "legal instrument, deed, check"wink is the Arabic name for financial certificates, but commonly referred to as "sharia compliant" bonds. Sukuk are defined by the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) as "securities of equal denomination representing individual ownership interests in a portfolio of eligible existing or future assets." The Fiqh academy of the OIC legitimized the use of sukuk in February 1988 Since fixed-income, interest-bearing bonds are not permissible in Sharia or Islamic law, Sukuk securities are structured to comply by not paying interest. This is generally done by involving a tangible asset in the investment. For example, by giving partial ownership of a property built by the investment company to the bond owner who collect the profit as rent, which is allowed under Islamic law. Upon expiration of the Sukuk, the rent payments cease.

HSBC estimates that as of 2009 there was $822bn Islamic finance debt outstanding in the world. According to the 2014 Global Islamic Finance Report, $1.813 trillion of assets are being managed in a sharia compliant manner.

In common usage outside of Arabic-speaking countries, the word "sukuk" is often used both as singular as well as plural. (In proper Arabic, "sukuk" is plural, "sakk" is singular.) Use of the word "sukuks" when referring to more than one Islamic bond is incorrect.
Source: https://en.m.wikipedia.org/wiki/Sukuk
Re: Nigeria To Use Sukuk For Infrastructural Funding by orisa37: 5:56pm On May 23, 2016
You take loans to finance Capital Projects and not for Revenue Expenditures. UK, US and China didn't get loans to import Fuel into their Countries or pay Subsidies to a few individuals corruptively. They can apply loans to reconstruct Lokoja/Obajana/Ilorin Roads and when completed, put Toll gates in three locations to recoup the loan. Allow Dangote to take normal process to pay his taxes and not lure him into 30 percent tax swaps, that can lead to corruption in our system.

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