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Sanusi Canvasses Islamic Banking by ObamaUS: 7:27am On Aug 31, 2009 |
JUST as the Northern Caucus in the House of Representatives yesterday kicked against the recent bail-out for banks pronounced sick by the Central Bank of Nigeria, the man who calls the shots at the bank has initiated plans to develop a framework for Islamic (non-interest) banking in the country. The development came as the Catholic Archbishop of Lagos, Anthony Cardinal Okogie, gave a qualified backing to foreign acquisition of Nigerian banks. |
Re: Sanusi Canvasses Islamic Banking by Goldmind1(m): 8:27am On Aug 31, 2009 |
This is coming down to what I predicted earlier on this forum that there is a move by FG to islamize the country. Instead of giving us steady power supply, good roads, and stable academic calendar, they are going into islam. When would Nigerians know that this administration has failed? Let's wake up in prayers that God'll frustrate their plan. |
Re: Sanusi Canvasses Islamic Banking by babzyshe: 8:35am On Aug 31, 2009 |
Relax my friends, this is Naija. Our Gbedu has matured over the years and no one can pull a fast one on us anymore. This is all going to fizzle out the same way it came in. |
Re: Sanusi Canvasses Islamic Banking by MrCrackles(m): 8:39am On Aug 31, 2009 |
Gold-mind:You are very wrong on the highlighted bit. . . I dont think it is fair to say the Govt. is trying to Islamize the country Instituting ethical banking into the ailing banking sector doesnt translate to a move to Islamize the country Even if Islamic banking was introduced, i think it will be optional Islamic Banking is pretty decent and u need to look at it's success around the world including countries like the UK |
Re: Sanusi Canvasses Islamic Banking by PapaBrowne(m): 9:22am On Aug 31, 2009 |
Sanusi's gameplan is unfolding fast. Why is he so in a hurry to accomplish this agenda? I thought he should be more sublime about his moves. I have said it time without number, many Nigerians will only wake up to Sanusi's plans when they see Almajiri SSCE holders have taking over the banking halls. So much for quota system. |
Re: Sanusi Canvasses Islamic Banking by MrCrackles(m): 9:23am On Aug 31, 2009 |
PapaBrowne:Dude relax. . . .how can daft idiots take over the banking hall |
Re: Sanusi Canvasses Islamic Banking by PapaBrowne(m): 9:28am On Aug 31, 2009 |
Dude, let me ask you a question. How come "daft idiots" have ruled us for so long? How come our National assembly and Governors forum is filled with "daft idiots"? In Nigerian, "Daft idiots" have always ruled! "Daft idiots" taking over the banking halls is a much easier thing! |
Re: Sanusi Canvasses Islamic Banking by MrCrackles(m): 9:32am On Aug 31, 2009 |
PapaBrowne:OH really. . . But do you think Sanusi is daft enough to place daft idiots in our banking halls? |
Re: Sanusi Canvasses Islamic Banking by babzyshe: 9:37am On Aug 31, 2009 |
MrCrackles: You are under the assumption that the present Govt. in Nigeria has the best interest of the people at heart. There is no disputing the merits of Islamic banking. Institutionalizing it in Nigeria to run side by side with the current system is going to take a lot of planning, education, populace by-in and a long attention span which is not particularly a strong quality of this administration. But Islamic Baking in the hands of a confused, rudderless, Govt. that has little or no credibility giving the current state of the polity is nothing but a tool to divide, distabilize and heat up the country along lines of belief and tribalism. All the while distracting us from their main goal of rigging the next election in 2011 while we are all distracted by the chaos all around. Islamic banking as a whole will be served better under a different administration as tagging along with this present Govt. would reduce it to simple propaganda |
Re: Sanusi Canvasses Islamic Banking by MrCrackles(m): 9:44am On Aug 31, 2009 |
babzyshe:No i am not. . . IN as much as i know the Govt. is inept, useless and hopeless, i look at the bigger picture. . . I am merely trying to correct the understanding that Islamic Banking will Islamize Nigeria babzyshe:Yes definitely but if the merits are so good, we can toy with the idea and gradually embed it in It shouldnt be enforced, it should merely serve as an alternative and shouldnt be translated to something else! There is a lot of work to be done in the banking/financial sector and Nigeria as a whole! |
Re: Sanusi Canvasses Islamic Banking by Jarus(m): 10:01am On Aug 31, 2009 |
While admitting that introducing Islamic Finance at this time will further fuel the ethnic/religious campaign against Sanusi, I believe the enlightened will not object to it. Islamic finance has been taken to the frontburner in global economic discourse in the last few years. Even in countries like UK, US and other western countries, Islamic banking opportunities are being seriously looked into. The Economist ran a cover story on Islamic finance in a recent edition: http://www.economist.com/sponsor/qfc/index.cfm?pageid=article104 Financial giants across the world like HSBC, BNP Paribas, Deutsche Bank, Barclays Capital, Citibank, Standard Chartered have all thrown their weights behind Islamic banking and have Islamic banking units and products. It does not in any way amount to Islamizing the country. It's expanding the frontier of the country's finance and another way of integrating our financial system into the global trend. This article may as well be enlightening: http://www.radioaustralia.net.au/news/features/s2425127.htm |
Re: Sanusi Canvasses Islamic Banking by MrCrackles(m): 10:04am On Aug 31, 2009 |
Jarus:Already in place. . . |
Re: Sanusi Canvasses Islamic Banking by PapaBrowne(m): 10:20am On Aug 31, 2009 |
The merits of non interest banking cannot be denied. Whether we call it Islamic banking or whatever, it is okay to have such banks in Nigeria. The problem is when you creep up with an agenda like Sanusi is doing, takeover some already built up banks and then hand them over to Islamic banks! This is immoral and would further divide the already very fragile cacophony of a country called Nigeria. They tried to set up Jaiz Bank a few years ago, everybody was fine with it, but the bank couldn't raise the required 25bn naira. To now take over banks other people built up with their sweat and blood and hand them over on a platter to these Islamic banks is a slap on the face of the Islamic religion itself. |
Re: Sanusi Canvasses Islamic Banking by Nobody: 10:28am On Aug 31, 2009 |
The whole drama is playing itself out. CAnt believe this actually happening. |
Re: Sanusi Canvasses Islamic Banking by DisGuy: 10:57am On Aug 31, 2009 |
please always give readers a source so we can read it oursleves and interprete, instead of selecting sections you prefer He noted that a draft policy framework towards the establishment of the Islamic financial industry in the country was issued in March 2009 and is currently being reviewed for eventual release to the industry as a final document. |
Re: Sanusi Canvasses Islamic Banking by Jarus(m): 11:04am On Aug 31, 2009 |
PapaBrowne:I have not read him say he was going to sell the troubled banks to Islamic banking investors. The introduction of Islamic banking is separate and has nothing to do with the the troubled five banks. |
Re: Sanusi Canvasses Islamic Banking by Nobody: 11:05am On Aug 31, 2009 |
"I have not read him say he was going to sell the troubled banks to Islamic banking investors. The introduction of Islamic banking is separate and has nothing to do with the the troubled five banks." Yeah right. |
Re: Sanusi Canvasses Islamic Banking by KnowAll(m): 11:27am On Aug 31, 2009 |
From an interest rate of 28% to 40% currently to no interest rate at all how can that be a bad move, bring it on, obviously we all know the interest would have been added to the capital at the commencement of the loan. |
Re: Sanusi Canvasses Islamic Banking by naso2(m): 11:29am On Aug 31, 2009 |
I think this sanusi man needs some lessons in managing sensitive public offices like the CBN. Even if his intentions were honest, a wise man would refrain from certain utterances like this that could generate controversy at this point in time. |
Re: Sanusi Canvasses Islamic Banking by Jarus(m): 11:34am On Aug 31, 2009 |
Xavier.:Yes. . . . and I expect a professional Accountant and Finance person like you to know the place of Islamic banking in modern finance discourse. |
Re: Sanusi Canvasses Islamic Banking by MrCrackles(m): 1:10pm On Aug 31, 2009 |
Jarus:So Xavier is a pro financial person and hez acting all loco? Na wa o! |
Re: Sanusi Canvasses Islamic Banking by Nobody: 1:37pm On Aug 31, 2009 |
Mr crackles It takes one to know one |
Re: Sanusi Canvasses Islamic Banking by MrCrackles(m): 1:42pm On Aug 31, 2009 |
Xavier.:LOL |
Re: Sanusi Canvasses Islamic Banking by Nobody: 1:43pm On Aug 31, 2009 |
It takes one loco to know another. |
Re: Sanusi Canvasses Islamic Banking by Nchara: 1:44pm On Aug 31, 2009 |
I am an Igbo. Daft Almajiri blah! blah!! blah!!! The southerners, especially the majority Igbo and Yoruba (and Edo, the silent ''snakes'') are as daft for allowing the daft Hausa/Fulani to rule them so daftly. What a daft country populated by daft people, especially the educated yet daft southerners. |
Re: Sanusi Canvasses Islamic Banking by Nchara: 1:46pm On Aug 31, 2009 |
This issue was first muled during Obj era. Sanusi is only attempting to bring it to pass |
Re: Sanusi Canvasses Islamic Banking by MrCrackles(m): 1:48pm On Aug 31, 2009 |
Xavier.:I laugh in Afghanistan! |
Re: Sanusi Canvasses Islamic Banking by spikedcylinder: 1:55pm On Aug 31, 2009 |
Jarus: But proposing to develop Islamic banking in Nigeria at this critical time is a bit shady. It seems to suggest that the foreign investors that Sanusi was referring to are Islamic bankers. That'll put any country with divided religious and cultural values in a perpetual state of panic. I will however like to ask - before now, what was the status of Islamic banks in Nigeria and how were they faring? |
Re: Sanusi Canvasses Islamic Banking by Ibime(m): 1:56pm On Aug 31, 2009 |
Islamic banking is good for Nigeria. It is the same as Judaist banking, so the word "Islamic" should not make nuccas panic. I am in support of creating a 'non-interest' bank in Nigeria - a bank which is forced to invest in goods and services, not speculative loans which have no impact on the economy. Islamic banking is good for a developing economy which does not have the strength to go through boom and bust cycles. I already discussed the merits in another post but the moderator deleted it. I cant be bothered to go over the same points again. |
Re: Sanusi Canvasses Islamic Banking by MrCrackles(m): 2:00pm On Aug 31, 2009 |
Ibime:Seconded! |
Re: Sanusi Canvasses Islamic Banking by Nchara: 2:04pm On Aug 31, 2009 |
Ibime: thirded |
Re: Sanusi Canvasses Islamic Banking by Nobody: 2:05pm On Aug 31, 2009 |
wow. At this rate, |
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