Let's all stand and support sharia banking. Let operate it side by side with the conventional banking.

Sharia banking ko, al-qeada network ni. Are you not aware that it is against CBN policy to bring up such. Please check. It will never see the light of the day.

The Cbn rule allows it. Check well, it only need some little policy framework to bring it into effect.

Sharia banking will not see a day light. We do not need sharia banking the idea is another way to make it's look that Nigeria is a sharia country. Write it down Cbn governor sanusi days are numbers in office. The man is a religion fanatic. Very Very soon he will be sacked

make this thread a poll rather

Sharia banking
sharia dressing
Sharia marriages
Sharia driving
Sharia food
Sharia technology/engineering
Sharia medicine
Sharia Law

That's not what we Christians bargained for upon the Almalgation and Independence of Nigeria.
Many confused christians who misread their Bible to turn the other cheek should please go ask non-muslims in India, Pakistan, and Iran their own experience when these Sharia nonsense was applied to their country.

Am just me:

make this thread a poll rather

thank you it has been taken care of

@enjoyo,

Thank you,

We have not had sharia banking, boko haram is demanding for an islamic state.

No be sharia banking you for call am, na BOKO HARAM banking.

I beg no vex me o.

[size=18pt]There is nothing wrong in any private concern as long as the Bank is not bank-rolled from public purse no ‘wahala’. If we want we can have “ Ifa Bank” “Sango Bank” or even “Mammy Water Bank”, the wheat would be separated from the chaff at the end of the day. [/size]

@Enjoyo i love that comparison. If we can have universities why not banks. It's what NUC is doing that CBN will be doing.

[b]SO LONG THAT IT WILL NOT INVOLVE THE AMPUTATION OF ANY BODY PARTS IF YOU DEFAULT IN YOUR BANKING OBLIGATIONS,IT IS WELCOMED! [/b]

is not possible

begwong:

[b]SO LONG THAT IT WILL NOT INVOLVE THE AMPUTATION OF ANY BODY PARTS IF YOU DEFAULT IN YOUR BANKING OBLIGATIONS,IT IS WELCOMED! [/b]

you just add a comical tune to the raging debate.

I dont support Islamic Bank.Terrorist Organizations across globe will wire funds through it to trains more terrorist groups like Boko Haram in order to destablize or islamize Nigeria.

What is d meaning of Sharia Banking. What type of people are we breeding in Nigeria today. A biased mind set of people who are not thinking about the way forward for the nation when the likes of Ghana, South Africa, Malaysia are far ahead of us. We now sit down to initiate ideas that will disunite us, bring in disintegration, segregation, biasism, nepotism and others to a lovely nation like ours.God will inflict his punishment on people who have this illicit thoughts for our dear Nation. Sharia Banking: a commercial bank with the main aim of dividing the interest of the nation.

I saw 2 men seriously arguing about Islamic Banking. I asked the one against it a simple question "What is an Islamic Bank?" and he was confused.

One told me it means building a bank for Muslims along. These are wrong.

An Islamic bank is an interest-free banking system. A religion extremist (muslim/Christian) does not like the interest accumulated on his deposit cos he does know the source of the interest.

Principles of Islamic Banking

Islamic banking has the same purpose as conventional banking except that it operates in accordance with the rules of Shariah, known as Fiqh al-Muamalat (Islamic rules on transactions). The basic principle of Islamic banking is the sharing of profit and loss and the prohibition of interest or riba (usury). Common terms used in Islamic banking include profit sharing (Mudharabah), safekeeping (Wadiah), joint venture (Musharakah), cost plus (Murabahah), and leasing (Ijar).

In an Islamic mortgage transaction, instead of loaning the buyer money to purchase the item, a bank might buy the item itself from the seller, and re-sell it to the buyer at a profit, while allowing the buyer to pay the bank in installments. However, the bank's profit cannot be made explicit and therefore there are no additional penalties for late payment. In order to protect itself against default, the bank asks for strict collateral. The goods or land is registered to the name of the buyer from the start of the transaction. This arrangement is called Murabahah. Another approach is EIjara wa EIqtina, which is similar to real estate leasing. Islamic banks handle loans for vehicles in a similar way (selling the vehicle at a higher-than-market price to the debtor and then retaining ownership of the vehicle until the loan is paid).

An innovative approach applied by some banks for home loans, called Musharaka al-Mutanaqisa, allows for a floating rate in the form of rental. The bank and borrower form a partnership entity, both providing capital at an agreed percentage to purchase the property. The partnership entity then rents out the property to the borrower and charges rent. The bank and the borrower will then share the proceeds from this rent based on the current equity share of the partnership. At the same time, the borrower in the partnership entity also buys the bank's share of the property at agreed installments until the full equity is transferred to the borrower and the partnership is ended. If default occurs, both the bank and the borrower receive a proportion of the proceeds from the sale of the property based on each party's current equity. This method allows for floating rates according to the current market rate such as the BLR (base lending rate), especially in a dual-banking system like in Malaysia.

There are several other approaches used in business transactions. Islamic banks lend their money to companies by issuing floating rate loans. The floating rate  is pegged to the company's individual rate of return. Thus the bank's profit on the loan is equal to a certain percentage of the company's profits. Once the principal amount of the loan is repaid, the profit-sharing arrangement is concluded. This practice is called Musharaka. Further, Mudaraba is venture capital funding of an entrepreneur who provides labor while financing is provided by the bank so that both profit and risk are shared. Such participatory arrangements between capital and labor reflect the Islamic view that the borrower must not bear all the risk/cost of a failure, resulting in a balanced distribution of income and not allowing the lender to monopolize the economy.

Islamic banking is restricted to Islamically acceptable transactions, which exclude those involving alcohol, pork, gambling, etc. The aim of this is to engage in only ethical investing, and moral purchasing. The conventional banking system is still available to those who must engage in this unethical type of transactions.

Like some people have asked 'what will happen if the govt establishes a bank called Christendom Banking' and opens branches in Bauchi, Maiduguri and Kano and posts NYSC members from the South to go and serve there? Will it go down well with the average Northern Muslim?

Sharia banking or Islamic banking is meant for dummies that can not make use of their free will God has given to them. This idea is totally strange to Nigeria and has already failed before commencement. This is an idea to give firm rooting to Al-Quaeda's clandenstine moves and operations in Nigeria and their local allies like Boko Haram(Western education is prohibited). You can imagine the name and all the bombs they are using, are they not product of western education? Sharia banking is an invitation to sharia constitution, sharia transportation, sharia ICT and ultimately, sharia Federal Government and you know what that will lead to, violence as many will kick against it, with protest everywhere. What is Lamido Sanusi up to? Why is he bent on selling Intercontinental & Oceanic Banks purpotedly owned by Christians to the Arab inventors? Watch out, Sanusi may be another religious bigot bent on selling Nigeria to OIC, because when the finacial sectors are all in the hands of the Arabs/Muslims, then they dictates everything, but I assure him, the whole plan will fail like IBB failed when he tried smuggling Nigeria into OIC against Nigerian's wishes. Everybody, shine your eyes, let's say no to those that are bent on dividing us thru religious crisis. NO TO SHARIA BANKING, PERIOD.

Many of us are just plain greedy!
The truth is that the principle of Sharia banking is agreed with by the bible.
The bible also frowns at Interest or Usury. This form of Banking also frowns at it. It devices another way of making money.
The banks are part owners of the activity/biz the loans are used for.
Another approach could be not calling it Islamic banking. Callin it a more secular name will appeal to more people like Ethical Banking, etc.

Jus my thot!

already discussed:

https://www.nairaland.com/nigeria/topic-689796.0.html

badmussy:

Many of us are just plain greedy!
The truth is that the principle of Sharia banking is agreed with by the bible.
The bible also frowns at Interest or Usury. This form of Banking also frowns at it. It devices another way of making money.
The banks are part owners of the activity/biz the loans are used for.
Another approach could be not calling it Islamic banking. Callin it a more secular name will appeal to more people like Ethical Banking, etc.

Jus my thot!

The official nomenclature as per CBN guideline is Non-Interest Banking and not sharia or islamic banking!!!!!!!!!!!!!

i still maintain that this country shld be split in 2 or three 3 regions, for peace to reign. alot of peeps see it as a foolish idea, but mark my words one day we will sit around a table to discuss our separation after spilling innocent blood.

Doyin!:


The official nomenclature as per CBN guideline is Non-Interest Banking and not sharia or islamic banking!!!!!!!!!!!!!

Sharia na Sharia

Sharia banking in Nigeria should not be supported. Must we sharia everything? How can we stay united in this country when we use religion to keep us apart?! Nigeria is not an Islamic state, hence some things ought to be kept neutral.

The concept behind Sharia banking will not work in Nigeria, it will be taken over by fanatics who will aid in financing terrorism and their religious sects.

All the Christains, Traditional believers, Free thinkers and even agents of devil that have commented on this topic, Why do you have to take Panadol for another mans headache
1. No body will force you to bank with Islamic bank
2. Why waste your energy fighting something you cannot overcome because stopping Islamic bank will require constitutional amendments
3. Assuming you have the power to stop Islamic bank, why do you have to deny the Muslims their right to put their money where their heart belongs

we said we No want chop interest, na by force? Una dey find trouble Ooo,

I@Poster.

Sharia what? My answer is NO.

nope

No.

As long as that 'sharia bank' remains in the northern part, i don't have any problem with it.