Please if I may ask what are the advantages of an Islamic bank over our usual banks, Thanks for your replies

Please if I may ask what are the advantages of an Islamic bank over our usual banks, Thanks for your replies

Why would Boko animal would not have mouth?? Why would this God forsaken cursed people called the North would not have mouth and be terrorising Nigeria peace?? When a man from nowhere I mean nowhere was brought in from nowhere to head Apex bank while the person next to take the mantle was pushed aside this is the fruit now growing out.

So annoying and so funny indeed that it is only in my country I have ever heard or seen a Central Bank governor becoming a celebrity and a decision maker as per country economic. It is in my country central bank governor is always a front page news in national dailies everyday Sanusi said this Lamido says that. I had gone far and wide to so many countries I had lived I had not heard or even known who a hell is central bank governor is, all I used to hear is treasury secretary, finace and economic secretary, Finance Minister and so on but in my own country Economic and finance minister are just a bloody stooge non relevant.

I had said it long that this God forsaken man called Lamido is a clown an economic terrorist he should be fire now we can all see his tactics clear now this islamic of a things is a long issue finalised secretly before this time and to actualised it Lamido was pushed forward to take over the apex bank Lamido can not deny this he knows what am saying as a living witness all the craps he is saying it was Soludo is a big lie.

This was how we all sat down that these animals called the North inscribed Arabic in all Nigeria money and people say it does not matter if not for God intervention today Nigeria would have be answering "sir" under the Saudi Monarch as to what these animal were planning to just  turn this nation by all means to Islam nation systematically is a big shame that people sit there looking at this i d i o t boosting demonic and satanic family in the North called Boko animal to access cash the more at the end of the whole thing is a shame on Fed Govt as well for not stopping this i d i  o t called Lamido.

strangest:

Please if I may ask what are the advantages of an Islamic bank over our usual banks,  Thanks for your replies

Get most of the information you need here.

http://en.wikipedia.org/wiki/Islamic_banking

Why the christians and CAN are  always going against the establishment of Islamic Banking, While they are not against the Christian Universities in Nigeria? The CAN should know that Muslim-brothers have the constitutional right to practice there own religion. So, the introduction of Islamic Banking will not affect Christains after all Sanusi Lamido Sanusi is not the promoter and not iniciator of the Islamic Banking. He did't say christians must operate with the Islamic Banks whereas there is Conventional Banks.  CAN Enough is Enough please, becouse no going back this time around. We the Muslims in Nigeria, we want Islamic Banking in Nigeria and what ever name you will give us being it Boko Haram, Al-qaida, Tiliban is left for you. But nobody will deny our Religious right.

pls GEJ sack thid man

This Sanusi is a bigot.An Islamic leader in the CBN.

This is the worst CBN governor ever.

@maclatunji

Go and sit down.You seem not to understand the issue.You keep jumping from one thread to another in defence of Islamic banking.

donspony:

If Sanusi can lay out broadly the dynamics of Islamic banking
I would be prepared to listen.

Hostility stems from previous subtle religious undertones cue Sharia law, OIC  et al.
Therefore there is bound to be a level of mistrust.

No body is criticizing Islamic Banking.

But Nigeria is too polarized to bring in any religious law.

In a country where Christian are being killed for flimsy reasons.

When BOKO-HARAM is even threatening President GEJ  with bombing.

So how do you expect Christians to react .

The way Americans reacted to the Muslims building Mosque on GROUND ZERO.

I'm shocked at how ignorant nigerians are, especially these so called CAN people.  

bisiaet:

Why would Boko animal would not have mouth?? Why would this God forsaken cursed people called the North would not have mouth and be terrorising Nigeria peace?? When a man from nowhere I mean nowhere was brought in from nowhere to head Apex bank while the person next to take the mantle was pushed aside this is the fruit now growing out.

So annoying and so funny indeed that it is only in my country I have ever heard or seen a Central Bank governor becoming a celebrity and a decision maker as per country economic. It is in my country central bank governor is always a front page news in national dailies everyday Sanusi said this Lamido says that. I had gone far and wide to so many countries I had lived I had not heard or even known who a hell is central bank governor is, all I used to hear is treasury secretary, finace and economic secretary, Finance Minister and so on but in my own country Economic and finance minister are just a bloody stooge non relevant.

I don't know which country you've been to, it sounds to me like you have never left nigeria, not even left your ancestral village.  In England all I hear every day is Mervyn King this, Mervyn King that, interest rates this interest rates that.  
http://www.bbc.co.uk/news/business-12655035

In America, even though he is no longer chairman of Federal Reserve all you hear in the news is Alan Greenspan said this, Alan greenspan said that . . .
Trust me, the head of the central bank of any country is a big big man, and he is 'a decision maker, as per country economic'.

Islamic banks are also criticized by some for not applying the principle of Mudarabah in an acceptable manner. Where Mudarabah stresses the sharing of risk, critics point out that these banks are eager to take part in profit-sharing but they have little tolerance for risk. To some in the Muslim community, these banks may be conforming to the strict legal interpretations of Sharia but avoid recognizing the intent that made the law necessary in the first place.[citation needed]
[b]The majority of Islamic banking clients are found in the Gulf states and in developed countries. With 60% of Muslims living in poverty, Islamic banking is of little benefit to the general population. The majority of financial institutions that offer Islamic banking services are majority owned by Non-Muslims. With Muslims working within these organizations being employed in the marketing of these services and having little input into the actual day to day management, the veracity of these institutions and their services are viewed with suspicion. [/b]One Malaysian Bank offering Islamic based investment funds was found to have the majority of these funds invested in the gaming industry; the managers administering these funds were non Muslim.[42] These types of stories contribute to the general impression within the Muslim populace that Islamic banking is simply another means for banks to increase profits through growth of deposits and that only the rich derive benefits from implementation of Islamic Banking principles.
Hence, the controversy that surrounds Islamic Banking continues. Is Islamic Banking really Islamic? This is a question that still is a matter of debate among the Muslim academia.

Culled from Wikipedia.

I don't know which country you've been to, it sounds to me like you have never left nigeria, not even left your ancestral village.  In England all I hear every day is Mervyn King this, Mervyn King that, interest rates this interest rates that. 
http://www.bbc.co.uk/news/business-12655035

In America, even though he is no longer chairman of Federal Reserve all you hear in the news is Alan Greenspan said this, Alan greenspan said that . . .
Trust me, the head of the central bank of any country is a big big man, and he is 'a decision maker, as per country economic'. 

Guy, say this to your village king.No Central Bank governor will dabble into religious or ethnic issues.Yes, they are very influential policy makers and their words make moves, but none,i repeat none has ever dabbled into religious issues or any issue capable of aggravating the economy.

sirjec:

why then is the name Called ISLAMIC BANK instead of just calling it NON PROFIT BANK (Since the provisions are same on almost all religion)? I need an answer pls

i wonder too.

chamber2:


Guy, say this to your village king.No Central Bank governor will dabble into religious or ethnic issues.Yes, they are very influential policy makers and their words make moves, but none,i repeat none has ever dabbled into religious issues or any issue capable of aggravating the economy.

sanusi is not dabbling in religious or ethnic issues. He has simply made provisions for a form of banking to take place with the economy. It is called Islamic banking because it was developed under Islamic regimes. As far as I'm aware sanusi only dealt with banking issues not general religious issues. Although Religion touches upon each and every aspect of life.

Sanusi is not a banker but an Imam in the banking hall.I dont even know what profession fits the man.Today CBN is about to build hotel and also go into poultry farming.Only GOD knows what he is doing with the primary functions of CBN

sanusi is not dabbling in religious or ethnic issues.  He has simply made provisions for a form of banking to take place with the economy.  It is called Islamic banking because it was developed under Islamic regimes.  As far as I'm aware sanusi only dealt with banking issues not general religious issues.  Although Religion touches upon each and every aspect of life.

Then it's been long you left Nigeria.This man, Sanusi, goes from mosque to mosque bragging on how far he has gone with the Islamic banking and that others who are not comfortable with it should go to hell, knowing fully well how delicate religious issues are in this country.This same sanusi came out opening to say that the corrupt CEO would/ought to be executed, even when the court of law has not decided the case.This same sanusi is currently bragging that he would sale off banks that don't belong to him irrespective of what the shareholders feel.

Now tell me, how many Central bank governors will do the above?Even in the face of the global financial crisis which was obviously caused by the ceos, how many times did you hear the Fed Reserve chairman accuse any of them?When non interest baning was introduced in the uk, how many times did you see the central bank governor preaching about it?

Meanwhile, there is a difference between the non interest banking practiced in the UK and US and that practiced in Iran.Why the first is just non interest banking and is available for everyone, the later is islamic banking which is sharia compliant and not available for everybody.It is the type practiced in core islamic states like iran that sanusi wants to introduce in Nigeria which is supposed to be a secular state.Then, tell me why non muslims will keep quiet?

you can't talk to CAN anyhow, mind you. Everybody is entitled to their own opinion. Let the truth be said, is licence for Islamic Banking or any other Bank twhat the country need now? We have 8 distressed banks there, why cant the the CBN be more proactive in their survival?
And as Steven Covey has said in his book 7 Habits of Highly Effective People, we should begin with the end in mind. Can a 'no-interest' bank survive in Nigeria setting? Does it mean that for all the services this bank will be rendering to the populace, it will not charged a dime? So if they raised an LC (letter of Credit) of N2 billion on behalf of a customer, they will not collect commission, no charges, no COT etc? We should be sincere, how will such bank survive. Mind you what is obtainable here in Nigeria is different from what is the take elsewhere where this bank is operating. This bank will run mainly on Power Generator, they will take insurance, pay staff, perform corporate responsibilities, tell me how will the bank survive?
Someone should enlighten the forum more on this

Pastor AIO:

I'm shocked at how ignorant nigerians are, especially these so called CAN people.  
I don't know which country you've been to, it sounds to me like you have never left nigeria, not even left your ancestral village.  In England all I hear every day is Mervyn King this, Mervyn King that, interest rates this interest rates that.  
http://www.bbc.co.uk/news/business-12655035

In America, even though he is no longer chairman of Federal Reserve all you hear in the news is Alan Greenspan said this, Alan greenspan said that . . .
Trust me, the head of the central bank of any country is a big big man, and he is 'a decision maker, as per country economic'.  

I understand Christians are not forced to Patronize the so called Islamic Banks. it is also in my understanding that IBTC has been granted License to take off with the Islamic Banking. No problem at all, Sharia, over to you, my Account in IBTC will be dead by tomorrow, so with all members of my Family. IBTC will soon bask in the Euphoria of the new found Sharia Banking!!

I'm waiting to see in the Testimonies of Interest free loans

There have been a bit of rash reactions on both sides. There really shouldn't be anything wrong with Islamic banking. It is practiced in some countries in the west. what was wrong was the way the CBN governor went about it and a deliberate classification of all forms of Non-Interest Banking as Islamic. Islamic banking should really be one of the derived forms of Non-Interest banking.  Anyone who meets the guideline as set by the CBN should be able to practice it. But from the response of the CBN Governor so far, he does not want to tweak what he has presented a bit. That is where I have become very suspicious. he seems to be saying that there are two kinds of banking in Nigeria-the general banking and Islamic banking, when it should be interest based banking and non-interest based banking.

For years Christians have participated in regular banking and some churches have established micro-finance banks in compliance with banking rules,without asking for any special attention. why is the CBN Governor pushing this Islamic banking as the only form of Non-Interest banking that we can have, with a a strict adherence to the sharia code. That is what even professionals are worried about- not whether muslims are liked or hated.

My Questions are: 1. Is every non muslim a christain? The real born again Christains lyk me wil not hav 2 wory cos Christ hav warned us of THESE SIGNS, and He'll be wit us. 2. Will the bankers in this bank be only Muslims? 3. Since according to the Islamic law anyone who is not an Islam is an infidel (my muslim friend told me this way back in school when I askd her why she said i'm 'unclean') and they don't have to eat, drink, bank wit non islams, they should have openly told us they don't want to bank wit non islams. 4. Why are muslims from the west and middlebelt not violent but accomodating?

akpanbaba:

Sanusi is not a banker but an Imam in the banking hall.I dont even know what profession fits the man.Today CBN is about to build hotel and also go into poultry farming.Only GOD knows what he is doing with the primary functions of CBN

Why do you say that he is an Imam and not a banker? Can you please explain?

I thought banks were supposed to provide finance for essential industries. Can you tell me what exactly is the mandate for CBN and why investing in hotels and poultry farming is beyond their mandate?

chamber2:

Then it's been long you left Nigeria.This man, Sanusi, goes from mosque to mosque bragging on how far he has gone with the Islamic banking and that others who are not comfortable with it should go to hell, knowing fully well how delicate religious issues are in this country.This same sanusi came out opening to say that the corrupt CEO would/ought to be executed, even when the court of law has not decided the case.This same sanusi is currently bragging that he would sale off banks that don't belong to him irrespective of what the shareholders feel.

Now tell me, how many Central bank governors will do the above?Even in the face of the global financial crisis which was obviously caused by the ceos, how many times did you hear the Fed Reserve chairman accuse any of them?When non interest baning was introduced in the uk, how many times did you see the central bank governor preaching about it?

Meanwhile, there is a difference between the non interest banking practiced in the UK and US and that practiced in Iran.Why the first is just non interest banking and is available for everyone, the later is islamic banking which is sharia compliant and not available for everybody.It is the type practiced in core islamic states like iran that sanusi wants to introduce in Nigeria which is supposed to be a secular state.Then, tell me why non muslims will keep quiet?

Please can you back up what you are saying above. He went from mosque to mosque bragging about Islamic banking. How is that a bad thing? How is Islamic banking a bad thing, apart from the fact that it is called ISLAMIC which seems to be such a big deal?

Some people say that Islamic banks are not viable. Ehn, then leave them to continue in their conceit until they fail, there is no need to tear your hair out over them.

Please tell me more about the corrupt CEO that should be executed. I don't know what you are talking about there.
The only way that Sanusi can sell off banks is if those banks have failed. In that case the shareholders have forfeited their investment. However, quite the opposite is true. The Voodoo banking that we have in Nigeria has gone on for far too long.

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The Central Bank of Nigeria decided against shutting down these five banks because of the ripple effects their closures will have on the Nigerian economy and the chaos cum uncertainties it will create. This was done to protect depositors, the citizenry and the economy from damage that may result. It is grotesque that it took this long for the Central Bank of Nigeria to act since the situation plaguing these banks did not just start in the last few years. Since the early 1990s most of these banks did not even have audited reports. (!!!!! - my exclamations)
For many years in the 1990s the accounts of some of these banks were not reported regularly and annually because they would have been qualified by their external auditors. When a bank did not have an audited account for three/four years and are allowed to continue to do business definitely there is more to it. It is heart-warming that the CBN accepted blame for "failure of regulation." It is absolutely inconceivable that this deceit will go on for this long before someone had the courage to step in and clean out the financial system. The Central Bank of Nigeria Governor Sanusi Lamido Sanusi should be commended for his boldness in confronting the powerful cartel in the Nigerian banking industry. Mr. Sanusi must ensure transparency in his efforts to sanitise the banking industry and to build a respectable financial system that is hinged on the provision of banking service and not voodoo banking Nigerians have been used to. Enough of forex-based, corner-cutting, and fat returns for little work most Nigerian banks engage in.

http://nigeriaworld.com/feature/publication/babsajayi/082109.html

I'm sorry but if there is any blame to be borne by CBN then it is for not acting sooner. I personally think that most nigerian banks should be terminated.


Please can you explain to me the workings of Islamic bank as practiced in Iran, and tell me why this is so bad for nigeria.

Please people that do not know history should stop talking. Sanusi must be a fool. Those he know what kind of war this can gender; an official Islamic bank not individual. For records, this country is not Islamic and we are going to fight it to the last. Nonsense! What is Sanusi saying what constitution that was manipulated by the then Hausa leaders. Please Sanusi you are not talking to uneducated, unenlightened people. We see your end. We are waiting for you at the end of the tunnel. Jonathan had better speak up over this stupid plan and do something immediately

Pastor AIO or AJO please do not insult our intelligence. We talking about intelligent and positive input hear and not about semantics. The issue goes beyond the name and you know it.

deelobe:

Pastor AIO or AJO please do not insult our intelligence. We talking about intelligent and positive input hear and not about semantics. The issue goes beyond the name and you know it.

so please explain to me, What is the Issue? Because it seems to me that what is getting you guys riled up is the word Islamic. That's all.

Please can you back up what you are saying above. He went from mosque to mosque bragging about Islamic banking. How is that a bad thing? How is Islamic banking a bad thing, apart from the fact that it is called ISLAMIC which seems to be such a big deal?

Some people say that Islamic banks are not viable. Ehn, then leave them to continue in their conceit until they fail, there is no need to tear your hair out over them.

Please tell me more about the corrupt CEO that should be executed. I don't know what you are talking about there.
The only way that Sanusi can sell off banks is if those banks have failed. In that case the shareholders have forfeited their investment. However, quite the opposite is true. The Voodoo banking that we have in Nigeria has gone on for far too long.

In order not to waste my time on issues already discussed in previous threads, i would refer you to the discussion on this:

https://www.nairaland.com/nigeria/topic-700308.0.html

If you have the time, kindly go through the discussions therein.

he should introduce that sharia bank or whatever it called wen there would be South Nigeria as well!
nonsense, na him get sense pass!

And the line of division grows wider. As long as I live, a penny of mine wouldn't go into any form of islamic banking. Would rather use it to wipe my bum.

agog:

you can't talk to CAN anyhow, mind you. Everybody is entitled to their own opinion. Let the truth be said, is licence for Islamic Banking or any other Bank twhat the country need now? We have 8 distressed banks there, why cant the the CBN be more proactive in their survival?
And as Steven Covey has said in his book 7 Habits of Highly Effective People, we should begin with the end in mind. Can a 'no-interest' bank survive in Nigeria setting? Does it mean that for all the services this bank will be rendering to the populace, it will not charged a dime? So if they raised an LC (letter of Credit) of N2 billion on behalf of a customer, they will not collect commission, no charges, no COT etc? We should be sincere, how will such bank survive. Mind you what is obtainable here in Nigeria is different from what is the take elsewhere where this bank is operating. This bank will run mainly on Power Generator, they will take insurance, pay staff, perform corporate responsibilities, tell me how will the bank survive?
Someone should enlighten the forum more on this

You guys are mixing up a lot of issues. Basically, there are two sources of income to a conventional bank: interest income and commission & fees. It is the interest income aspect that the Islamic Bank will not get as this is replaced by profit sharing, however, it will charge commission and fees for services like LC, drafts, etc.

phreakabit:

And the line of division grows wider. As long as I live, a penny of mine wouldn't go into any form of islamic banking. Would rather use it to wipe my bum.

May be you would be one of the biggest customer of the bank one day.

Banking with Islamic bank is matter of choice. We Muslims want it.

chamber2:

Then it's been long you left Nigeria.This man, Sanusi, goes from mosque to mosque bragging on how far he has gone with the Islamic banking and that others who are not comfortable with it should go to hell, knowing fully well how delicate religious issues are in this country.This same sanusi came out opening to say that the corrupt CEO would/ought to be executed, even when the court of law has not decided the case.This same sanusi is currently bragging that he would sale off banks that don't belong to him irrespective of what the shareholders feel.

Now tell me, how many Central bank governors will do the above?Even in the face of the global financial crisis which was obviously caused by the ceos, how many times did you hear the Fed Reserve chairman accuse any of them?When non interest baning was introduced in the uk, how many times did you see the central bank governor preaching about it?

Meanwhile, there is a difference between the non interest banking practiced in the UK and US and that practiced in Iran.Why the first is just non interest banking and is available for everyone, the later is islamic banking which is sharia compliant and not available for everybody.It is the type practiced in core islamic states like iran that sanusi wants to introduce in Nigeria which is supposed to be a secular state.Then, tell me why non muslims will keep quiet?

I agree with you that Sanusi needs to talk less and tame his tongue but there's really very little you guys can do about this Islamic Banking thing.  In fact, you guys are the ones giving it life and attention.  The best you can do now is drag the CBN to court and[b] prove[/b] to the court how your interest will be jeopardized by Islamic Banking or how it has robbed you of your fundamental human rights.