cold:


His words, “in the early 1990s two applications were received and processed for Islamic banking licence: Al Barka Bank and Al Qaeda Bank.  However, those two banks could not meet the requirement for the grant of a final licence”.
>>>>>>>Question: Which "requirements were these"? Please tell us - did it include Sharia-Compliance or not? Probably not - note the next statement.

“The history of Islamic Banking in Nigeria dates back to 1991 with the promulgation of BOFIA, Banking and Other Financial Institutions Act which provided the legal guidelines for the regulation of non-interest of profit/loss sharing banking in the country”, he said.
>>>>>>>Note: The 1991 rules provide for "non-interest profit/loss sharing banking" - not SLS's Islamic Banks.

Mallam Sanusi added that by  1996, the then Habib Bank sought and obtained CBN approval to operate Islamic banking model.
Also Jaiz, a company that has been promoting Islamic banking in Nigeria, “got an approval in principle in 2004 but could not take off due to lack of capital”.
>>>>>>>Note: These banks would have been licenced under the 1991 rules, which said nothing about Islamic Banking. This here put paid to the LIE that Soludo started Islamic Banks first. Soludo was not CBN Governor in 1991, and when he approved Jaiz Bank he was using the same rules used for the 1996 Habib Bank approval  i.e. the 1991 non-interest profit/loss sharing banking"

His words, “we have the responsibility to continue to explain that the CBN is neither promoting nor establishing an Islamic bank.  The CBN is licensing and regulating Islamic banking and that is under the law”.
>>>>>>>Note: This is where the Mallam became too clever by half. How are you issuing guidelines anew in 2011 when two banks have already being approved under the 1991 rules. Is SLS telling us those were mistakes? If SLS finds a need to issue new "guidelines" then it is another proof that they are lying by using Soludo as cover. Why issue a rule that somebody has already issued. The CBN is yet to show us "Soludo's Circular" which specified Sharia-Compliance and all those religious rules as in SLS's.

“I think it is because of Nigerian politics- highly divided, highly sectarian.  I think we are in the habit of using every opportunity to exploit religion or ethnic difference for political ends”, he said.
>>>>>>>Comment: Nigerian politics is highly divided, highly sectarian precisely because of careless public officials like SLS. If he did not give the job of writing the rules to Mullahs and then rubber-stamping it there will be no eggs on his face now - and it is already a foul, smelling egg on SLS and CBN's face!!!

The governor said that the CBN was acting within the Provisions of the Banks and Other financial Institutions Act, BOFIA, and that those who felt otherwise should go to court.
>>>>>>>Comment: If I am not mistaken the same BOFIA rules actually spelt out religious words that a bank should not include in its name, talkless of allowing the CBN to set up one that must follow "Islamic Jurispudence"

“Anybody who feels Islamic banking is illegal should go to a court of law because it is only the court that decides if something is illegal or not.  If a court says it is illegal, we will stop it.
“But we don’t think the court will say so because we know it is within the realms of the law.  It is only a court of law that can make a pronouncement on the legality of anything”.
>>>>>>>Comment: I have said this times without number. This is the method of zealots in authority. Force religious ideas down your throat then challenge you to fight it if you are not comfortable. Go figure, they never fail to show true colors.

He said that Nigeria had become an Executive member of the Board of the Islamic Development Bank, IDB, and would benefit from the near $ 1 trillion assets of Islamic banks across the globe.    Mr. Isamil Toure who represented the President of the IDB, Dr. Ahmed Ali said that with the population of Nigeria, it would become the largest market for Islamic banking as well as IDB financing
>>>>>>>Comment: This is real reason SLS went about writing a religious law for our banking system that even some of those countries do not practice. Nigerian religionist are always ready to be more catholic than the pope at the expense of the comfort and life of the ordinary Nigerian down the road. We know he sees himself as Emir of Kano one day, but did he have to endanger all of us to satisfy his religious "peers" abroad.

cold:

Islamic Banking: CBN rejects Al Qaeda request for banking licence

     
…Says Islamic banking politicized
…Asks antagonists to go to court

Emma Ujah, Abuja Bureau Chief
Amidst fears that the proposed Islamic banking system, may create an avenue for terrorist financing in Nigeria, the Governor of Central Bank of Nigeria, CBN, Mallam Sanusi Lamido Sanusi, Monday revealed that a group had earlier in the 1990s, applied for licence to establish an Al Qaeda Bank in the country but was not approved

The CBN chief who disclosed this at the opening of an international conference on Islamic Banking in Abuja, said that the group’s application was turned down for failing to meet requirements for banking licence.

Another group that applied for licence to establish another Islamic  Al Barka Bank, was equally turned down, Mallam Sanusi said.

His words, “in the early 1990s two applications were received and processed for Islamic banking licence: Al Barka Bank and Al Qaeda Bank.  However, those two banks could not meet the requirement for the grant of a final licence”.

But the governor insisted that he would pursue the current move for the establishment of Islamic banks in the country unless stopped by a law court, as according to him, the history of Islamic banking dated back to 1991.

“The history of Islamic Banking in Nigeria dates back to 1991 with the promulgation of BOFIA, Banking and Other Financial Institutions Act which provided the legal guidelines for the regulation of non-interest of profit/loss sharing banking in the country”, he said.

Mallam Sanusi added that by  1996, the then Habib Bank sought and obtained CBN approval to operate Islamic banking model.

Also Jaiz, a company that has been promoting Islamic banking in Nigeria, “got an approval in principle in 2004 but could not take off due to lack of capital”.

He said that the CBN under his administration was not promoting Islamic banking but only doing its duties of providing necessary guidelines to ensure adequate regulation for its operations.

His words, “we have the responsibility to continue to explain that the CBN is neither promoting nor establishing an Islamic bank.  The CBN is licensing and regulating Islamic banking and that is under the law”.

Mallam Sanusi said critics of Islamic banking were politicizing the issue based on religion rather than looking at it from the economic perspective.

“I think it is because of Nigerian politics- highly divided, highly sectarian.  I think we are in the habit of using every opportunity to exploit religion or ethnic difference for political ends”, he said.

The governor said that the CBN was acting within the Provisions of the Banks and Other financial Institutions Act, BOFIA, and that those who felt otherwise should go to court.

“Anybody who feels Islamic banking is illegal should go to a court of law because it is only the court that decides if something is illegal or not.  If a court says it is illegal, we will stop it.

“But we don’t think the court will say so because we know it is within the realms of the law.  It is only a court of law that can make a pronouncement on the legality of anything”.

In his welcome address, the CBN Deputy Governor , Financial System Stability, Dr. Kingsley Moghalu made effort at convincing the audience that Islamic banking was not a ploy to Islamize the nation.

He said the banking model existed in countries with Muslim minorities such as the United States of America and the United Kingdom.

He said the risk sharing principle would lend the bank’s resources for huge infrastructure projects in the power and transportation sector.

He said that Nigeria had become an Executive member of the Board of the Islamic Development Bank, IDB, and would benefit from the near $ 1 trillion assets of Islamic banks across the globe.    Mr. Isamil Toure who represented the President of the IDB, Dr. Ahmed Ali said that with the population of Nigeria, it would become the largest market for Islamic banking as well as IDB financing

[url]http://www.vanguardngr.com/2011/07/islamic-banking-cbn-rejects-al-qaeda-request-for-banking-licence/
[/url]

He said that Nigeria had become an Executive member of the Board of the Islamic Development Bank, IDB, and would benefit from the near $ 1 trillion assets of Islamic banks across the globe. Mr. Isamil Toure who represented the President of the IDB, Dr. Ahmed Ali said that with the population of Nigeria, it would become the largest market for Islamic banking as well as IDB financing

"largest market for Islamic banking as well as IDB financing"

babaearly:

I dont understand the uproar about this Islamic Banking. can someone tell me what it really means?
is it because it has 'islamic' with it? someone tell me what it really means.

babaearly:

I dont understand the uproar about this Islamic Banking. can someone tell me what it really means?
is it because it has 'islamic' with it? someone tell me what it really means.

But the governor insisted that he would pursue the current move for the establishment of Islamic banks in the country unless stopped by a law court, as according to him, the history of Islamic banking dated back to 1991.

He said that the CBN under his administration was not promoting Islamic banking but only doing its duties of providing necessary guidelines to ensure adequate regulation for its operations.

sayso:

guy we live in a dangerous world and some people think that western education or civilization has ruined their ancestral way of thinking,that means it has to be destroyed.9Western way of life) around them.This moves may be good for SLS but the aftermath of it will be bad for all too see.

cold:

Islamic Banking: CBN rejects Al Qaeda request for banking licence


But the governor insisted that he would pursue the current move for the establishment of Islamic banks in the country unless stopped by a law court, as according to him, the history of Islamic banking dated back to 1991.

(No be small thing o!, after all, what do we expect with a mallam as CBN boss?)

“Anybody who feels Islamic banking is illegal should go to a court of law because it is only the court that decides if something is illegal or not.  If a court says it is illegal, we will stop it.

(will the judge be a Christian or a Muslim?)

Kalman:

Don't say i did not tell you. Nigeria is a complex society. Now Boko Haram, Before Militants. Boko says militants have done, so the will do as well. Just watch out for what happens in the near future.

[1] Catholic Bank: We must do our own too
[2] RCCG Bank: We must do too
[3] Grail Message Bank
[4] Eckankar Bank
[5] Anglican Bank

And the list becomes infinite.

ismaeel86:

I will continue to say it, Nigeria is a country where christains hating muslims, muslims hating christians, a tribe feeling his tribe is superior than others. we will never move forward as a nation if we continue this way. i think if the banking model does not have "islamic" in it im sure no one will complain about it. just because it is called islamic bank, the ignorant people have been making baseless noise against it. if those banks are established, it is not binding on anyone whether muslim, christain or pagan to bank with them. it is a matter of choice. it doesnt change anything. same thing goes with the sharia law when it was introduced, even some muslims dont go to sharia courts to settle their disputes. anybody that doesnt know about islamic banking system should google it or go to wikipedia to learn more about it. no knowledge is wasted.

ismaeel86:

I will continue to say it, Nigeria is a country where christains hating muslims, muslims hating christians, a tribe feeling his tribe is superior than others. we will never move forward as a nation if we continue this way. i think if the banking model does not have "islamic" in it im sure no one will complain about it. just because it is called islamic bank, the ignorant people have been making baseless noise against it. if those banks are established, it is not binding on anyone whether muslim, christain or pagan to bank with them. it is a matter of choice. it doesnt change anything. same thing goes with the sharia law when it was introduced, even some muslims dont go to sharia courts to settle their disputes. anybody that doesnt know about islamic banking system should google it or go to wikipedia to learn more about it. no knowledge is wasted.

Toaskarity:

i have seen how nigerians think! when Jonathan won, some disagree(inspite telling them to go to court) they start killing youth now they are telling the other side to go court, i just imagine if they were in the shoes to hear christian bank, this time around they would have kill the whole ,