@ OP

Pls don't explain Islam banking. Islam has one fundamental principle - forceful subjugation of people to its control. When Obj was in power, they brought sharia. Under GEJ, they've brought sharia banking. Of course if UMYA was still in power they would have done it without asking.

Sorry but people who cannot be reasoned with can only be stopped by violence. A pity but there it is.

@chamber2, well said.
To all other posters Islamic banking is more than just the name it is called it refers to the legal system that regulates it. This is the Sharia legal system for those of you who are not aware. This means disputes arising from these banking transactions will be settled according to Sharia personal/civil law. This is more than enough reason for Christians to be concerned.

Secondly, why is the CBN gov going to such lengths to establish an alternative banking system especially after he has been accused of deliberately weakening our existing system. As a person so versed in Islamic finance wont it have been a lot easier  to set up modalities to inculcate some of these principles in our banking system which we all agree needs help.

As the governor of the central bank of NIGERIA(not muslims), if he has an idea which can help Nigerians generally why would he spend taxpayers money to create  a banking system whose benefit depends on your religion.

The truth is whoever controls the banking system of a nation controls the entire nation. The banking industry is the lifeblood of any economy. So many questions, so many reasons to be uncertain.

Got this from somewhere, and I think it explains the anger and all that is wrong with the Islamic Banking proclamation in Nigeria.

http://saharareporters.com/article/chief-imam-central-bank-nigeria-part-ii

Like Sani Yerima, the former Zamfara State Governor, like Sanusi Lamido Sanusi, the Governor of Central Bank.

Sharia Law has not just been a part of the Nigerian law, it is also constitutionally guaranteed. However when mischief maker like Sani Yerima of Zamfara decided to launch his own “political Sharia” as an instrument of political vendetta and for his own political relevance and upgrade against the then new administration of ex-President Olusegun Obasanjo all hell was let loose. What iwas new that Sani Yerima offered to the Nigerian Muslims of Zamfara State that was not already in practice long before he became the Governor of the state?, this is the nature of dishonest projects when launched to fish in trouble waters towards selfish ends. Sanusi Lamido Sanusi in defense of Sani Yerima in his article titled: The Shariah Debate: A Muslim Intervention, wrote inter alia:

“It is this attribute of injustice, this tendency to give a dog a bad name in order to hang it that will destabilize Nigeria, and not introduction of Shariah. When archbishops hold press conferences and spread unsubstantiated rumors of amputations it is they, not the Zamfara state government, who threaten the peace. Christians should judge shariah by what the shariah is. The historical church is no yardstick for measuring Islam”

He Sanusi apparently saw nothing wrong with the troubling and shenanigans filled re-introduction of Sharia, he took a swipe at the Catholic Church based on the medieval perception and history of the church, the transformation that the church has undergone over the course of several centuries does not count to him.

Mallam Sanusi wrote “It is the paradox of our times that the greatest defenders of the rights of religious minorities and secularism today in Nigeria are the fathers of the Catholic Church. Secularism as an ideology is antithetical to Christian teachings and papal encyclicals. It grew as a reaction to the ignorance and tyranny of the Catholic Church and is a direct product of the revolution called "enlightenment". That a Catholic archbishop should now be the ideologue for secularism is indeed remarkable”
He also took a swipe at the generality of Christians when he wrote inter alia “Christian leaders have continuously asserted that the Shariah will lead to oppression of non – Muslims. Islamic society has never been known to oppress members of other faiths in the manner that the Christian church, for instance, oppressed Jews and those considered as belonging to heterodox sects”…
“Muslims understand why Christians associate religion with tyranny. That has been the experience with the church. It is also what they read in their own Holy Book, the Bible…”

It should not be a surprise then that Sanusi Lamido Sanusi has chosen Yerima’s model to launch his Shariah banking system in Nigeria.

Like Sharia law, “non-interest banking” (NIB) or “non-interest financial institution” (NIFI) has always been recognized under the Nigerian laws specifically Bank and Other Financial Institutions Act 2004 known as BOFIA.

What is not known to the law is an attachment of a particular religion or any religious undertone for that matter to it. When BOFIA was promulgated in 1991 the law already recognizes non-interest banking, as loss and profit sharing bank which under section 66 its interpretation provision simplicita means “a bank which transacts investment or commercial banking business and maintains profit and loss sharing accounts”

Profit and loss sharing or non-interest banking is the major feature of Islamic Banking, that feature is not only known to Shariah practice or Islamic laws, it is has been a part of the Mosaic law in existence since Biblical days as can be found in the Book of Exodus 22:25, Leviticus 25: 35-37, Deut. 23: 19, Psalm 15: 5 , etc among many Nigerian ethnic groups, it is known as esusu, it is done in a form of general contribution which is loaned out among contributors interest-free on rotational basis, in the contemporary financial system it is known as private equity. Therefore anybody or a body of people whose economic practice, religious belief or traditional orientation falls within this provision and is willing to set up a bank based on that could legally apply for a license from Central Bank of Nigeria (CBN).

Jaiz International PLC was incorporated in 2003 when Chief Joseph Sanusi was still in charge at CBN long before Mallam Lamido Sanusi. It was incorporated to take the advantage of this provision using the Islamic law model. In 2004 they got approval in principle with a commitment by the CBN to issue them with a license when they are able to raise the required 25 Billion Naira minimum capital requirement which was introduced by Prof.

Charles Soludo during his banking reformation. The inability of Jaiz International PLC to raise this capital requirement was the only thing that had stood between them and a license to operate non-interest banking based on Islamic model since 2004, five clear years before Lamido Sanusi. How come nobody was protesting?

On Thursday February 3, 2011 as reported in the Vanguard of Friday 4, 2011, Sanusi climbed to the rooftop to proclaim what can be likened to ‘ O ye faithful Moslems of Nigeria, I Sanusi Lamido Sanusi shall grant unto you Islamic bank in Nigeria soon’ Are you kidding me? Islamic banking as always been permitted under the enabling laws for banking in Nigeria, this is known to the practitioners in the industry and one already got an approval in principle 7 years before…what exactly is Sanusi commencing? Just like the political Shariah, there you have your political Islamic banking introduced and championed for personal aggrandizement of a man with savior mentality. A sitting CBN Governor for that matter.



It is pertinent to mention here that attempts are being made by some to reduce this to Christians protesting an introduction of Islamic banks in Nigeria and that whereas they are available in many countries like Bangladesh, Malaysia, South Africa, Egypt, Pakistan etc and even well known Christians dominated countries like United States and Britain. Nothing could be far from the truth. The question we should ask is why was there no protest when Jaiz International PLC was licensed in 2004? The then CBN Governor was professional about it, simply approved them under the existing laws and did not constitute himself as the champion for Islamic banking. But 7 years after the first would-be Islamic bank has been approved, Mallam Sanusi introduced the guidelines for non-interest banking which read in parts that:


“transactions, instruments and contracts under this type of services are non-permissible if they involve: Interest; uncertainty or ambiguity relating to the subject matter, gambling; speculation; unjust enrichment; exploitation/unfair trade practices; Dealings in pork, alcohol, arms and ammunition, pornography and other transactions, products, goods or services which are not compliant with Islamic rules and principles.” “

CBN under the direction of Mallam Sanusi also define Non-Interest Financial Institution (NIFI) to mean:

““a bank or Other Financial Institution (OFI) under the purview of the Central Bank of Nigeria (CBN), which transacts banking business, engages in trading, investment and commercial activities as well as the provision of financial products and services in accordance with Shariah principles and rules of Islamic commercial jurisprudence.”

With these guidelines Mallam Sanusi Lamido Sanusi is not only deploying the instrumentality of the state to enforce Shariah law, he has singlehandedly while acting like one-man National Assembly and the President disqualified people of other faiths who might want to take the benefit of non-interest banking provision of BOFIA and surreptitiously attempted to legislate Islamic Banking into existence by using guidelines to trump the substantive laws! Is this fraudulent or what?

Sanusi’s guidelines for a provision of law that has no religious coloration was reported to have mentioned Shariah 26 times, he is reported to have proposed CBN Sharia Council, Accounting and Auditing Organization for Islamic Financial Institutions, Islamic Financial Services Board etc. Some reports also had it that he is appointing for himself a Grand Khadi to serve as his adviser on Islamic banking. I believe he forgot to set up same for Obatala worshippers who might be willing to set up their own non-interest financial institutions, with a Babalawo adviser to boot; there you have your Chief Imam of Central Bank of Nigeria.

This is the crux of the matter for some of us. I think it is unreasonable to be against Islamic bank since all it does is to offer Nigerians more options in banking, just like it would have been unreasonable to go against the original Shariah law as entrenched in our constitution since it will only be applicable to Muslims. But like the political Shariah of Yerima that was deployed to abridge the rights of non-Muslims in a country that professes secularism and guarantees the right of every Nigerian to live and practice his faith unmolested. Sanusi’s Shariah banking is designed and deployed to hijack and abridge the rights of other Nigerians to benefit from the non-interest banking provision of BOFIA. I have read people who wrote about the compatibility of these “guidelines” with our Constitution and other laws, to me that is not just the matter, but the right of Mallam Sanusi to constitute himself to a one-man legislature.

The duty of CBN is to license banks under the existing laws, the mode and corporate policy in lending should be left in the hands of the operators with minimal regulation to ensure compliance with the law. If anybody wants strict Islamic Banking institution independent of what is already known to our laws at this point, such person should sponsor a bill to the National Assembly through their representatives. The attempt by Mallam Sanusi to cover up the arrogation of powers to himself by reducing the debate to Christians protesting Islamic Bank, the same way he lambasted Christians for protesting Yerima’s Sharia is to say the least ridiculous.

His hypocrisy stinks to high heavens when he was reported to have recently told Muslims not to join issues with their Christian “brothers” in order not to heat up the polity, I think Sanusi himself heated up the polity with the arrogation of power of life and death over the banking industry to himself and not his audience.

The Central Bank in every country is a conservative establishment. The Governors or by whatever name the man in charge is known they are never heard on political or religious issues. Mallam Lamido Sanusi should quit his grandstanding, quit his playing to the gallery, quit his nose-poking into the messy political terrain and must also operate within the laws of the country. Nigeria’s economy needs healing not noise making.

Ayo Turton is a USA based Lawyer

@Tapiya, pls kindly repost this as an individual thread. This article is excellent

@TAPIYA

The evils done by compounded interest on our economy especially from the irresoluteness of our foreign borrowings over the years, and we kept lavishing our oil earns on is why i shield tears, if it was obantala that will give us the best tune as to banking let it be called-there's no need rebranding the moon as to calling it big lantern, a moon is a moon, and i'm sure that exactly is your only problem with the awesome Islamic Banking,

I'm a professional and i'm terribly conversant with what financing is all about,

Consider-a situation where one would borrow money and never be able to repay  till death comes, imagine

cant we stop compound interest without becoming islamized?

It is high time that an Ogun Worshippers banking system is created.  

Every full moon, specially selected dogs will be sacrificed at midnight in all such banking halls, to ensure good fortune to the animists and juju practitioners who patronize the facility.

Got this from somewhere, and I think it explains the MISPLACED anger and all that is wrong ABOUT THE IGNORANT DISENCHANTMENT with the Islamic Banking proclamation in Nigeria.

WHO'S AFRAID OF ISLAMIC BANKING?
By UCHE EZECHUKWU

First and foremost, I must apologize to my readers for not bringing the concluding part of the piece I started last week on the Nigeria Police. I had to postpone it because of some developments in the polity, which, as I sincerely believe, have the potential of ballooning into untoward outcomes, if not promptly addressed. I stumbled on a story in the online edition of the Vanguard and which bothered me greatly and should bother other Nigerians of conscience.
The story in question was that the Delta State chapter of the Christian Association of Nigeria (CAN), led by its chairman, Archbishop God-do-well Avwomakpa, marched through the major streets of Warri last Thursday, protesting the authorization of Islamic banking by the CBN in the country. The story further highlighted the interview granted by the bishop during which he reportedly declared that the introduction of Islamic banking in the country was a prelude to the Islamization of the country. He was further quoted as saying that “the church is aware of the dangers that this issue is going to cause and we are not going to compromise our faith as Christians. Nigeria belongs to all of us and we are saying ‘No’ to Islamization of Nigeria.”

Before I go further, I insist that from what I know of the universal Catholic Church to which I belong and which is the largest denomination of CAN, the Delta chairman could not have been speaking for us, not even for the Catholics and the other orthodox communions in that state, because I know the channels of our communication and our church does not engage in rabble-rousing.

Again, I must blame the CBN for its culpable assumption that the Islamic banking system which has been in operation in many more advanced and more secular countries like UK, USA, France, South Africa, etc, without affecting or altering the lifestyle or secularity of those societies, could be introduced into Nigeria without adequate enlightenment. It was an unpardonable miscalculation which has enabled both the little informed and outright mischievous elements in our midst to seek undeserved relevance by misinforming Nigerians on the whys and wherefores of the system which has found acceptance in the places where it has been in practice.
Having said that, it is rather unfortunate that in these days when knowledge and information are at the beck and call of all, it is a great disservice for some people in privileged positions to indulge in outright falsification of issues that are capable of causing social dislocation especially if the correct sides of the case are not accurately and dispassionately presented. For the avoidance of doubt, it is obvious that those leaders who are leading their followers to believe that the Islamic banking system would Islamize the polity, should have also recalled that the many Christian universities that have been licensed by the NUC as businesses and bearing such explicit names and Catholic University, etc, have not been accused of Christianizing the polity. For, how can a business concern which does not exercise any coercive authority over any of his customers, make its customers to adopt its beliefs?

And why has the CBN which has exercised the responsibility to regulate and provide guidelines for all other forms of banking operations: commercial, merchant, community, micro, mortgage, etc, in the past, should now become culpable because it also produced guidelines for the establishment and operation of the Islamic interest-free banking system, which is another banking format? For even when those banks take off, it is not likely they would have the word “Islamic” prefixed to their names. And even if they did, would it not be similar to the many businesses owned by the different faith-based organisations?

Yes, a mischievous mind might find it convenient to manipulate the emotive sentiments of religion to draw attention to him or herself, but that fact should not remove the fact that the introduction of any system that would bring about some salutary influences into our economy should be welcome. Yes, the Islamic banking system seeks to run its banks along the Islamic jurisprudence – simply put, along the prescription of the Sharia laws.

The most prominent feature of the Islamic banking is in the absence of interests (riba) in accordance of the Koranic prohibition of usury. Significantly, the Jewish code or the Torah (the Old Testament of the Bible) is also against usury. And if their religion demands that a Muslim’s life should be ordered along the dictates of the Sharia, should the Muslims who constitute half of the national population be denied the type of banking institution that caters for their religious belief? As a Nigerian, is the Muslim not entitled to the unfettered practice of his religion?

The proposed Islamic banks would be privately owned and not by the government and such specialised financial institutions would be expected run their businesses along the dictates of the guidelines setting them up, which is mainly that, anybody who agrees to abide by those codes would be welcome to do business with them. How would their operations affect anybody who does not paronize them? So, what is the cause of all these needless hues and cries which are more out of mischief than culpable ignorance?
The ownership of banks like other businesses, as schools, is totally deregulated but run under set-down guidelines by the relevant laws and regulations. Many Christian-based organisations have applied for and were licensed by the appropriate authorities to run schools and universities. Even though these academic institutions have the greater capacity of influencing those who pass through their portals, their existence or sectarian ownership has never been challenged by any quarters – Christian or Muslim. The universities and colleges throw their gates open to all those who agree to abide by their ordinances and prescriptions as nobody is, ab initio, never coerced into enrolling into them.
For instance, Muslim students who attend Catholic schools alongside my daughters, while being allowed to observe their Islamic faith, are nevertheless compelled to obey the basic demands of Christian life, which they had been made aware of before being enrolled.

So, I as a Catholic decide to patronize an Islamic bank, I should have become aware that the Sharia demands that I cannot expect the bank to grant me loans to run businesses that are haram to the Islamic faith. For instance, I cannot expect to obtain a loan from there to run a newspaper that would advertize alcoholic beverages or pork products. In the same way, I cannot expect to obtain a loan from an Islamic bank to run gambling operations or hotels that peddle alcohol or operate a brothel. More importantly, these banks do not put a gun on my head to use their services, nor would they turn me away because I am not a Muslim, provided I sign up to adhere to its provisions. How, therefore, could one branch of an Islamic bank at Onitsha, Aba or Enugu have the capacity to Islamize the Igbo society?

Having provided these rudimentary facts on the Islamic banking, it then becomes unfortunate that anybody or group should want to over-heat the polity because of the introduction of a banking system that has absolutely no adverse effect on the society, both on the short and long run. One would have thought that if there are Christian leaders who feel envious that banks are established along Islamic religious codes, they should hasten to establish their own variants which would use their enormous riches garnered though huge tithes and offerings of the millions of their adherents. After all, recent studies by a reputed international publication named four Nigerian pastors as among the richest in the world. Such a move which could provide the much hankered-after economic succour to their long-basic demands of Christian life, which they had been made aware of before being enrolled. So, I as a Catholic decide to patronize an Islamic bank, I should have become aware that the Sharia demands that I cannot expect the bank to grant me loans to run businesses that are haram to the Islamic faith. For instance, I cannot expect to obtain a loan from there to run a newspaper that would advertize alcoholic beverages or pork products. In the same way, I cannot expect to obtain a loan from an Islamic bank to run gambling operations or hotels that peddle alcohol or operate a brothel. More importantly, these banks do not put a gun on my head to use their services, nor would they turn me away because I am not a Muslim, provided I sign up to adhere to its provisions. How, therefore, could one branch of an Islamic bank at Onitsha, Aba or Enugu have the capacity to Islamize the Igbo society?

Having provided these rudimentary facts on the Islamic banking, it then becomes unfortunate that anybody or group should want to over-heat the polity because of the introduction of a banking system that has absolutely no adverse effect on the society, both on the short and long run. One would have thought that if there are Christian leaders who feel envious that banks are established along Islamic religious codes, they should hasten to establish their own variants which would use their enormous riches garnered though huge tithes and offerings of the millions of their adherents. After all, recent studies by a reputed international publication named four Nigerian pastors as among the richest in the world. Such a move which could provide the much hankered-after economic succour to their long-
It would be necessary at this juncture to insist that the religious leaders – Christian and Muslim – should desist from misleading their followers by inciting them against fellow Nigerians who adhere to different faiths through half baked instructions which are often programmed to produce less than godly objectives. I do not know what punishment Islam prescribes for such serious misdemeanours but I know that Jesus Christ, whom I profess, prescribes that such people deserve to have big boulders of stone tied around their necks and dumped into the depth of the ocean.

Moreover, God says in the Bible that, “my people perish for lack of knowledge” It is, therefore, sinful for any religious leader to hide the truth from his followers; it is even worse for him to manipulate the ignorance of such followers.

At the end of the end of the day, who is really afraid of this Islamic banking? Is it those on whose consciences it weighs heavily? Actually, a true Christian should not fight against any trend which he thinks that threatens his faith, because as we are told, if it is of God, nothing can stop it, but if not, it will self-destruct and fade away. The greatest proof of that is Communism which raged worldwide like an all-consuming fire only to die as it had started, unsung, less than a century later.
Nigeria belongs to all of us – and it is in God’s wisdom that he put both Christians and Muslims into his space, for cohabitation. Let us not play God, but always give peace a chance. That,to my understanding is the cardinal tenet of Christianity – to live and to let live.

http://www.sunnewsonline.com/webpages/columnists/capital%20matters/2011/capital-matters-july-04-2011.html

For GOD sake this banking system was put forth by the quran, so y won't it be tagged islamic banking and it is not a must, if u like it u join, if u don't then walk away

@Jarus.Christian leaders are not paid public officers they are religious leaders. Sanusi is a public servant who has spent a considerable amount of time giving speeches in mosques instead of addressing the whole nation. It is folly to demand consideration , maturity and tact from religous leaders saying chriatianity is about live and let live and not heavily castigate a public servant who has displayed absolutely no respect  for how delicate the nigerian society is.

Christians in Nigeria have always had to bend over backwards not to upset fundamentalist Muslims. If you are a christian living in a predominantly muslim city like kano you have to dress like them to avoid being manhandled. When people kill Christians in the north in the name of Islam, Christians in the south understand that they do not represent the majority. So if Christians are upset by the actions of a Muslim public servant DONT TELL THEM TO BE MORE UNDERSTANDING, tell him to respect his office and act like the governor of the central bank of Nigeria not  Central bank for Muslims.

please lets be more educated abt issue before we comments,a lot talk about this islamic banking and i beleive many of us have not even read or know anytin about the concepts of islamic banking just because islam is attach to it some of us now become partial about it, i quess my fellow nairalander should have a gud read at this article and know all abt islamic banking, www.islamiccenterng.com

[b]When i heard of it @ l t v programmed today,i was surprise

That Islam is attached to it IS the scary part of the story. Who in his right mind wouldn't want interest free banking?
If we are to go with the article Tapiya posted earlier, Non Interest Banking already exists in Nigeria and a "Jaiz" bank was actually granted a licence to operate in 2004. So why is Sanusi trying to make it an issue again?

I remember before Sanusi was appointed the CBN chairman, some people actually protested and said that was a wrong move that would end in our banking system being 'islamized'. Those people have been proven right.
If the banking law currently supports non interest banking, why rename it and call it Islamic? Especially at a time when a northern sect's agitation is currently causing havoc and fear in the hearts of Nigerians.

Perhaps the timing is just wrong because if there wasn't tension between Islam and Christianity, people would have just looked at it with a "live and let live" attitude.

9ja is a secular state,oya remove so help me God frm national pledge,remove sallah break,remove easter break,or else introduce athiest and pegan break. Haba,accept truth whenever u find it. US, UK and co. have been benefitting from it,why not 9ja? Pat Utomi, Ungozi Iwela,are all well grounded in bank issues,they welcome the idea,i wonder y some that dont even knw what a bankreally are busy shouting, bla bla bal. Mtsew

in my first discussion with a christain friend on this issue,the first thing she told me was the bible also does not support transaction with interest. i wont be supprised if some are hearing it for the first time, perhaps thats why many are mis yerning

I think the real problems stem from the antecedents of the person championing Islamic banking and the time it is being introduced.

The writer of that article posted by Jarus is getting something wrong in comparing the establishment of Universities governed by common laws with the only difference being in their students code of conduct and the establishments of banks that will be governed by different laws; one threatening our secularity as a people. They are not the same.

However, non-interest banking is not alien to the Nigerian banking industry. I am a banker and my former bank - FCMB has packaged a transaction for a customer without interest but with the option of profit sharing. In fact, the bank converted the loan into equity because the understanding then was that you cannot legally share in the profit of an organization in which you hold no stake. This may be different with Islamic banking. I want the apostles of islamic banking to explain whether it will require the bank to take equity in the borrower's business and whether disputes arising thereof are contestable under secular legal systems.

Much as i like the principle of islamic banking, I cannot be confused about the motive of SLS in wanting to use it to popularize islam in Nigeria. It is not a coincidence that an Islamic Religion Studies-Masters degree holder CBN Governor is the one in the Vanguard of Islamic banking.

Never! we are not enough enlightened to have it.

This is a secular nation, it can Never work, NEVER !

otondo55:

Never! we are not enough enlightened to have it.

This is a secular nation, it can Never work, NEVER !

We will see.

X-factoria,
Honestly, it is sickening the way you people castigate someone for no other reason than he has anything to do with Islam. Yes, he has a degree in Islamic studies, so is that a crime? Islamic banking has been in the piipeline since Soludo says, should Sanusi just ignore it because he is a Muslim or he read Islamic studiies. I'm sure if SLS was not a Muslim, there would not have been any fuss about it, it would have just come as a regular CBN policy. But now, the CBN governor is a Muslim and every step he takes is being viewed from ethno-religious lens? It's sickening.

tollu:

That Islam is attached to it IS the scary part of the story. Who in his right mind wouldn't want interest free banking?
If we are to go with the article Tapiya posted earlier, Non Interest Banking already exists in Nigeria and a "Jaiz" bank was actually granted a licence to operate in 2004. So why is Sanusi trying to make it an issue again?

I remember before Sanusi was appointed the CBN chairman, some people actually protested and said that was a wrong move that would end in our banking system being 'islamized'. Those people have been proven right.
If the banking law currently supports non interest banking, why rename it and call it Islamic? Especially at a time when a northern sect's agitation is currently causing havoc and fear in the hearts of Nigerians.

Perhaps the timing is just wrong because if there wasn't tension between Islam and Christianity, people would have just looked at it with a "live and let live" attitude.

So are we saying only christians can be CBN governor?
Last year, the Nigerian Stock Exchange worked for half a day on christmas eve. Muslims did not protest although the same courtesy was not extended to them
Ask yourself, what is the cause of tension between muslims and christians?
It cannot be Boko Haram because they have called more civilian muslims than christians

Whether you all like it or not Islam is the way, I just hope you people will stop criticizing and put down your brains to think. Couple of months nack while I was in Osun State I was watching NTA oshogbo and some enterprneurs were discussing on an interview about how they use highest percentage of their profits to service debts at 14% interest rate by commercial banks and still struggle to grow their businesses. It is common place to know that they will have to make more by putting more on commodity prices, Then CBN came out with Bank of Industries that lend money out at 7% interest rate, Come and see how there business owners were happy with this BOI. Now imagine when you will have to lend money at 0% interest rate. Not only the business owners will make more profit but prices of commodities will come down and economic stability is consequent.
Why cant you christians pretend to be nice for a lil, we all know you people hate Islam, you dont have to show it, I know your problems are with the name, but I bet you most of you that are christians with businesses will run your asses down to this bank to borrow money because why would you go to Zenith or FCMB that can confiscate ur propwerties if you cant pay debt rather  that go to a bank that lends for free and you can pay with ease,
I dont mean to spite you people o, but you all have fish brains  

shoboy9:

@ OP

Pls don't explain Islam banking. Islam has one fundamental principle - forceful subjugation of people to its control. When Obj was in power, they brought sharia. Under GEJ, they've brought sharia banking. Of course if UMYA was still in power they would have done it without asking.

Sorry but people who cannot be reasoned with can only be stopped by violence. A pity but there it is.

And I reckon that muslims have tried to forcefully subjugate you
Please tell, how was the attempt made and how did you survive it?

otondo55:

Never! we are not enough enlightened to have it.

This is a secular nation, it can Never work, NEVER !

But when muslims who attended christian schools were given a stark choice - convert or go back home, we were enlightened enough?
When muslims students were forced t learn BS, we were enlightened enough
But suddenly Nigeria is in the dark ages
If you are from the South West ask your parents and their christian friends how they became christians

After watching the video-I shield tears seeing the evil of compounded interest on humanity

What more do these christians wants to hear or see


The day Islamic Banking is Launched is the day our economy is reborn into boom and fairness

There's no going back, Ma nsha ALLAL

I'm an experienced banker and i'm saying this is just the solution ISLAMIC BANKING 

Check the poverty rate in Arab countries!

Do you even know how economy operates? Have you see any economy based on banking system that doesn't accept interest and succeed to make the economy of any nation to boom? Look into some of the best banking systems in the world all are meant to make profit. It is ridiculous when people come here to propagate bugaboo!

BetaThings:

But when muslims who attended christian schools were given a stark choice - convert or go back home, we were enlightened enough?
When muslims students were forced t learn BS, we were enlightened enough
But suddenly Nigeria is in the dark ages
If you are from the South West ask your parents and their christian friends how they became christians

There are Christian schools and there are Muslim schools and regular schools. If I send my child to a school that was openly founded on the tenets of a certain religion, then the rules must be obeyed. Nobody forced you to enrol your child there.

Do we have christian banks and muslim banks? No!
I just feel the situation is ground now dictates that fragile issues like this should be handled with care.
The CBN governor shouldn't be seen as trying to force it down the throats of Nigerians. Especially with statements like "we'll see in court" or whatever.

Educate Nigerians and make people see what you are trying to sell.

honestly I think we should stop this fight for and against Islamic banking. Time as in all things will settle it.

Hello every one,

Even though I stand to be corrected, but I think those who are propagating Islamic Banking as a way for people not to be involved in interest have either not given it a deep thought as far nigeria is concerned or are not saying the whole truth. This is because many of our national funds out which every nigerian benefit are maintained mainly by the principles of interest e.g Pension Fund, Sovereign Wealth Fund and even part of our Foreign Reserve. Or does it mean that after creating Islamic Banking will then have to starting thinking of Islamic Pension Fund, Islamic Sovereign Wealth Fund, Islamic Foreign Reserve etc. If that is the case, then do not blame those who are seeing this issue as an Islamic Agenda.

Also if the idea is all about non-interest , I still don't understand why it must be called Islamic when the idea of non-interest have been around and practiced before Islam (at least it is in the bible). Though non-interest banking has a lot of benefit, the model that is being propagated by CBN can easily be exploited by some muslims to further their Islamic agenda.

Finally, I will like to ask, can't a muslim use the current banking system and still be a good muslim? After all Sanusi is a major beneficiary and player of the current banking system and he still seen and respected as good muslim. So please for the sake of peace and the current tense situation especially for us christians in the North this issue should be suspended for now

tollu:

There are Christian schools and there are Muslim schools and regular schools. If I send my child to a school that was openly founded on the tenets of a certain religion, then the rules must be obeyed. Nobody forced you to enrol your child there.

Do we have christian banks and muslim banks? No!
I just feel the situation is ground now dictates that fragile issues like this should be handled with care.
The CBN governor shouldn't be seen as trying to force it down the throats of Nigerians. Especially with statements like "we'll see in court" or whatever.

Educate Nigerians and make people see what you are trying to sell.

You are evading the issue. Was the enlightenement of Nigerians considered when people were forced to convert to christianity to have access to education? Why is that an issue now?
Do you know that christians actively used education as a tool to enforce conversion?
This is one of the reasons that Boko Haram came into being. It had been an issue well before this militant strain came up
People who were muslims were being encouraged to send their children to school only for them to be converted

Christians are saying today opening an account with an Islamic bank will be used to convert people to Islam
How? convert before I can have access to my own money? Stanbic headed by 2 christians will force people to convert before they can take loans?

Yes there is not christain bank. But if there can be canaan christian university, there can be a christian bank if you want
Or are you saying that when christians were apply for approval for their schools, they waited for muslims to show up with their own applications

@Poster above me! Is Christian so new to the North now? Why are they now bombing the whole place if Christian are telling them to attend School to be converted? It means Islam is afraid of Christianity. Jeez! What you are insinuating is senseless!So that was the reason they introduced terrorism into the country.Please, if that was a reason enough to have s suicide mission in the country it really proves your mentality right. backward mentality! It is a shame people can't use their heads to understand that religion is just ancient tradition. Keep dwelling in the crap. But, for me, I am in the 21st century with a modern man mind!Fuuuuuuuuuuuuuuuuucccccccccccck you all Christians and Muslims alike!

all4naija:

@Poster above me! Is Christian so new to the North now? Why are they now bombing the whole place if Christian are telling them to attend School to be converted? It means Islam is afraid of Christianity. Jeez! What you are insinuating is senseless!So that was the reason they introduced terrorism into the country.Please, if that was a reason enough to have s suicide mission in the country it really proves your mentality right. backward mentality! It is a shame people can't use their heads to understand that religion is just ancient tradition. Keep dwelling in the crap. But, for me, I am in the 21st century with a modern man mind!Fuuuuuuuuuuuuuuuuucccccccccccck you all Christians and Muslims alike!

It is always useful to read before responding
I suppose that 21st century mind requires that you use decent language

BetaThings:


Do you know that christians actively used education as a tool to enforce conversion?
This is one of the reasons that Boko Haram came into being. It had been an issue well before this militant strain came up
People who were muslims were being encouraged to send their children to school only for them to be converted

hmmmmmm nawao. d way sm pple r jst talkn, i 1da if dey kn actually read d writn on d wall. jst 1 day we wl al realz, we shld hv resistd a long tym ago.
i dnt knw y christians easily accpt anytn in d name of Christianity.MAY GOD SALVAGE HIS PEOPLE .
WAT IS HAPNIN 2 NIGERIA