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Explaining Islamic banking & Finance - Business (4) - Nairaland

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Ngozi: Islamic Banking Is Ok / Stanbic IBTC Gets Licence For Islamic Banking Operations In Nigeria / Putting Sanusi's Islamic Banking In Perspective (2) (3) (4)

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Re: Explaining Islamic banking & Finance by Remii(m): 11:14pm On Jul 07, 2011
^^^ May be you stop using 1, 2, 3, 4, they are from Arabs (Arabic numerals). you have to stop using Trigonometry and Algebra among other Muslim / Arab investions also. Since you don't like to use anything Islamic
Re: Explaining Islamic banking & Finance by Nobody: 11:22pm On Jul 07, 2011
Islamic Banking system is violating my constitutional rights! Nigeria is a secular nation!
Re: Explaining Islamic banking & Finance by somze(f): 11:22pm On Jul 07, 2011
Remii:

^^^ May be you stop using 1, 2, 3, 4, they are from Arabs (Arabic numerals). you have to stop using Trigonometry and Algebra among other Muslim / Arab investions also. Since you don't like to use anything Islamic
Erm . . . Trigonometry Dude Why you sabe lie Please use google . . . its free.

Algebra also is arguable and the Arabic numerals themselves are based on Hindu numerals.
Re: Explaining Islamic banking & Finance by Nobody: 11:25pm On Jul 07, 2011
The Arabic writing from Hebrews! Hehehe,

Islamic Banking system is not allowed in Nigeria!
Re: Explaining Islamic banking & Finance by nasoj: 11:36pm On Jul 07, 2011
This islamic banking hope there dressing code will belike" eleya" type
Re: Explaining Islamic banking & Finance by Remii(m): 11:44pm On Jul 07, 2011
all4naija:

Islamic Banking system is violating my constitutional rights! Nigeria is a secular nation!

Nigeria is a multi religious state. Secular states don't have Chrismas and Eld holidays.
as for those doubting Islamic Scholars contributions to the world, I do not want to derail the trend by expantiating on that.

What I want to imply is that you don't throw away the baby with the dirty water. It does not make economic sense to reject interest free banking just because it originated from Muslims.
Re: Explaining Islamic banking & Finance by somze(f): 11:55pm On Jul 07, 2011
Remii:

as for those doubting Islamic Scholars contributions to the world, I do not intent to derail the trend by expantiting on that.
They contributed right. They invented/originated wrong.
Spot the difference. Now back to Islamic Banking shall we?
Re: Explaining Islamic banking & Finance by Remii(m): 12:06am On Jul 08, 2011
Below is CBN guidelines on the interest fee banking. It removes all Islamic fears. this is taken from CBN website.

CENTRAL BANK OF NIGERIA
PRESS RELEASE
CBN Issues New Guidelines for Non-Interest Banking
The Central Bank of Nigeria (CBN) has issued new guidelines for the operation of Non-interest banking in Nigeria. The new guidelines are the outcome of the review of the earlier guidelines issued based on the recommendations of various stakeholders.
The new guidelines clarify the contextual definition of Non-interest banking which is not restricted to Islamic banking, but also include other form of non-interest banking not based on Islamic principle. This is in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) which clearly provide for the two variants of Non-interest banking. This ensures that discrimination on any grounds in the participation by individuals or institutions as promoters, depositors or other relevant parties in any transaction regarding a non-interest financial institutions, whether based on Islamic or other model, is strictly prohibited.
Another significant review is the removal of any reference to Sharia Council which has been changed to Advisory Council of Experts whose responsibility is to advise the CBN on the appropriateness of relevant financial products to be offered by the institutions.
For the avoidance of doubt, section 23 (1) and section 66 of the BOFIA 1991, (as amended) explicitly provide for the licensing of Non-Interest Banks (NIBs). The CBN is obliged, by law, to issue licenses to appropriate entities for the establishment of NIBs provided they meet the regulatory requirements for licenses.
In view of this, the CBN is open to receiving and evaluating applications for licensing of non-interest banking institutions based on other principles rather than the Islamic variant and will soon issue separate guidelines for non-interest banking under other principles.
Signed
M. M. Abdullahi
Head, Corporate Communication
21st June, 2011
Re: Explaining Islamic banking & Finance by Nobody: 12:36am On Jul 08, 2011
Nigeria is a multi religious state. Secular states don't have Chrismas and Eld holidays.
as for those doubting Islamic Scholars contributions to the world, I do not want to derail the trend by expantiating on that.

What I want to imply is that you don't throw away the baby with the dirty water. It does not make economic sense to reject interest free banking just because it originated from Muslims.
Nothing like that in any constitution(the one in bold). Nigeria is a secular state by 1979 constitutional law dubbed after the American's, which was later adopted in 1999. Don't tell me that Nigeria is not a secular state, if not you are I will be very hash on you for trying to violate my constitutional rights. State steers clear from religion matter.

NO ISLAMIC BANKING IS NEEDED IN NIGERIA!
Re: Explaining Islamic banking & Finance by nairaman66(m): 1:08am On Jul 08, 2011
Weak-luck, sorry gudluck is too weak to act, What is Islamic Banking?? Thats Boko-Haram's source for quick cash! How can he be fighting and providing for them?/ Jesus
Re: Explaining Islamic banking & Finance by Remii(m): 7:00am On Jul 08, 2011
@all4naija

10. The Government of the Federation or of a State shall not adopt any religion as State Religion.

That is how  the 1999 constitution puts it. I don't think it means not religion, I think it means no religion is adoptable at the detriment of others. No religion would be favoured above others, no religion would be superior over another.
Maybe lawyers in the house can help with interpretation.
Re: Explaining Islamic banking & Finance by maclatunji: 9:19am On Jul 08, 2011
Remii:

@all4naija

10. The Government of the Federation or of a State shall not adopt any religion as State Religion.

That is how  the 1999 constitution puts it. I don't think it means not religion, I think it means no religion is adoptable at the detriment of others. No religion would be favoured above others, no religion would be superior over another.
Maybe lawyers in the house can help with interpretation.

It means it will deal with all religions fairly not that it will not recognize them. So if there is Islamic banking, christians can have their form of banking (although they know no such thing exists as we speak). The start of the Second stanza of the National Anthem reads:

"O God of Creation."
It is obvious that those throwing the phrase "Secular State" about do not know what it means at all. It does not mean the state does not recognise or accommodate religion, it simply means all religions will have the same standing with the government and that no religion will be subjected in favour of another. In effect, it does not MATTER if some Christians get a heart attack over Islamic banking, the right of Muslims to have it cannot be denied because of that. That indeed is the crux of this matter and any attempt to divert the argument is just a display of hypocrisy, bigotry and quite frankly a lack of understanding, comprehension and intelligence.
Re: Explaining Islamic banking & Finance by Nobody: 5:55pm On Jul 08, 2011
God is just a title boohoo. And, that's because Nigerian is English speaking country.

What are you guys trying to prove here. I can't just be fooled like that.


No Islamic Banking system in Nigeria!

I don't want anything that will cause chaos in this countryyyyyyyyyyyyyyyyyyyyyy!
Re: Explaining Islamic banking & Finance by Remii(m): 8:39am On Jul 09, 2011
Nigeria is not a secular state: Read following clauses from 1999 Constitution.


Preamble:[/b]We the people of the Federal Republic of Nigeria

Having firmly and solemnly resolve, to live in unity and harmony as one indivisible and indissoluble sovereign nation under [b]God
, dedicated to the promotion of inter-African solidarity, world peace, international co-operation and understanding

And to provide for a Constitution for the purpose of promoting the good government and welfare of all persons in our country, on the principles of freedom, equality and justice, and for the purpose of consolidating the unity of our people

Do hereby make, enact and give to ourselves the following Constitution:-
-----------------------------------------------

Section 38  of Nigeria Constitution:
(1) Every person shall be entitled to freedom of thought, conscience and religion, including freedom to change his religion or belief, and freedom (either alone or in community with others, and in public or in private) to manifest and propagate his religion or belief in worship, teaching, practice and observance.

(2) No person attending any place of education shall be required to receive religious instruction or to take part in or attend any religious ceremony or observance if such instruction ceremony or observance relates to a religion other than his own, or religion not approved by his parent or guardian.

(3) No religious community or denomination shall be prevented from providing religious instruction for pupils of that community or denomination in any place of education maintained wholly by that community or denomination.

(4) Nothing in this section shall entitle any person to form, take part in the activity or be a member of a secret society.
Re: Explaining Islamic banking & Finance by Jarus(m): 10:56am On Jul 09, 2011
If Islamic Banking violates your constitutional rights, go to courts. Simple

I have not seen a single top-rate Econimic analyst, from Okojo Iweala to Soludo to even Opeyemi Agbaje, criticize this banking model. The maximum i have seen is calling for more enlightenments, so that ignorant folks _and they abound here- can be educated that Islamic banking is Islam's contribution to Economics. Now i know ignorance is truly a diseaesn and maybe Sanusi is wrong for overrating Nigerians as enlightened enough to have understood this global trend.
Re: Explaining Islamic banking & Finance by azoo: 7:46am On Jul 11, 2011
Brainpulse link=topic=707365.msg8682995#msg8682995:

@AZOO

THE EDUCATION THAT YOU ARE BENEFITING TODAY IS AS A RESULT OF WESTERN Education. And history says it wasn't force on anybody, that was the reason why your brothers in the north are suffering it today. someone that has his family enjoying abroad will tell your brothers to tie a 5kg explosive and bomb himselves in the name of practicing sharia.

why why and why?

How many schools as sanusi built in the north, how many hospital has he funded, how many children in the north has he trained, how many widows had benefited from him.

There is no smoke without a fire and no unwritten script without a bad motive.

Note:All books in history never said that Nigerians were force to receive western education and christianity.
Start reading your book from the front to the back pls

Read my book front to back!! Please dont let go down that line,
You aint forcing people to accept xtianity by saying if dey dont accept xtianity no western education for them,, doesnt that sound like coercion whatelse could cry wolf??
Re: Explaining Islamic banking & Finance by azoo: 8:14am On Jul 11, 2011
all4naija:

Nothing like that in any constitution(the one in bold). Nigeria is a secular state by 1979 constitutional law dubbed after the American's, which was later adopted in 1999. Don't tell me that Nigeria is not a secular state, if not you are I will be very hash on you for trying to violate my constitutional rights. State steers clear from religion matter.

NO ISLAMIC BANKING IS NEEDED IN NIGERIA!

Are you a graduate or you are still in sec. sch. cos I see no reason why you are shouting secular, Nigeria being a secular state does not mean muslims and xtians are not entitled to socio-economic credits and values but that "no religion should control the affairs of a state"
see my quote and the words in bold and know the meaning before you reply,
Re: Explaining Islamic banking & Finance by azoo: 8:27am On Jul 11, 2011
somze:

Erm . . . Trigonometry Dude Why you sabe lie Please use google . . . its free.

Algebra also is arguable and the Arabic numerals themselves are based on Hindu numerals.

Google is f.u.cking free likewise ur brain use them both to read the articles you get then u'll no algebra, trigonometry etc are invented by arabs and muslims and that hindus only started the numerals i.e just 1 2 3 4 etc and no complex calculations like trigonometry,
Re: Explaining Islamic banking & Finance by AbuMaryam1(m): 9:19am On Jul 11, 2011
bla bla bla bal bla bla Islamic, but let me tell you it has come to stay, if you no gree Ghana no de far, brainless people!!!

By the way, why some folks are self centered? A lot of xhristians and paganism culture has been enforced on muslims

but yet they didn't complain about it, these rants and jeers about Islamic banking is exposing how aggressive some xtians

are, i'm sure the elite have spoken and so it shall be. shike nan!!
Re: Explaining Islamic banking & Finance by Nobody: 2:09am On Jul 14, 2011
Are you a graduate or you are still in sec. sch. cos I see no reason why you are shouting secular,  Nigeria being a secular state does not mean muslims and xtians are not entitled to socio-economic credits and values but that "no religion should control the affairs of a state"
see my quote and the words in bold and know the meaning before you reply, 
IT IS NOT A MATTER OF BEING ENTITLED TO CREDIT BUT A SYSTEM, NOT THAT WITH A RELIGION UNDERTONE. If you don't know your rights, I know mine. I am not gonna argue with you on the level of education relating it to the understanding of why Nigeria is a secular state while pointing to the constitutional rights. Well, I don't buy that your zombie idea.

However,Secular State in a spetrum touches on why Islamic Banking can not just be implemented as a system without consulting the constituion. It states that on there on the constitution that "Right to freedom of thought, conscience and religion" not right for implementation of religion entity through the CBN govt. -- Chapter IV - under "Fundamental Human Rights Article " page 38 - 39. In the same Chapter states "Right to Fair Hearing"  not to forcefully push Islamic tone into people through any system( that is being religious). In Chapter V - Legistlature under the Article "E - Powers and Control over Public Funds "  Page 88 states power to conduct investigation not  power to accept not being investigated of misconduct, which we are trying to do as responsible citizens of Nigeria about that Sanusi conduct and agenda with regards to this Islamic Banking system being introduced into Nigerian banking system. On page 89 "Power as to matters of evidence ", this must also be observed.

I don't know what you trying to prove here because you don't know your constitution and your right as a citizen of the nation of Nigeria.

Please, Islamic Banking is not needed in Nigeria. Not until it is in accordance with the Constitution of the Federal Republic of Nigeria.

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