I don't see anything wrong with " Non Interest Banking" I think the mudslinging matches from both side of the argument stems from the wording 'Islamic' which to the non-discerning person could conjure Talibanic Messianic undertone messages introduced albeit covertly into the secularism of Nigeria. This more than any other thing is the bone of contention. We should tone down our Rhetorics and reserve them in getting the naming convention right for this Bank rather than letting out unnecessary steam.

Personally " Non-Interest Banking" is a wonderful and great Idea, we should adapt and adopt an agreed naming 'format' or convention which would be clear, concise and transparent to the un-initiated mind without bringing religion into the fore or having an ardent association with a particular religion. But I sense 'Sanusi' like a sadist that he is anyway,  prefers to wallow in the controversy that travails this pet project of his, knowing too well that the powers that need be has been corned, they are now harpless and confused as to what actions to take when making a decision or stance as to the merit and de-merit of " Non Interest Banking". Sanusi more than anything is re-emphsasing the Islamic origin of this Banking system which I think he should de-emphasis rather I want him to concentrate on telling us about the virtues by  harping over the gratifying respite of a " Non Interest Banking" and how good and beneficial it would be to our economy.

That more than anything else is what I am interested in, How do these institution make money then  ,  how does a business man who bought an item for $1 dollar including all cost,  sell it for $1 DOLLAR, what is the 'module operandi' of this system, I need serious tutoring as to how one can make money without charging interest bearing in mind that in the western countries where this facility has been deployed and are available are more cases than not Mortgaged-based economies, for example  if a mortgage where to be given on a " Non Interest Basis" the interest is calculated up front and added to the asking price of the property and a loan issued on that price gives the buyer the impression interest was not or never charged.

This is more like interest by default more than anything else, but come to think of it using the Nigerian 'Context' as a case study, we hardly have a funtional Mortgage enterprise as it is, although I know we have something reminscent of what one can call a Mortgage giving institution this facilty is only given to friends of the Bank Manage, cronies and Politicians who in any case can buy their houses cash down, it is more like a facility used for laudering money by our theiving elites.

I hope in the weeks and months to come Sanusi would tone down the historical significance or insignificance as to the origin of Islamic Banking and answer more salient questions on the 'Modus Operandi' which I can convincly say Mr Sanusi has no answer, making his pet project less of a tumultuous issue and more of a frivolous item  would not interest him the least either, that would mean given up his ACES which has made the President and Presidency mute, confused and running for cover, especially now the Boko Haramic forces have increased their onslaught,  if I was in Sanusi's shoes I would not give up my  ACE's without a fight, an Ace worth more than Atiku's Gra-Gra or Bhuari/Bakare Boko Haramic RIOTS.

Looks like it is a win-win for 'Sanusi' after all what 'Ciroma' and other Northern Leaders cannot achieve it would appear Sanusi has manovered a victory for the North in this game of Brinkmanship. To put credence to this hard fought victory and the icing on the cake was the endorsement of this Banking Module by HER  Majesty 'Queen Bee' Ngozi Iweala's backing for " Non- Interest Banking" ooops I mean 'Islamic Banking'. 


Some Naming Conventions that can be adopted and adapted to suit the Nigerian Terrain.



1. Al Gharib 'Non Interest Bank' and Not Al Gharib Islamic Bank

2. Sanusi 'Non Interest Banking' and Not Sanusi Islamic Bank

3. Jones  &  Jones' Non Interest Bank' and Not Jones & Jones Islamic Bank - even an Anglo-phonic Name like Jones sounds more like something from a horror movies when the appendage Islamic is added to it.

There is nothing wrong with the name “Islamic Banking”, there is however, something wrong with those against the name “Islamic Banking”. Those shouting against the system are not being honest. Most of them agreed that at least 50% of Nigerians are of “Islamic faith” and since they are not advocating for the division of this country, there was no reason to raise alarm over this issue. There is systematic anti Islam in this country to the point that it is becoming suffocating and unbearable.

There is nothing wrong with the name “Islamic Banking”, there is however, something wrong with those against the name “Islamic Banking”. Those shouting against the system are not being honest. Most of them agreed that at least 50% of Nigerians are of “Islamic faith” and since they are not advocating for the division of this country, there was no reason to raise alarm over this issue. There is systematic anti Islam in this country to the point that it is becoming suffocating and unbearable.

Why don't the proponents of this kind of Banking System de-emphasis the historical origins of this kind of Banking Module and emphasis more on educating the masses on how a non-interest Bank can make a profit in a backwater like Nigeria, where her mortgage institutions are in the doldrums. Lets we forget the so called 'Conventional Banks' where establish my Christine nations in Nigeria and non of these institutions have the appendage " the Christine's Zenith Bank" or the "Christain Barclay's Bank"

they may be hitting from the religious point of view

Ezekiel 18: 5-20 has me thinking that the Holy Bible sees lending money for profit as a sin

Whilst I agree that the 'less-informed' are wrongly attacking the idea of Islamic banking, the real issue is Sanusi's attempts to sneak in religious legislation into a purely financial matter.

Under the previous guidelines, a bank wishing to offer islamic banking could apply for a non-interest banking licence. The problem started when Sanusi defined non-interest as being exclusively Sharia-compliant, and ordered that all non-interest banks must have a Sharia Advisory Council. When people rightfully protested, he tweaked his definition to be "Sharia compliant, and other forms of non-interest banking."

He still insisted that the Advisory Councils would remain, because of the complexities involved in operating an Islamic bank.

The problem with this position is that the CBN has no business discriminating, or distinguishing between the different types of non-interest banks, especially when these differences are religious ones. All Sanusi is required to do is issue blanket guidelines for ALL non-interest banks, and let competition and market forces do the rest. He has no business using tax-payers money to promote Islamic Banking; he has no right to insist that the CBN must have a Council of Islamic experts (who will no doubt all be muslims, and be paid in part with the hard-earned tax of non-muslims).

This is the crux of the matter: he is Nigeria's Central Bank Governor, and NOT the Governor of the Central Bank of the North.

This, I repeat, is not a muslim-christian debate; it is just another brilliant example of the stupidity of man once he is given the opportunity to act like a god.

They want to use it to be using it to pay for arms from Russia. That is what real Muslim contries do, always thinking of war.

they may be hitting from the religious point of view

Ezekiel 18: 5-20 has me thinking that the Holy Bible sees lending money for profit as a sin

[b]The above caption simply prove both the Christian Holy Book and her Islamic Cousins share the same view, why are the accolades to this module of Banking accentuated and associated to only one school of thought. The world "Islamic" can and should without mincing word  be inter-changeable with the word "Christian" in the context of Banking when " Non Interest Banking" is the bone of contention since both Abrahamic Faiths believe and share the same doctrine.

This is where the might of secularism should come in and enforce by given a definitive format or convention for naming, whilst insisting on using and adhering emphasizing  the right nomenclature is used which is " Non Interest Banking" as a naming convention, to any English Speaker and to anyone who have a fair knowledge of Nigerian's Official Language that definition is self explanatory.

We should move away from naming the module after Islam since it has been proven even in the Christine book that Islam cannot holistically lay claim to what they have not got an inherent right off, the right to brag over this module is a right shared by both faith.[/b]

[size=32pt]B N P PARIBAS (NIB) BANK
[/size]

where NIB- stands for "Non Interest Banking" does this naming convention connotes any religion or affiliation. NO, Problem solved!!!

KnowAll:


Why don't the proponents of this kind of Banking System de-emphasis the historical origins of this kind of Banking Module and emphasis more on educating the masses on how a non-interest Bank can make a profit in a backwater like Nigeria, where her mortgage institutions are in the doldrums. Lets we forget the so called 'Conventional Banks' where establish my Christine nations in Nigeria and non of these institutions have the appendage " the Christine's Zenith Bank" or the "Christain Barclay's Bank"

There is clear difference between Non Interest Banking and Islamic Banking and globally the Islamic form of banking is called "Islamic Banking" so why should Nigerian case be different.

The conventional banking system is not christain form of banking it is a banking system that evolve over time based principally on fundamentals of economics.

There is clear difference between Non Interest Banking and Islamic Banking and globa[b]lly the Islamic form of banking is called "Islamic Banking" so why should Nigerian case be different. [/b]

The conventional banking system is not christain form of banking it is a banking system that evolve over time based principally on fundamentals of economics.

[b]Probably Christians in the other nations of the world who happen to be Majority are only allowing a leeway for the ethnic minorities in those countries to have a sense of belonging. And the other Non-Western Economies where Islamic Banking is thriving are generally societies that have a Majority Muslim. Nigeria is peculiar and unique in the world as a Country,in a cross-road where both Abrahamic faiths are at per almost 50%-50%.

The thought that 75 million Nigerian Christians would turn a blind eye to these blatant encroachment by pitching preachings, teachings and the indoctrination of one Abrahamic FAITH OVER THE other by using pseudonyms such as " Islamic Banking is equal to Non Interest Banking" is a purvey of introducing 'Islamic Banking wholesomely' and covertly I must add into the Country whilst ignoring the historical penchant and antecedents for the Nigerian Christian to dig deep into her Holy Scriptures to ascertain the authenticity or if need be the similarity of issues bothering on "Non Interest" amongst both faith. The fact that the Christian Faith have been indolent in pursing purity and chastisement should not be misconstrued as a 'religious bankruptcy' on the part of Christians which as we all know is the bane of the skulduggery in many Western Societies today.

To the disappointment of the proponents of this form of Banking in Nigeria the truth has been laid bare for all to see. One cannot take the over-sight of nations like Britain, USA or France as a Grandstanding rule that should be applicable to all. The eagled eyed Nigerian Christians are aware such fundamentalistic rhetoric but chose to be nascent not until it was unmasked by 'Sanusi', we welcome a debate but he must bear in mind that what is good for the gender must also be good for the goose. This in itself brings up issues concerning conformity, standardisation and un-wanton biasses, do we take the Islamic version, line, hook and sinker as the standard bearer whilst ignoring the Christian Holy Book WHICH is calling for the same thing or do we just discard both and go for the connotation"Non Interest Banking or 'NIB' Imprinted within the name of the Bank" without a mention of the Christian Doctrines or the Islamic ones. I think the former would cause a chasm within the polity whilst the latter would be more acceptable considering our secular stance.

[/b]

Tsiya:

There is clear difference between Non Interest Banking and Islamic Banking and globally the Islamic form of banking is called "Islamic Banking" so why should Nigerian case be different.

The conventional banking system is not christain form of banking it is a banking system that evolve over time based principally on fundamentals of economics.

No one has a problem with Islamic banking. You are free to call it whatever you like.

The issue is that Sanusi cannot define non-interest banking as islamic banking (which is what he sought to do), and he cannot forcefully inject an Islamic Council into Nigeria's Central Bank (which is what he is still trying to do).

This is a painfully simple matter: the CBN leaves it as Non-Interest Banking, and when an islamic group applies for a licence, they can call their bank an islamic bank, and run it as they see fit. Shikena!

Anything else is an invitation to anarchy.

PDP!!!

There is nothing wrong with the muslim,in the north, having their islamic banking, however, islamic banking is not the only form of non-interest banking. It is just a system that practices it. With that being said, why can't other non-interest banking be brought to nigeria as well?  It is clear that if non-islamic forms of non-interest banking is introduceed as well then islamic banking will only servive in the core north,if even that. This will definitely cut off his plans to spread islam to southward.