[size=14pt]Islamic banking only for North – Mutallab[/size]
on AUGUST 12, 2011 · in NEWS

BY Emma Ujah, Abuja Bureau Chief
ABUJA — The first proposed Islamic bank in Nigeria, Jaiz Bank, will operate as a regional bank, based in Northern Nigeria.

Jaiz Chairman, Alhaji Umaru Abdul Mutallab, told shareholders at the bank’s Annual General Meeting in Abuja, yesterday, that it had raised N6.5 billion to be able to operate as a regional bank under the recently released framework of Central Bank of Nigeria, CBN. A specialised regional bank requires N 5 billion capital to operate.

He said: “The regulatory framework recently released by the CBN re-enforces the concept of specialised banks recognised by the Banks and Other Financial Institutions Act with a lower share capital base. Your company will consequently operate as a specialised bank.

“The framework equally allows for the operation of regional and national banks within the framework of specialised non-interest banking.

In his remarks, Rev. Emmanuel Ikwe of Emmanuel Evangelical Church, who is also a shareholders solidarity activist, said Christians should not panic over Islamic banking.

“There is no need to panic over Islamic banking,” said Ikwe , who was Chief of Air Staff under the Gen. Yakubu Gowon regime.

According to him, shylock Nigerian bankers who give various excuses for not giving loans or give loans at rates that are very unfriendly would have a major competitor in the Islamic bank.

“When there is someone who will give me a loan at no interest, why won’t I do business with him? I will not leave such a bank and go to another bank that will give me a loan and charge 30 per cent interest and include other hidden charges. To me this is business”, he said

http://www.vanguardngr.com/2011/08/islamic-banking-only-for-north-mutallab/

I dnt knw why our yoruba moslem always used and dumb. I don't knw why!!!!

Obsolete ideologies!!!

Even prophets in ancient mecca who aren't Muslims talked about the evil of money!

Mohamed is a propaganda name. The Mohamed that existed is not the one preached in the Quran. They gave his name to some else to be able to manipulate and change his ideologies,

Money isn't supported in the original system the original Mohamed envisioned. Yet you guys are letting these fake religions take y'all for a ride!!

I don't see him (the Original mohamed) as a prophet, I see him as a philosopher. Arabs hijacked the original ideology and gave you their culture to practice!!

Go ahead folks, continue joining money making organizations that further divides us as human beings!!

Islamic banking is akin to the old Bank of the North. FG funded bank of the north and it became their welfare honey pot until they ran out of funds from the federal government. I remember when they pushed Obasanjo to start the bank again but he refused and now they are starting the same welfare banking using Islam as an excuse. I am so sure that Southern/Yoruba muslims will not be included in this new welfare program called banking.