texazzpete:

Why not insist that the word 'Christian' be excised from 'The Redeemed Christian Church of God'? How can any sane, educated person come out here to say that another man's religion is 'divisive'? Where is the tolerance we Christians fling about as our greatest virtue? You might as well go and demand that the word 'Islam' be forbidden in Nigeria.

The Banking system is Islamic Banking. None of the banks practising this will have the words 'islamic' in their name.

FIRST, i NEVER SAID ANY RELIGION IS DIVISIVE. I SAID INSERTING A RELIGION IN A BODY THAT'S EXPECTED TO BE SECULAR IS OBVIOUSLY (JUST FROM NL POSTS ALONE) DIVISIVE. especially when it contravenes the Act establishing Banks and Financial institutions in Nigeria
second, RCCG IS A RELIGIOUS BODY, IT IS ALLOWED TO HAVE A RELIGIOUS CONNOTATION.
third,DID YOU READ THE POST TITLE AT ALL? IT SAYS "JAIZ ISLAMIC BANK". I DON'T THINK IT'LL KILL ANYONE FOR THE SYSTEM TO BE REFERRED TO AS NON-INTEREST BANKING AS SOLUDO'S INITIAL PLAN SHOWS.

I have a question though
Assuming any of these banks enters financial distress, will it be eligible for a bail out from any public institution i.e. CBN,AMCON?

@solihu - take no notice of freezbell. he is a hypocrate. he will be amongst d 1st ten ppl to open an account & at d same time continue to criticise d bank to keep his christian brethrens at bay. this is what they always do. they did d same against d "conventional" banks in venice about three hundred years. borrowing money (gold) from d jews while at d same time accusing d jews of usury even though d jews didn't force them to take the usury loan. at d end d jews became so rich that they employed them to go on explorations across d globe so dat jews would became richer. today d jews control d christians and d world. frosbel is aware of dis and he sees d threat here dat muslims will get richer as long as christians realised d benefit of dis islamic bank and patronise it. he fear christians converting to islam through dis humane treatment via dis bank. he knows d ppl are only being exploited in d churches & are not benefitting anything but frustration due to unanswered prayers by overfed clergies.

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This is bad, Islamic banking in Nigeria is the beginning of the end, There is a hidden agenda to this, if it was for the good of the country in general(christians and others inclusive) why must it be coined in the name "islamic banking", There is an underlying plan to what is already in view to the common eye.
Control the finance house, control the heart of men.
Even if this Islamic banking system had virtue, why now, considering the state's state of security, this is simply a planned move.
هذا هو حقا بداية النهاية

This is bad, Islamic banking in Nigeria is the beginning of the end, There is a hidden agenda to this, if it was for the good of the country in general(christians and others inclusive) why must it be coined in the name "islamic banking", There is an underlying plan to what is already in view to the common eye.
Control the finance house, control the heart of men.
Even if this Islamic banking system had virtue, why now, considering the state's state of security, this is simply a planned move.

This is such a myopic and jaundiced view. Islamic banking is for anyone who wants o be a customer of Islamic banking it has nothing to do with BH, subsidy or anything like that. I don't know why we Christians are so paranoid about something will not succeed.

There is Islamic banking in UK and US.
Islamic banking is really a viable business proposal and will not get anywhere in mainstream banking, why because anyone who leaves his money in bank wants his or here deposit to yield interest and most imporatantly have more or less instant access to his or her money.

If you leave your money in an Islamic ( in simple terms) you will not receive any interest, but you will get a a share of the profit in any business that the bank invests in, this is okay but what about when you want to withdraw your savings from the bank?

Many businessmen and entrepreneurs - including many Christians will rush to islamic banks in order to get funds for their business, instead of paying 28% interest, they will divide profit with the bank, but where will the bank get depositors money to invest?

So my advise to Christians is to stop unnecessary sentimentality about Islamic banking but let's watch and see if the market will sustain this type of banking.

Humm

A bank is a bank irrespective of whatever name called or whichever religion is in charge. Jaiz bank here we come. The more the merrier.

frosbel: Ahlul Bayt News Agency) - “This is coming after over five years of raising fund for capitalization, stiff opposition from some Christian groups and media bigots amidst a myriad of other challenges,” Disu Kamor, spokesman of the Muslim Public Affairs Centre (MPAC), told OnIslam.net.

Jaiz Bank Plc began Shari`ah-compliant financial operations in Nigeria in January.

Based in the capital Abuja, the ban has two branches in the core Muslim northern states of Kano and Kaduna.

It is expected to spread its tentacles to other regions in the coming years.

“The whole idea of this banking option is to bring more people into banking in Nigeria that provides banking without interest,” the bank chairman, Alhaji Umar Mutallab, told the bank’s inaugural Annual General Meeting.

“This kind of banking is for all religions because no religion wouldn’t want to help, especially in funding critical project without using interest elements.

“Whether it is Christianity or Judaism, every community wants to borrow money without being bugged down with multi-layer interest structure.

Islamic banking has been a hot issue in Nigeria since the Central Bank of Nigeria (CBN) unveiled plans to introduce Islamic banking services in the country.

Christian groups have strongly opposed the move, accusing the CBN governor Sanusi Lamido Sanusi of favoring one religion above another.

The umbrella Christian Association of Nigeria threatened a legal action unless the CBN withdraws its license to Jaiz to launch Islamic banking services.

But the CBN rejected the Christian accusations, saying the model was only optional and is meant to give Nigerians an alternative to the much-criticized conventional banking system. Sources at the Jaiz bank told OnIslam.net that the bank’s operations started on a low-key without any press briefing in order not further heat up the socio-political atmosphere in the country.

Nigeria, one of the world's most religiously committed nations, is divided between a Muslim north and a Christian south.

Muslims make up 55 percent of the population, Christians 40 percent and five percent atheists.
Nigeria’s Muslims and Christians generally live peacefully side by side, but regional and ethnic rivalries bubble under the surface.

Muslim Support

MPAC called on Nigerian Muslims to throw their weight behind the nascent Islamic banking industry.
“Alhamdulillah! The Islamic banking is here: our religion mandates it; we fought for it; and with the Mercies of Allah, now we’ve got it,” Kamor said.

“It is therefore incumbent on us to learn about its operations, support and sustain it.”
Prof Ishaq Lakin Akintola, executive director of the Muslim Rights Concern (MURIC), told OnIslam.net that it behooves on “all of us Muslims to rally round this initiative to ensure it succeeds”.

“Whether we will act now or lament later, the choice is ours. This is the time to be proactive so that we’ll not be forced to be reactionary later.

“Finally, Allah loathes riba (interest), Jaiz Bank affords us the chance to please Him, the merits of the banking system are conspicuous and the time to support it is now!”

Islam forbids Muslims from usury, receiving or paying interest on loans.

Transactions by Islamic banks must be backed by real assets, not shady repackaged subprime mortgages.

Shari`ah-compliant financing deals resemble lease-to-own arrangements, layaway plans, joint purchase and sale agreements, or partnerships.

The Islamic banking system has been already practiced in 50 countries worldwide, making it one of the fastest growing sectors in the global financial industry.

In a report last November, PricewaterhouseCoopers said the $1 trillion Islamic finance industry was expected to grow by between 15 to 20 percent per year going forward.

Dr. Abdul-Lateef Adegbite, scribe of the Nigerian Supreme Council for Islamic Affairs (NSCIA), said Islamic banking has come to stay.

“We thank Allah (SW) for His mercies for letting this dream come to a reality in our life time,” he told OnIslam.net.

“It is indeed a dream come true. Together we must support this initiative in order to shout down those who are always against Islam.”

http://abna.ir/data.asp?lang=3&id=294216

The big!! Churches in Nigeria should start thinking of how to start helping the poor in the church with loan not pastors getting super rich and using private jets.
I wonder why a pastor has 4 private jet and yet beggers flow around the church for work and success, may the creature forgive us all.
I support the islamic bank