please i want my Islamic brothers to give their view on investing in banking industry and banking as a whole.plz i need serious contributors with relevant quote from holy quran.thanks

it not islamic abi?? Is that not what u want to hear??

YOU WILL NEED TO GET DOWN TO THE MOSQUE

GET THE IMAN TO CONVIENCE THEM

COS I BELIEVE THAT'S THE ONLY PERSON THE LISTEN TO

sorry for u
cos unlike me, i dnt need to ask anyone, i give myself the go ahead.

this is not the right place to ask this question.go to islamic scholars and ask them.

@Poster
Who gives a rat's @$$ about what islam thinks about banking. Bunch of trouble making rag heads !

What kind of stupid post is this? Some people just like causing trouble and unnecessary religious conflicts. People should please ignore this jobless man. The kind of post Seun places on the homepage nowadays are uncalled for because there are better topics that should have been there.

the Sudanese may have a much more clever idea. Banking by firing squad.

davidylan:

the Sudanese may have a much more clever idea. Banking by firing squad.

Bros you're not a bastard, I no u go everly talk. Why do you despise Muslims so much? Anyway, I still dey feel your contribution and I always respect your intelligent and the correctness of your facts. Ride on

PurestBoy:

Bros you're not a bastard, I no u go everly talk. Why do you despise Muslims so much? Anyway, I still dey feel your contribution and I always respect your intelligent and the correctness of your facts. Ride on

lol tx for the compliments though. Up until Sept 11, 2001 . . . i could care less what islam was all about.
My entire view of muslims changed that morning hearing about the news and seeing muslims clapping themselves on the back and jubilating WHILE ON THEIR PRAYER MATS. This were NIGERIAN muslims!

davidylan:

lol tx for the compliments though. Up until Sept 11, 2001 . . . i could care less what islam was all about.
My entire view of muslims changed that morning hearing about the news and seeing muslims clapping themselves on the back and jubilating WHILE ON THEIR PRAYER MATS. This were NIGERIAN muslims!

Yeah, It's true, I could remember I was in North then, Kano to be precise, while their fellow human being were perishing and mourning, the Northerners were jubilating and congratulating one another.

davidylan:

lol tx for the compliments though. Up until Sept 11, 2001 . . . i could care less what islam was all about.
My entire view of muslims changed that morning hearing about the news and seeing muslims clapping themselves on the back and jubilating WHILE ON THEIR PRAYER MATS. This were NIGERIAN muslims!

Na your mama born you
same here.
I saw men and women on TV,at the streets of Islamabad and Baghdad shouting allahu akhbar and jubilating for joy at the carnage and devastation.

I heard someone say the loudspeakers of Nigerian mosques reverberated in joy at the destruction of thousands of innocent men and women.

That was the day I sought to find out who and what the teachings of Muhammad were and I was horrified that these folks had blinded us for so long.
That is why I would not be silent in exposing the fraud of Islam and its Muhammad.

@Nwando and Davidylan: Finally the cat is let out of the bag! I live in Manhattan, and I have
a better understanding of 911 than both of you combined> You david are in the village of
Rochester, or still in Nigeria then. And you Nwando are in the remote part of Georgia or just
a recent arrival then.

I suffered throw it. I saw the building coming down, from Apartment in New York! Your hatred, of
Islam is unfounded. But who cares? Whether you like it or not, Islam will enter the hearts of
whosoever Allah puts it in! Nwando, a good indicator, is that Islam is already in Igboland. We do
not have to preach like the door to do, or the stadium type crusade, before Islam is victorious.

And you david, Islam is already in every part of the Yorubaland anyway. Your hatred, please
multiply it a thousand fold, so that it can guarantee you a place in the fire of hell. That goes for
you too, Nwando. And on 911, there were muslims who perished and also, there were muslims
who participated as first responders.

Sit on the sideline and cheer from a far. Yet you forgot your country of birth! Wow!

@Sweet T: My surprise is that you put the picture, of Muhammad Ali, a Muslim on your profile.
How Ironic, considering your deep hatred for Islam.

For the record,I don't live in Georgia.
I just ignored your posting the last time.
Love atlanta but will not live there.

olabowale:

Islam is unfounded. But who cares? Whether you like it or not, Islam will enter the hearts of
whosoever Allah puts it in! Nwando, a good indicator, is that Islam is already in Igboland. We do
not have to preach like the door to do, or the stadium type crusade, before Islam is victorious.

And you david, Islam is already in every part of the Yorubaland anyway. Your hatred, please
multiply it a thousand fold, so that it can guarantee you a place in the fire of hell. That goes for

Same can be said of  homosexuality,agberos,area boys,bakassi,HIV,419,yahooism,kill and carry.
Even TB and kwarikwata
Them dey nyafu nyafu
Bad things also do spread

Na wa o!

Aworee just asked a simple unbiased question (in the "Religion Section")

But got more than he bargained for.

I think we should learn some tolerance

Their view of banking is opposing the CBN reforms that brought a little bit of stability to the sector

i think it is all about u not banking in any bank that pays interest on your money and don;t take loan that charges interest.(somethin like that) Muslim is a confusing religion.

olabowale:

@Nwando and Davidylan: Finally the cat is let out of the bag! I live in Manhattan, and I have
a better understanding of 911 than both of you combined> You david are in the village of
Rochester, or still in Nigeria then. And you Nwando are in the remote part of Georgia or just
a recent arrival then.

I suffered throw it. I saw the building coming down, from Apartment in New York! Your hatred, of
Islam is unfounded. But who cares? Whether you like it or not, Islam will enter the hearts of
whosoever Allah puts it in! Nwando, a good indicator, is that Islam is already in Igboland. We do
not have to preach like the door to do, or the stadium type crusade, before Islam is victorious.

And you david, Islam is already in every part of the Yorubaland anyway. Your hatred, please
multiply it a thousand fold, so that it can guarantee you a place in the fire of hell. That goes for
you too, Nwando. And on 911, there were muslims who perished and also, there were muslims
who participated as first responders.

Sit on the sideline and cheer from a far. Yet you forgot your country of birth! Wow!

@Sweet T: My surprise is that you put the picture, of Muhammad Ali, a Muslim on your profile.
How Ironic, considering your deep hatred for Islam.

Spread the word with sword and intimidation. ride on Alhaji

I can't see a sense in what all of you hve posted, The guy asked for explanation o islamic way of banking.
If you don't have an answer then shut up or go to bed.
This is not another comparisim thread,

I don't know what Nairaland as turned to. You can't post a thread asking for a question without someone insulting the poster or a fight breaking out.

It shows how we Nigerians are time bombs waiting to explode. 

@poster

Conventional banking:
Is based on interest
Deals in money or papers

Islamic banking:
Is based on profit or rent
Deals in assets
Is based on profit sharing on deposits and on profit on assets
actively participates in trade



The essential feature of Islamic banking is that it is interest-free. Although it is often claimed that there is more to Islamic banking, such as contributions towards a more equitable distribution of income and wealth, and increased equity participation in the economy, it nevertheless derives its specific rationale from the fact that there is no place for the institution of interest in the Islamic order.

Islam prohibits Muslims from taking or giving interest (riba) regardless of the purpose for which such loans are made and regardless of the rates at which interest is charged. To be sure, there have been attempts to distinguish between usury and interest and between loans for consumption and for production. It has also been argued that riba refers to usury practised by petty moneylenders and not to interest charged by modern banks and that no riba is involved when interest is imposed on productive loans, but these arguments have not won acceptance. Apart from a few dissenting opinions, the general consensus among Muslim scholars clearly is that there is no difference between riba and interest. In what follows, these two terms are used interchangeably.

The prohibition of riba is mentioned in four different revelations in the Qur'an. The first revelation emphasizes that interest deprives wealth of God's blessings. The second revelation condemns it, placing interest in juxtaposition with wrongful appropriation of property belonging to others. The third revelation enjoins Muslims to stay clear of interest for the sake of their own welfare. The fourth revelation establishes a clear distinction between interest and trade, urging Muslims to take only the principal sum and to forgo even this sum if the borrower is unable to repay.

It is further declared in the Qur'an that those who disregard the prohibition of interest are at war with God and His Prophet. The prohibition of interest is also cited in no uncertain terms in the Hadith (sayings of the Prophet). The Prophet condemned not only those who take interest but also those who give interest and those who record or witness the transaction, saying that they are all alike in guilt.

It may be mentioned in passing that similar prohibitions are to be found in the preQur'anic scriptures, although the 'People of the Book', as the Qur'an refers to them, had chosen to rationalize them. It is amazing that Islam has successfully warded off various subsequent rationalization attempts aimed at legitimizing the institution of interest.

Some scholars have put forward economic reasons to explain why interest is banned in Islam. It has been argued, for instance, that interest, being a pre determined cost of production, tends to prevent full employment (Khan l968; Ahmad n.d.; Mannan l970). In the same vein, it has been contended that international monetary crises are largely due to the institution of interest (Khan, n.d), and that trade cycles are in no small measure attributable to the phenomenon of interest (Ahmad l952; Su'ud n.d.).

None of these studies, however, has really succeeded in establishing a causal link between interest, on the one hand, and employment and trade cycles, on the other. Others, anxious to vindicate the Islamic position on interest, have argued that interest is not very effective as a monetary policy instrument even in capitalist economies and have questioned the efficacy of the rate of interest as a determinant of saving and investment .


The Islamic ban on interest does not mean that capital is costless in an Islamic system. Islam recognizes capital as a factor of production but it does not allow the factor to make a prior or predetermined claim on the productive surplus in the form of interest. This obviously poses the question as to what will then replace the interest rate mechanism in an Islamic framework. There have been suggestions that profit-sharing can be a viable alternative (Kahf l982a and l982b). In Islam, the owner of capital can legitimately share the profits made by the entrepreneur. What makes profit sharing permissible in Islam, while interest is not, is that in the case of the former it is only the profit-sharing ratio, not the rate of return itself that is predetermined.

This is just a part of it poster, if you might need more,
post it here and am gonna reply to it.

Salam

Na your mama born you
same here.
I saw men and women on TV,at the streets of Islamabad and Baghdad shouting allahu akhbar and jubilating for joy at the carnage and devastation.

I heard someone say the loudspeakers of Nigerian mosques reverberated in joy at the destruction of thousands of innocent men and women.

That was the day I sought to find out who and what the teachings of Muhammad were and I was horrified that these folks had blinded us for so long.
That is why I would not be silent in exposing the fraud of Islam and its Muhammad.

You turned to the wrong place for help.

Most of those who were jubilating are Ignorant of what's happening.
What happened there is as thesame as that of northern Nigeria
Where Elites use widespread illiteracy of these people to cos problems.
Am an educated muslim to apoint, and understands what happened on 9/11.
It's with sadness that i remember that day esp. when i listen to cry for helps on my encarta.
It's a fact that Islam forbids Terrorism,
The folowing verses of the Quran is an example,

“, we decreed for the Children of Israel that anyone who murders any person who had not committed murder or horrendous crimes, it shall be as if he murdered all the people. And anyone who spares a life, it shall be as if he spared the lives of all the people. , ” [Quran 5:32]


[Quran 5:87] , and do not aggress; GOD dislikes the aggressors.


[Quran: 7:199] , You shall resort to pardon, advocate tolerance, and disregard the ignorant.


[Quran 6:151] “, You shall not kill * GOD has made life sacred * except in the course of justice. These are His commandments to you, that you may understand.”


The blame lies with the terrorists and not the religion they claim to adhere to. Not everyone who calls himself a[b] Muslim is a Muslim just as not every one who thinks of himself as a Jew or a Christian is one.
[/b]

The religion of Islam should not be confused with what these so-called Muslims have done. They actually, by the definition of the Quran, are not Muslims any more than the Ku Klux Klan are good Christians. We should not let our emotions overcome our logic and understanding.

davidlyan and nwando - the great thread derailers - has it ever occured to you that the media may have chosen not to show pictures of muslims who were shocked, disturbed and distressed by september eleven.

you make so much noise about others changing topics - but you are the masters of that. Admin should allow you to create a thread - ALL I HATE ABOUT ISLAM- and sticky it. maybe then you'll be able to refrain from butting into threads to spew the same venom we have heard and read a hundred times.

there is no difference between y'all and westerners who say all nigerians are corrupt 419ers . you are educated by websites with a definite agenda - they are educated by TV presenters with a definete agenda.

you also choose to blind yourself to the fact that a lot of nations' citizens resent your adopted country, sometimes with reason. do you think the prosperity and opportunity and freedom you keep trumpeting about do not come with a price to citizens of other countries? throughout the cold war, america and its allies bolstered illegitimate regimes in their fight against the russian bear. today, the same us , while speading 'freedom' is aligning itself with a despot in islamabad. the efforts of the US to bolster an unwanted despot in iran ushered in the islamic revolution. the same us armed saddam hussein in the 80s in his ten year war against iran ( i wish i could get hold of time magazine issues from that time - i'm sure saddam was held up as a democratic model). Even the taliban - then referred to as mujadein were celebrated. watch the opening credits of rambo III it is dedicated to the 'heroic soldiers of Afghanistan', who incidentally, were armed by the US( stinger missles, among other things) in the tailor of panama - the movie not the book george w bush SNR was referred to as 'doctor frankenstein'. you can trumpet on rogue islamic states and the hatred of America, but please do not deny that the actions of the government of your country have a hand in it.

are those verses rily extracted from the koran . . . what does this islamic view on banking thingy mean nywy?


^{i think muslims should rily all live together with themselves i.e get a land or sumin nd all move there and live their lives how they want  because it seems like they can't live in peace with others who arent like them}

@Davidlyan & Nwando


You have been receving more than you bargained for. Keep it up huh but accept Islam before its too late.

i was trying to remember this fella, though its not exactly islamic banking he practices. . . wonder how Muslims like this pass under the radar of They Who Must Not Be Named. . .

http://en.wikipedia.org/wiki/Muhammad_Yunus

Muhammad Yunus
From Wikipedia, the free encyclopedia
Jump to: navigation, search
For the Indian diplomat, see Mohammad Yunus (diplomat).
মুহাম্মদ ইউনুস
Muhammad Yunus

Born June 28, 1940 (1940-06-28) (age 67)
Chittagong, Bangladesh
Residence Bangladesh
Nationality Bangladeshi
Occupation Founder of Grameen Bank
Religious stance Islam
Spouse Afrozi Yunus
Children 2

Muhammad Yunus (Bengali: মুহাম্মদ ইউনুস, pronounced Muhammôd Iunus) (born June 28, 1940) is a Bangladeshi banker and economist. A former professor of economics, he is famous for his successful application of the concept of microcredit, the extension of small loans to entrepreneurs too poor to qualify for traditional bank loans. Yunus is also the founder of Grameen Bank. In 2006, Yunus and the bank were jointly awarded the Nobel Peace Prize, "for their efforts to create economic and social development from below."[1] Yunus himself has received several other national and international honors. He is the author of Banker to the Poor and a founding board member of Grameen Foundation. In early 2007 Yunus showed interest in launching a political party in Bangladesh named Nagorik Shakti (Citizen Power), but later discarded the plan. He is one of the founding members of Global Elders.

http://en.wikipedia.org/wiki/Grameen_Bank

Application of microcredit
The Grameen Bank (Bangla: গ্রামীণ ব্যাংক) is a microfinance organization and community development bank started in Bangladesh that makes small loans (known as microcredit) to the impoverished without requiring collateral. The system is based on the idea that the poor have skills that are under-utilized. The bank also accepts deposits, provides other services, and runs several development-oriented businesses including fabric, telephone and energy companies. The organization and its founder, Muhammad Yunus, were jointly awarded the Nobel Peace Prize in 2006.[1]
Grameen Bank is best known for its system of solidarity lending. The Bank also incorporates a set of values embodied in Bangladesh by the Sixteen Decisions.[5]

The system is the basis for the microcredit and the self-help group system now at work in over 43 countries. Although each borrower must belong to a five-member group, the group is not required to give any guarantee for a loan to its member. Repayment responsibility solely rests on the individual borrower, while the group and the centre oversee that everyone behaves in a responsible way and none gets into repayment problem. There is no form of joint liability, i.e. group members are not responsible to pay on behalf of a defaulting member. (Mohammed Yunus) [6]

In a country in which few women may take out loans from large commercial banks, the fact that most (97%) loan recipients are women is a significant accomplishment. In other areas, Grameen's track record has also been notable, with very high payback rates—over 98 percent. However, according to the Wall Street Journal, a fifth of the bank's loans were more than a year overdue in 2001.[7] More than half of Grameen borrowers in Bangladesh (close to 50 million) have risen out of acute poverty thanks to their loan, as measured by such standards as having all children of school age in school, all household members eating three meals a day, a sanitary toilet, a rainproof house, clean drinking water and the ability to repay a 300 taka-a-week (around 4 USD) loan.

@ poster,

http://en.wikipedia.org/wiki/Islamic_banking

excerpts

Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law (Sharia) principles and guided by Islamic economics. In particular, Islamic law prohibits usury, the collection and payment of interest, also commonly called riba in Islamic discourse. In addition, Islamic law prohibits investing in businesses that are considered unlawful, or haraam (such as businesses that sell alcohol or pork, or businesses that produce media such as gossip columns or pornography, which are contrary to Islamic values). In the late 20th century, a number of Islamic banks were created, to cater to this particular banking market.

http://en.wikipedia.org/wiki/Riba

Riba (Arabic: ربا) – according to some, usury or excessive and exploitative charging of interest; while according to others, interest per se – is forbidden by the Qur'an. For example:

“ And that which you give in gift (loan) (to others), in order that it may increase (your wealth by expecting to get a better one in return) from other people’s property, has no increase with Allâh; but that which you give in Zakât (sadaqa - charity etc.) seeking Allâh’s Countenance, then those, they shall have manifold increase (Qur'an 30:39)
”
“ That they took riba (usury), though they were forbidden and that they devoured men’s substance wrongfully – We have prepared for those among men who reject faith a grievous punishment (Qur'an 4:161)

@Zigbo: Are you are black woman? The same that KKK, Arian and White separatist groups wanted
and still eager to visit on the Blacks and Brown people, you are eager to throw the Muslims into it?


are those verses rily extracted from the koran  . . . what does this islamic view on banking thingy mean nywy? (It is beyond your knowledge)


i think muslims should rily all live together with themselves i.e get a land or sumin nd all move there and live their lives how they want  because it seems like they can't live in peace with others who arent like them  (Can we say about all of us who are Black people)

Please my brothers and sisters I see no reason why we should fight over a simple question of "what's islamic veiw of banking in nigeria". we are all matured nigerians who should answer questions with maturity not attacking each other's faith and religion over what does not relate to it. I love my fellow islamic brothers in as much as I do to my christian believers. I think we should avoid any religious or tribal related issues that will cause disput here. let remenber our forma national anthem which says that, "THOUGH TRIBE AND TUNGUE MAY DIFFER, IN BROTHERHOOD WE STAND",

May increase all Muslims that have been lecturing my brothers and sisters from other side of the world .

At times, I would want to reply but seeing my brothers and sisters intelligent posts, I would just crawl back and continue enjoying the lecture.

Maa Salam

May Allah increases all Muslims' knowledge that have been lecturing my brothers and sisters from other side of the world .

At times, I would want to reply but seeing my brothers and sisters intelligent posts, I would just crawl back and continue enjoying the lecture.

Maa Salam

Some Tranquility at last.

God bless the Peace Makers