Ngozi: Islamic banking is ok – Daily Trust
Okonjo-Iweala

Okonjo-Iweala

Former Finance minister Ngozi Okonjo-Iweala yesterday urged opponents of non-interest Islamic banking in the country to dispassionately understand the idea, which she said is simply another form of banking that is functioning well in other countries.

Okonjo-Iweala, a managing director at World Bank and now minister-designate, spoke while fielding questions from senators at the Senate in Abuja during the confirmation hearing for ministerial nominees.

She said Islamic banking system is being adopted by many countries in the world and that it can function well along with other forms of banking that exist in Nigeria.

“On the issue of Islamic banking, I will say we should look at it without a lot of emotion. I think that as far as I understand it and again it is a question that posed to the Central Bank Governor who proposed it, to my opinion it is another form of banking, where instead of charging interest, the people who take loans from this system share in the profits of the bank,” she said.

personally I don't know why a lot of pple are against it. Some banks already have a product that support Islamic banking or interest free banking. Islamic banking is the least of issues facing Nigerian banks anf the economy at large.

And Islamic Banking says Ngozi is on-point.

There is nothing fundamentally wrong with Islamic banking, like she mentioned it is practised all over the world. We have to respect other people's religion; even though the Islamic banking principle is a based on a very fundamental one. Most fundamental Muslims also tend to be very radical in their mindset.

Having said that, I think the timing could have been better- in the midst of the ongoing religious crisis, it should have been put on the back-burner at least until the crisis subsides. It has the tendency to further overheat the polity.

Where dem dey wey say she go fire Sanusi ? Nigeria NIgeria  

Dis name 'Islamic Banking' is d bone of contention.Y not modify it?

Ngozi has just expressed a world view that is devoid of dogma and religious subjectivity.  This is the way to look at issues so that the whole of mankind can benefit from what the whole of mankind is inventing or discovering.

It is sad however that issues are hardly viewed in Nigeria through the lenses of objectivity but usually through the narrow and emotional views of tribe, religion, etc.

Can someone tell me the different btw Islamic bank and d normal one will patronize?

When you have enough information to ponder with over a particular issue, you will have no basis for going against islamic banking. But when morons who have little or no knowlwdge at all about islamic banking, they misyarn. Let's leave people like that for they are people without knowledge.
Ride on Islamic banking. Stanbic IBTC already got the licence for islamic banking. ISLAMIC BANKING IS JUST STARTING. YOU AINT SEEN ANYTHING YET.

zakibi:

Dis name 'Islamic Banking' is d bone of contention.Y not modify it?

Zakibi Heaven bles u. i was saying d same tin yesterday, the name is the issue. if they had advertised "No Interest Banking" loads of ppl wud go for it,  but we have never known SLS for tact have we?

Islamic banking system is based on the Islamic doctrines and the bank's products must be Sharia compliant. Then, why not let the bank's name reflects the products they offer? Mind you, Islamic bank is not only about interest-free loan.

Is Ngozi God?

@OP,


YOU LIE, @Enyojo said


They asked her about "Non-interest Banking" NOT "Islamic Banking", there is a whole lot difference between the words and terms used. Don't deceive yourself and try to assume what she did not say.

manny4life:

@OP,


YOU LIE, @Enyojo said


They asked her about "Non-interest Banking" NOT "Islamic Banking", there is a whole lot difference between the words and terms used. Don't deceive yourself and try to assume what she did not say.

DUHHHHH
Non Interest banking = > Islamic Banking

A report last June by the New York-based Wall Street Journal warned that “Islamic banking has not necessarily produced great returns.

Regulators must do a thorough job before approving any application for Islamic banking.” Quoting Junaid Bhatti,

part of the team that set up Islamic Bank of Britain (IBB), the report said[b]

“the first Sharia-compliant bank approved by the Financial Services Authority has been a big disappointment[/b].

Sharia-compliant banking products have been a flop in Britain.”

http://saharareporters.com/article/islamic-banking-campaign-cbn-governor-or-kano-prince

jay bee:

DUHHHHH
Non Interest banking = > Islamic Banking

HELLO!

Can you prove that only Non-Interest [b]ONLY [/b]applies to Islam?

oliidell:

Zakibi Heaven bles u. i was saying d same tin yesterday, the name is the issue. if they had advertised "No Interest Banking" loads of ppl wud go for it,  but we have never known SLS for tact have we?

Just shows how clueless these government people are. What so hard about calling it "non-interest" banking? Don't these clowns understand that they are threatening the nation's secularity with all this stup.dity?

They should simply remove all references to sharia, islam or any other religion and nobody will have anything to complain about. Its very simple.

Ngozi i no go accept , Give me  AMADIOHA BANK

Is Ngozi God?


To the rest of Nigeria she is just human but to Ndigbo, she is super-human. I'm not sure they see her as God but I could be wrong!

If ur problem is with the name ISLAM and not the banking system, then u do not have problems. U jst making mountain out of mole hill, looking for trouble where there is none, u are jst being intolerable to a religion because u do not belong to it.

Islam accomodates xtianity to a greater extent than xtianity to islam. Its razor sharp utterances like these and debasing statement from our xtian fellows that causes fracas. Pls lets be moderate in all our doings and learn to respect beliefs of others.

Islamic banking   Islamic banking   Islamic banking   Islamic banking

See bigotry and hatred, ok its its islamic banking must you patronize it, ok its Islamic state must you stay there, ok Its Islamic bus must you enter it. Which
kind wahala be dat? Are there not christian and Islamic primary and secondary schools, since when religious names on our institution became problem
Ok, is't another marginalization? certainly no. All those that are bashing the system i urge them to have a discerning mind on the development,

Negro_Ntns:

Is Ngozi God?
To the rest of Nigeria she is just human but to Ndigbo, she is super-human. I'm not sure they see her as God but I could be wrong!

Please correct yourself! That you read some ninnies on Nairaland proclaiming her there god is no reason to insult all of iboland.

executinal:

Ngozi i no go accept ,  Give me  AMADIOHA BANK

Ngozi was asked abt Non interest banking and not Islamic Banking and she stated its ok, The problem we have is the [b]ISLAMIZATION [/b]of it and not the non interest element in it,

People are spreading lies all over the place due to sheer ignorance. Ngozi Okonjo-Iweala did not mention Islamic in the whole of her presentation.

She said non-interest banking is okay and practised in different parts of the world. This position is not different from what we have ever had. I work in the product development of a bank and in 2007, we introduced the non-interest banking as a financial product though it didnt do well and we shut it down.

The issue here is that the CBN has modified the system and created two versions of the non-interest program. One he called Islamic banking and the other will be the normal secular non-interest banking.

The Islamic version has been the bone of contention like someone pointed out.

If she said Islamic banking is OK, then she is wrong.

Non-interest banking is fine, though.

Anyway I doubt she really specifically OKed Islamic banking. Daily Trust is a paper with an agenda on matters like this.

Ngozi, nice one

i underestimated u, but u are one clever woman

slimtoney:

If your problem is with the name ISLAM and not the banking system, then u do not have problems. U jst making mountain out of mole hill, looking for trouble where there is none, u are jst being intolerable to a religion because u do not belong to it.

Islam accomodates xtianity to a greater extent than xtianity to islam. Its razor sharp utterances like these and debasing statement from our xtian fellows that causes fracas. Pls lets be moderate in all our doings and learn to respect beliefs of others. 

My problem is with the slow eroding of Nigeria's secular status. It doesn't matter how nice and wonderful your religion is. The Nigerian government cannot promote a state religion. it cannot give any religion a higher status than others. It cannot make islam-specific CBN regulations or pass Christianity/Ifa/Devil worship specific laws.

To do so would violate the constitution and more importantly, the foundation for a major religious conflict in the future. By by allowing these islamic banking rules, they are entering the slippery slope of slowly reducing non-muslims to second-class citizens.

If people of all faiths (and not just christians and muslims) are to live together in peace in this country, there must be no doubt that all of us are equal.

If they can't find a way to do non-interest banking without using the words "Islam" or "sharia" in the regulations, then they should just scrap the whole thing. End off story.

These seems such a simple issue,simply research what its all about,screw d name, weigh the advantages and disadvantages and if u're not impressed leave it, period!!!

@ OP, the subject is very misleading. I knew you guys (and Daily Trust) would come up with something like this. You listen to people with keen interest, and anybody who does not openly oppose it you insinuate is supporting it. Only pro-Islamic banking Newspapers will make such headline stories!

She did not mean what you guys are portraying. She only asked Nigerians to "look at it without a lot of emotion, " She added: "To my opinion it is another form of banking, where instead of charging interest, the people who take loans from this system share in the profits of the bank,”  She obviously is not an expert in Islamic Banking and did not endorse it as she directed the question to the CBN Governor, Sanusi Lamido Sanusi when she said "Again it is a question that (should be) posed to the Central Bank Governor who proposed it".

She approached the question posed to her diplomatically. Her response was based on the little she knew about Islamic banking, the assumption that the CBN should know what it is doing and her advice for Nigerians to put sentiments/emotions aside to enable reforms take place.

^^^^


Thank you, leave all this Nairaland news carriers, this so-called Islamic Banking and its name is just canker worm that will tear Nigeria apart if not carefully thread upon. Religion and Banking DO NOT mix in a state like Nigeria.

What Prof. Ngozi Okonjo Iwuala said during the interview that "there is nothing wrong with non-interest banking"

let them call it whatever they want,
all i need now is the non interest loan and i need it sharp sharp.
i promise to share all my profits with them. nah promise no be swear ooh