What Is Great Religious View Of Banking In Nigeria

please i want my Great Religious 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 the great book.thanks

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

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

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.

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

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.

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

And you david, The Great Religion 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 great ones who perished and also, there were great ones
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 The Great Prophet Ali, a Great One on your profile.
How Ironic, considering your deep hatred for The Great Religion.

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

 

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) Great One is a confusing religion.


Spread the word with sword and intimidation. ride on Alhaji

@poster

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

Great Religious 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 Great Religious banking is that it is interest-free. Although it is often claimed that there is more to Great Religious 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 Great Religious order.

The Great Religion prohibits Great Ones 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 Great One 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 Great Ones to stay clear of interest for the sake of their own welfare. The fourth revelation establishes a clear distinction between interest and trade, urging Great Ones 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 The Great Religion 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 The Great Religion. 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 Great Religious 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 Great Religious ban on interest does not mean that capital is costless in an Great Religious system. The Great Religion 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 Great Religious framework. There have been suggestions that profit-sharing can be a viable alternative (Kahf l982a and l982b). In The Great Religion, the owner of capital can legitimately share the profits made by the entrepreneur. What makes profit sharing permissible in The Great Religion, 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 going to reply to it.

Salam

davidlyan and nwando - the great thread derailers - has it ever occured to you that the media may have chosen not to show pictures of great ones 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 great religious 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 great religious 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.

@Davidlyan & Nwando


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

@ poster,

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

excerpts

Great Religious banking refers to a system of banking or banking activity that is consistent with Great Religious law (God's Great Law) principles and guided by Great Religious economics. In particular, Great Religious law prohibits usury, the collection and payment of interest, also commonly called riba in Great Religious discourse. In addition, Great Religious 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 Great Religious values). In the late 20th century, a number of Great Religious 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)

Please my brothers and sisters I see no reason why we should fight over a simple question of "what's great religious 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 great religious 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 God increases all Great Ones' 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