What Is Islamic View Of Banking In Nigeria

I wish we saw more of that.
What we are used to is turn here.they bomb you,turn there they behead you.
Any way enjoy your Islamic banking (whatever that means)
But let me ask one question,how do you explain these later revelations by Allah.
The same verses the jihadists base their violence on,should I tear them off my Koran? ie are they obsolete and should now be ignored

Koran 58:5
Those who resist Allah and His Messenger will be crumbled to dust, as were those before them: for we have already sent down Clear Signs and the Unbelievers will have a humiliating Penalty

8:12-13,17 Remember thy Lord inspired the angels (with the message): "I am with you: give firmness to the Believers: I will instil terror into the hearts of the Unbelievers: smite ye above their necks and smite all their finger-tips off them." This because they contended against God and His Apostle: If any contend against God and His Apostle, God is strict in punishment. ,  It is not ye who slew them; it was God

2:216 Fighting is prescribed for you, and ye dislike it. But it is possible that ye dislike a thing which is good for you, and that ye love a thing which is bad for you. But God knoweth, and ye know not.

9:5 But when the forbidden months are past, then fight and slay the Pagans wherever ye find them, and seize them, beleaguer them, and lie in wait for them in every stratagem (of war); but if they repent, and establish regular prayers and practise regular charity, then open the way for them: for God is Oft-forgiving, Most Merciful.


9:29 Fight those who believe not in God nor the Last Day, nor hold that forbidden which hath been forbidden by God and His Apostle, nor acknowledge the religion of Truth, (even if they are) of the People of the Book, until they pay the Jizya [tribute] with willing submission, and feel themselves subdued.

9:123 O ye who believe! fight the unbelievers who gird you about, and let them find firmness in you: and know that God is with those who fear Him.


47:4 Therefore, when ye meet the Unbelievers (in fight), smite at their necks; At length, when ye have thoroughly subdued them, bind a bond firmly (on them): thereafter (is the time for) either generosity or ransom: Until the war lays down its burdens. Thus (are ye commanded): but if it had been God's Will, He could certainly have exacted retribution from them (Himself); but (He lets you fight) in order to test you, some with others. But those who are slain in the Way of God,- He will never let their deeds be lost.

Great benefits in the afterlife for fighting and dying for Islam

2:243-245 Didst thou not Turn by vision to those who abandoned their homes, though they were thousands (In number), for fear of death? God said to them: "Die": Then He restored them to life. For God is full of bounty to mankind, but Most of them are ungrateful. Then fight in the cause of God, and know that God Heareth and knoweth all things. Who is he that will loan to God a beautiful loan, which God will double unto his credit and multiply many times? It is God that giveth (you) Want or plenty, and to Him shall be your return.

4:74 Let those fight in the cause of God Who sell the life of this world for the hereafter. To him who fighteth in the cause of God,- whether he is slain or gets victory - Soon shall We give him a reward of great (value).

4:76-77 Those who believe fight in the cause of God, and those who reject Faith Fight in the cause of Evil: So fight ye against the friends of Satan: feeble indeed is the cunning of Satan. Hast thou not turned Thy vision to those who were told to hold back their hands (from fight) but establish regular prayers and spend in regular charity? When (at length) the order for fighting was issued to them, behold! a section of them feared men as - or even more than - they should have feared God: They said: "Our Lord! Why hast Thou ordered us to fight? Wouldst Thou not Grant us respite to our (natural) term, near (enough)?" Say: "Short is the enjoyment of this world: the Hereafter is the best for those who do right: Never will ye be dealt with unjustly in the very least!

4:95-96 Not equal are those believers who sit (at home) and receive no hurt, and those who strive and fight in the cause of God with their goods and their persons. God hath granted a grade higher to those who strive and fight with their goods and persons than to those who sit (at home). Unto all (in Faith) Hath God promised good: But those who strive and fight Hath He distinguished above those who sit (at home) by a special reward,- Ranks specially bestowed by Him, and Forgiveness and Mercy. For God is Oft-forgiving, Most Merciful.

pay particular attention to the last one above,I hear that is what charges up the suicide bombers,how do you explain that one to me.
I only want an explanation,no name callings please

bros, this is not supposed to be here. check the right place, biko nu. islam on bank ko, islamic on banking ni

http://bbs.bangor.ac.uk/academic/crs_postgrad/listcourses.php.en  MA Islamic Business Finance

what exactly does the op wants to know?

@cool4ny, Muslims are those that into the religion while islam is the religion itself. And that is if u care to know anyway

@mdsocks: To support your argument about the fact that murder and suicide are forbidden in Islam, the following
is another example of admonition. It is the Qur'an that speaks and Hadith explains:

                                                                            Forbidding Murder and Suicide

Allah said,
(And do not kill yourselves.) by committing Allah's prohibitions, falling into sin and eating up each other's property unjustly,

(Surely, Allah is Most Merciful to you.) in what He commanded you and prohibited you from. Imam Ahmad recorded that `Amr bin Al-`As said that when the Prophet sent him for the battle of Dhat As-Salasil, "I had a wet dream during a very cold night and feared that if I bathed, I would die. So I performed Tayammum (with pure earth) and led my company in the Dawn prayer. When I went back to the Messenger of Allah , I mentioned what had happened to me and he said,

(O `Amr! Have you led your people in prayer while you were in a state of sexual impurity) I said, 'O Messenger of Allah! I had a wet dream on a very cold night and feared that if I bathed I would perish, and I remembered Allah's statement,
(And do not kill yourselves. Surely, Allah is Most Merciful to you). So I performed Tayammum and prayed.' The Messenger of Allah smiled and did not say anything.'' This is the narration reported by Abu Dawud. Ibn Marduwyah mentioned this honorable Ayah and then reported that Abu Hurayrah said that the Messenger of Allah said,

(Whoever kills himself with an iron tool, then his tool will be in his hand and he will keep stabbing himself with it in the Fire of Jahannam, forever and ever. Whoever kills himself with poison, then his poison will be in his hand and he will keep taking it in the Fire of Jahannam forever and ever. Whoever kills himself by throwing himself from a mountain, will keep falling in the Fire of Jahannam forever and ever.) This Hadith was also collected in the Two Sahihs. Abu Qilabah said that Thabit bin Ad-Dahhak said that the Messenger of Allah said,

(Whoever kills himself with an instrument, will be punished with it on the Day of Resurrection.) This Hadith was collected by the Group. This is why Allah said,
(And whoever commits that through aggression and injustice, ) meaning, whoever commits what Allah has forbidden for him transgression and injustice - while knowing that it is forbidden for him, yet he still dares to commit it,

(We shall cast him into the Fire,). This Ayah carries a stern warning and a truthful promise. Therefore, every sane person should beware of it, those who hear the speech with full comprehension.

The Arabs who commit suicide, whatever method they employ is pure injustice against themselves. Allah given His Command. Moreso, the suicide bomber never claimed he was doing it for the whole of Islam anyway. If they say it, it will not necessarily translate to be the truth anyway. Afterall some claim that there are 3 godheads in one God. It is not necessarily true, yet they say it!

@ The poster: You can deposit your money in an interest bearing account, eg savings account. That is Usury, Interest, RIBA in Islam.
You should deposit funds only in Checking account, where there is no direct interest coming to you. At least your money is not
tainted by consumption of Interest.

If you want to a good relation with your bank Officer, you may sit with them, to discuss investment strategy with them about
your deposit. You can restrict them to what type of investment that they can engage in, with your money. Anything unIslam
should be ruled of of the potential portfolio, eg, Alcoholic, Tobacco, firearms, gambling, all kinds of businesses that the Qur'an
and hadith restrict muslims to be involved in.

When you sit the bankers, you should do what I will call a time deposit; which is depositing funds in an financial institution
for a period of time. This is very known to Investment bankers and popular within Investment banking circle. What you will
do is to enter into partnership with the bank, on the usage of your money for the duration of the deposit.

The divident or percentages of profit, on the investment should be negotiated in a joint venture partnership type, eg 50% to you and the
bank takes 50% for its responsibility in managing your assets. The most import aspect of Islamic banking is to avoid all that
is avoidable.

Unfortunately, there is no true Islamic Bank in Nigeria, I think. But you should shop around and negotiate your ideas until you
find a willing banking partner. Please run away from Hellfire. Allah will punish those who consume interests.

Read up on it, first from the 'Tafsir ibn Kathir,' by googling it Surah Baqarah, Imran, Nisa.

I hope you wil also read books on Riba.

Thanks bro olabowale for the back up

May Allah empower you to do more. Amin

i really thank everybody that reply my post,my believe was that nairaland was a forum of learning regardless of our religion,tribe or ethnicity. i was surprised 2day when i logging 2 this site and found out the kind of responses i got for a simple question which was meant to educate my brothers in Islam.well by their words we shall know them.once again i thank you all.more responses would still be welcome.

Jeeeeeeeeeeeeeeeeeeeeeeezzzzz. davydylan,  na since sept 11 u come find out wetin islam be??? cheiiiiii,, what about the Maitatsines of the north?? the shieks Gummis,, those who Beheaded Gideon Akaluka for his wife's misuse of a Koran Sheet, Those who set fire to Igbo shops when  an Xtain Preacher wanted to Visit Kano, those who turned Nigeria upside down because miss World was to be held in Abija,, where i go start  sef?? i even warned all my sisters say any of them wey her husband dey northern nigeria shout forget about me attending her wedding,
     Davydilan,, maybe  them born ufor america that is why na 6yrs ago u just discover this devil's religion,  Da Vinci Code remains a controversial book against xtainity but nothing happen,, if  that Book na against muslims religion,, bunch of Lunatics go line up to  blow up dan Brown in order to get 70 abi 72 virgins,,,
    Islam is retrogressive,,    we all know that.

I like your politically correct explanations.
Keep it up.
I wish all Muslims had these same views.
Innocent folks have suffered enough at the hands of the warriors
The day the Islamic world denounce violence and killings without "buts" including killings for "desecration",supposed adultery and apostacy.
The world will see them as truly peaceful.
But until then.

Meanwhile how do I make my millions in this Islamic banking you talk of.
That's what I want to know.

@Besteric: You alone. At the same time, living in Germany and Italy? Thats a miracle.

@Besteric: I know how close the two countries are to each other. I was trying to point out that 1 Matter can not occupy two distinct places at the same time. So also 2 distinct matter can not occupy the same space at the same time. God does not do things that our heart, mind and knowledge that He has provided can not wrap around and get proper understanding from it. So the God who remains to be God, will not become a son who at some time steps out of being God, but son of man, son, prophet who became hungry, tired and need rest, etc, etc.

Davydilan,, maybe  them born ufor america that is why na 6yrs ago u just discover this devil's religion,  Da Vinci Code remains a controversial book against xtainity but nothing happen,, if  that Book na against muslims religion,, bunch of Lunatics go line up to  blow up dan Brown in order to get 70 abi 72 virgins,,,  (The writer of Da Vinci Code, is not a Muslim. Whatever he is, we know for certain that he is not a Muslim. No one who is a Muslim had and can write anything bad about Jesus. If any were to do that, then that person has removed himself from Islam. However the non Muslims, specifically  the Christians and their Jewish overlords in a various forms have developed the habit of Insulting the religion and its prophet. There is even a branch of Study known as Orientalism which studies the religion they do not believe in it).


    Islam is retrogressive,,    we all know that. (We do not all know that. Please tell us how you can make such a terrible generalised statement?).

Hello shey.

What islamic banking wants is nt profit but the total development of the community.

An example,Money is to be given out as loan with no interest. The money will be invested and the profit be shared equally by the bank and the person accessing this loan.


its very simple.