i also recommend:

1. islamic loving
2. islamic marriage
3. islamic jihad
4. islamic sex
5. islamic kissing
6. islamic education
7. islamic toasting

No2Atheism:

i also recommend:
1. islamic loving
2. islamic marriage
3. islamic jihad
4. islamic sex
5. islamic kissing
6. islamic education
7. islamic toasting

Dont be ridiculous. . . Your interpretation of the concept is pretty daft!

No2Atheism:

i also recommend:

1. islamic loving
2. islamic marriage
3. islamic jihad
4. islamic sex
5. islamic kissing
6. islamic education
7. islamic toasting

Quote from: No2Atheism on Today at 02:06:10 PM
i also recommend:
1. islamic loving
2. islamic marriage
3. islamic jihad
4. islamic sex
5. islamic kissing
6. islamic education
7. islamic toasting

Dont be ridiculous. . . Your interpretation of the concept is pretty daft!

Mrcrackles, do u have an issue with people expressing themselves?

You've recommended islamic banking, someelse has recommended islamic marriage, kissing ect, why the name calling.

Cant understand why alot of people here find it convenient advocating an archaic, retrogressive practice in this age.

Islamic banking may be allowed as a banking option for those who don't want to earn interest on their account but they shouldn't expect not to pay interest on moneys loaned to them because non-islamists want to earn interests on their deposits.

This is what u get when u bring in a Sudanesse trainned banker to come head the country's Apex bank at a critical time such as this.

Ibime:


I am in support of creating a 'non-interest' bank in Nigeria - a bank which is forced to invest in goods and services, not speculative loans which have no impact on the economy.

Islamic banking is good for a developing economy which does not have the strength to go through boom and bust cycles.

Indeed. folks should look beyond the "Islamic" appendage and , at the very least , look at the benefits of a banking system that should actually be named ethical banking in the way it views lending with interests as wrong and inimical to the progress of citizens !!!
I have always been a fan of Islamic banking since I have seen it used , albeit mainly underground , in the UK Asian and Islamic community to promote a system within which the bank tries to facilitate the genuine progress of its customers rather than cynically enrich itself at their expense. I would think Islamic banking  has a strong case most especially applied to nations that are still developing.

I think Sanusi understands that 6- 10 % rates of borrowing is barely tenable in developed nations but rates three times those in the West  (25% or more) that are commonplace in Nigeria are simply inimical to rapid development for a nation that is one of the most underdeveloped on Earth!!! We simply cannot see rapid development if favourable lending is beyond the reach of the majority.  SME's (small to medium enterprises) , the biggest employer of manpower and the backbone of most developed nations economies , can simply not grow if lending is prohibitive and elitist as is the case in Nigeria.

folks let us at least make an effort to understand what Islamic banking proposes before we 'throw the baby out with the bath water' because of a phobia of the world Islamic. I am not saying we adopt it wholly and completely but we can at least look at its merits and perhaps 'customise' it for the Nigerian banking sector which is currently too elitist, pro-profit and anti-people.

MrCrackles:

I certainly dont have issues with anyone expressing themselves. . .
If the opinion is worth laughing at, i will and if it is daft, then of course i will label it!
Xavier grow up and stop being a sissy!
I dont care 2be honest if islamic banking goes ahead or not, if it does, FINE, if not, COOL!

Mrcrackles we need to wash your mouth with islamic holy water

No2Atheism:

Mrcrackles we need to wash your mouth with islamic holy water

lo
or maybe Islamic nuclear explosives

Xavier.:

Cant understand why alot of people here find it convenient advocating an archaic, retrogressive practice in this age.

Retrogressive in your understanding, when the whole world is looking its way.

Xavier.:

This is what u get when u bring in a Sudanesse trainned banker to come head the country's Apex bank at a critical time such as this.

You are still here. . . good for you. And all our  Harvard-trained bankers have done better.

The latter would do just fine (i.e the nuclear water thingy).

Jarus

How well are Sudanesse banks faring?

How many of the top ten banks in the world are islamic banks?

Lets be disppassionate about this, do u really think non-interest banking would work. The few western bank that ve adopted it, only did so to trap free petrol-dollar deposits.

When Osama Bin Yar'adua came into power and joined the IOC I knew smtn was up. so am not surprised all this is happening

Xavier.:

This is what u get when u bring in a Sudanesse trainned banker to come head the country's Apex bank at a critical time such as this.

Sanusi cannot please everyone. Most importantly , he will make mistakes but he will always have my support if he does what he does for ordinary Nigerians. I personally get the impression that Sanusi is far more ethical and pro-people than Soludo was or can ever be. Soludo showed how comfortable he was enriching the "owners of Nigeria" with banking policies and practices that made'Oligarchs' of 'insiders' while the most developmentally beneficial services of banking remained out of the reach of ordinary Nigerians.

Still early days , and anything is possible in Nigeria ,  but I remain a Sanusi fan for now. I began to get seriously disillusioned with Soludo when details of his AFC shennanigans became public. Soludo was not a banker , nay , man of the people. Anambra folks should be wary of Soludo's gubernatorial ambitions. Many billioniares will be created directly and by proxy under his tenure but little will change for ordinary folks of Anambra.

Naija.


Islamic banking doesnt charge interest- they add the fees beforehand instead.

So all those "championing the poor masses" (as usual), keep fooling yourselves.

What of Hindu and Confucionist/Shintoist banking? Any merits and demerits?


ATR banking nko? abi that one no dey.

Look here guys, dont get hoodwinked that Islamic banking does not charge interests They CHARGE interests, upfront.

It works this way,

I want to buy a car. I approach an Islamic bank for a loan to buy the car. The bank goes ahead, buys the car in its name and sells it to me at a higher price. I pay back monthly and the car is in the bank's name till I pay in full.

And you tell me it is interest free. . .

Can these banks give TODs, ODs bla bla without making an income?

Interest free my black hairy behind.

How well are Sudanesse banks faring?

Here we come again after all our dialogue in a past thread where you bumped into my debate with Davidylan on this topic.

His education and sojourn in Sudan absolutely has nothing to do with banking. He resigned voluntarily at 30 as an Area Manager in a bank to pursue a degree in Islamic studies. At certain stage in our life, we take some decisions that are solely personal. Obasanjo decided to go for theology after being president, Soludo once said after leaving office, he will go and learn Chinese. These are personal decisions one takes at some point, and may not have anything to do with one's professional career. Not all actions in one's life are tailored towards one's profession.

Sanusi is a Kano prince, and who knows, he may be eyeing the emirship seat in the future and felt he needed Islamic knowledge to stand a chance, hence his going to Sudan to study. That does not in any way diminish his being a Banker and Economist.

How many of the top ten banks in the world are islamic banks?

How do you expect Islamic bank to be among world's Top 10, when it is just gaining currency the world over?
Islamic banks need not be among the top 10 in the world, but I can tell you that HSBC, BNP Paribas and other global financial heavyweights all have Islamic banking units.

Lets be disppassionate about this, do u really think non-interest banking would work. The few western bank that ve adopted it, only did so to trap free petrol-dollar deposits.

Dispassionately speaking, I believe it will work. If adopting it will make us also attract 'free petrol-dollar deposits', then why don't we also go for it?

No2Atheism:

i also recommend:

1. islamic loving
2. islamic marriage
3. islamic jihad
4. islamic sex
5. islamic kissing
6. islamic education
7. islamic toasting

Jarus

We ve enough petrol dollar to solve all of our immdeiate problems. What is lacking is a free and fair business environment, devoid of sentiments (be it religious, ethnic etc).

This is what u get when u bring in a Sudanesse trainned banker to come head the country's Apex bank at a critical time such as this.

boko haram

tpia@:

Naija.


Islamic banking doesnt charge interest- they add the fees beforehand instead.

So all those "championing the poor masses" (as usual), keep fooling yourselves.

What of Hindu and Confucionist/Shintoist banking? Any merits and demerits?


ATR banking nko? abi that one no dey.

I think most folks are aware of this. I would however be more comfortable with paying a one off 'handling fee' that is around 5% of a loan I take out than have a variable rate that could shoot up to 20% during the life of the loan even if I started off with 5% initial rate. I don't know many folks , here in the UK , who are not complaining about how unethical the capitalist banking system is. You are unethically charged for every single infraction !!!! You may mistakenly lapse into overdrawn status by 10 pence and find yourself hit with a £50 pounds charge!!!!

Needless boring folks about the tenets of Islamic banking as anyone who is interested can google 'Islamic Banking' to get the main gist about its operations. What is fairly obvious , and now uncomfortably highlighted by the credit crunch, is how unethical and greedy capitalist banking is in reality - even for citizens of wealthy nations. Nigeria , as a poor nation , should at least consider alternatives to the obscene profit and greed-led ethos of Capitalist banking.

I don't think that there is anything wrong with Nigeria having an Islamic bank.  We have them here in the UK.  It is open to all and sundry, irrespective of your religious affliation.  It's just like every other bank, that is in business to make money.  I am a Christian, if we so desire we can also have a christian bank.  Nothing forbids that too.

I think it's time for the Nigerian youths to have a paradigm shift.  Let's stop attaching religious and tribal sentiments to issues.  We should not tow the lines of our old pals.  Politicians introduced tribalism and religious animosity into Nigeria for their selfish interests.  These politicians (irrespective of tribe and religious inclinations) still dine and wine together.  But whenever their interests are jeopardised, they start flying these religious and tribal kites.

Let us learn to think first as Nigerians.  It will help the country a great deal.

Xavier.:

Jarus

We ve enough petrol dollar to solve all of our immdeiate problems.

And the UK, US don't have?

Xavier.:

Jarus

What is lacking is a free and fair business environment, devoid of sentiments (be it religious, ethnic etc).

I sharply disagree. Sanusi's actions, to me, have no religious or ethnic dimension. And indeed, he's trying to create a free and fair business environment.
And majority of other reputable analysts like Simon Kolawole(ThisDay), Yomi Odunuga(The Nation), Reuben Abati(Guardian), Ogho Okiti(BusinessDay), Gbenga Sobowale(Vanguard), Olu Obafemi(The Sun) all from different tribe and religion as Sanusi will swear that Sanusi is pursuing a national agenda.

oludyke:

I don't think that there is anything wrong with Nigeria having an Islamic bank.  We have them here in the UK.  It is open to all and sundry, irrespective of your religious affliation.  It's just like every other bank, that is in business to make money.  I am a Christian, if we so desire we can also have a christian bank.  Nothing forbids that too.

I think it's time for the Nigerian youths to have a paradigm shift.  Let's stop attaching religious and tribal sentiments to issues.  We should not tow the lines of our old pals.  Politicians introduced tribalism and religious animosity into Nigeria for their selfish interests.  These politicians (irrespective of tribe and religious inclinations) still dine and wine together.  But whenever their interests are jeopardised, they start flying these religious and tribal kites.

Let us learn to think first as Nigerians.  It will help the country a great deal.
   

so how are you thinking as a Nigerian?

because your every thought is colored by religion?

"Islamic bank" "Christian bank"- are banks supposed to have religious connotations?

trick question when asking a Nigerian, I know.

Optional Islamic banking?

You know that's never going to work as intended in Nigeria. Even if it's 0% interest, it should be optional to the letters. Remember the last time someone promised the masses free/cheap telephone services, we ended up with NITEL, somebody promised us steady steady and cheap electricity supply, you know what we got. Don't forget that free/cheap pilgrimage to Mecca---- you know what happened to Nigerian Airways.

Private individuals whose heart burn with Islamic favor should be allowed to offer Islamic banking or whatever you call it, but the fear is that with time Islamic zealots in government will make it mandatory for everybody.

NO MATTER THE INTENTION OF A PUBLIC FIGURE ESPECIALLY FROM THE NORTH, HE WILL NOT BE GIVIN THE BENEFIT OF DOUBT, PEOPLE WILL NOT EVEN UNDERSTAND THE IMPORTANCE OF THE ISSUE, BUT SIMPLY because HE IS FROM THE NORTH, THEN HE DOING A NORTHERN AGENDA OR ISLAMISING THE COUNTRY. WHEN SOLUDO CAME WITH CONSOLODATION IN THE BANKING SECTOR, IT WAS SAID HE WAS DOING THE SOUTHERN AGENDA. WHEN WILL WE LOOK AT ISSUES OBJECTIVELY AND CRITICIZE BASED ON REASONING THEN SENTIMENTS AND MYOPIC VIEW

naijaking1:

Optional Islamic banking?

You know that's never going to work as intended in Nigeria. Even if it's 0% interest, it should be optional to the letters. Remember the last time someone promised the masses free/cheap telephone services, we ended up with NITEL, somebody promised us steady steady and cheap electricity supply, you know what we got. Don't forget that free/cheap pilgrimage to Mecca---- you know what happened to Nigerian Airways.

Private individuals whose heart burn with Islamic favor should be allowed to offer Islamic banking or whatever you call it, but the fear is that with time Islamic zealots in government will make it mandatory for everybody.

Now you are starting to understand how islam operates.

You are starting to stumble unto the territory of Al-Taqiya (i.e. sanctioned deception so long as it is for the long or short term benefit of islam).

Something it seems people are ignorant about is that:

1. Once you start something in the name of islam, forget it, only complete bloodshed and war can be used to stop it, cause muslims would never ever ever allow you to stop it. (once an islamic idea starts forget it, its like cancer it would spread into territories and issues you never imagined).

2. Nigerians turned a blind eye to Sharia in the north (which is illegal by the way considering that Nigerians are supposed to have freedom of faith anywhere), now sharia in the north gave birth to things like Boko Haram and others.

3. Islamic banking is just a small step in the long road to islamise nigeria (they are simply slowly chipping at the core of nigeria gradually clawing away at the essence of a free society). Once upon a time, a muslim considers himself lucky to be in the UK, now they are openly saying that want to turn UK into an islamic country   .
If it is not nipped in the bud, the same thing would happen to nigeria.

For example, how come a secular state like nigeria is a member of OIC,

- Yes interest free loans are good, nevertheless its better to do it within the framework of the existing laws rather than sell it as an islamic nonsense.
- Why is it being sold as an islamic nonsense if not that there is an ulterior motive.
- Nobody is stopping anyone from setting up an islamic bank. It does not need to be sanctioned by government.
- I personally support people being able to obtain interest free loans whereby you know u have a fixed cost to pay upfront, however what i do not support is for such an idea to wrap in islamic nonsense and then pass as law using an islamic encapsulation of different trojan horses

Even[b] Buhari [/b]and Sanusi [/b]do not hide the fact that their goal is to islamise nigeria by force.

To make matters worse, even the yoruba muslims cannot be trusted to do the right thing as far as islam is concerned (going by the utterances of those on nairaland and also going by historical precedences), hence as far as i am concerned i would personally torpedo any islamic banking nonsense.  

Islamic banking koo, islamic mending niii shior  

Unfortunately, what muslims are trying to do is to smuggle it in through the central federal government so that once it becomes part of the so called national law, then it becomes almost next to impossible to remove it without having to recourse to war. The thing is that if something is right and moral and true, there is no need to force it on people.

Muslims (most especially northern muslims) have been openly saying that there goal is to islamise nigeria [b]whether by force or crook, yet i am seeing people here talking bullshit about the merits and demerits of islamic banking.

The basic framework of an interest free banking can be excuted within the already available laws, anyone can set up an interest free bank, it does not take government to sanction it national, if not that there is an ulterior motive.

The earlier people wake up the better . . .

At the end of the day:

- The Five Banks are private properties, CBN has no right under heaven to sell private properties nor to turn them into islamic banks (anyone that says otherwise is just an Osama in hibernation)

this man is steadily unravelling by the day!