bb

A lot of people misunderstand the merits of Islamic banking.

Islamic banking completely forbids structured products i.e derivatives, futures, options, credit default swaps,  etc. . . . anything that is structured around an underlying asset is haraam. . . . the only thing which is tradeable is the actual asset.

This evidently curtails artificial demand - eg the artificial demand for houses that led to the current economic crisis. Islamic banks always share the risk with their customers. ie they part-own the product until the customer pays it off. This shared risk nuances the bubble effect of speculation.

If Islamic banking was the world standard, it is not hard to argue that all the downturns, recessions and depressions that we have experienced in the world in the last 80 years would have been limited.

Go and study any economic crisis - from 1929 till date - they are always caused by speculative bubbles bursting - mortgages, savings and loans crisis, CDS crisis, tech bubble etc etc etc. . . . . they are always caused by the bottom dropping out of structured product markets.

Thirded! Who can dispute the fact that interest rate is the cause of the economic woes of many developing countries? Even on personal basis who can dispute the problems associated with interest rates? However, Islamic banking can not be introduced without some good arrangements in place. The problem of Nigeria is not with any form of legislation but with implementation and just enforcement of such legislation

Ibime:

A lot of people misunderstand the merits of Islamic banking.

Islamic banking completely forbids structured products i.e derivatives, futures, options, credit default swaps, etc. . . . anything that is structured around an underlying asset is haraam. . . . the only thing which is tradeable is the actual asset.

This means Islamic banking does not allow the economy to go through pronounced boom and bust cycles.

Unlike Western banking, Islamic banking does not encourage artificial demand - eg the artificial demand for houses that led to the current Economic crisis. Islamic banks always share the risk with their customers. ie they part-own the product until the customer pays it off. This shared risk nuances the bubble effect of speculation.

If Islamic banking was the world standard, it is not hard to argue that all the downturns, recessions and depressions that we have experienced in the world in the last 80 years would have been limited.

Go and study any economic crisis - from 1939 till date - they are always caused by speculative bubbles bursting - mortgages, savings and loans crisis, CDS crisis, tech bubble etc etc etc. . . . . they are always caused by the bottom dropping out of structured product markets.

Then I think Islamic Banking in Nigeria will be a HIT , Just like the sharia PENAL code, which has alleviated poverty in the north.

abi i lie?

Why at this point in time that Sanusi should be proposing such reform in our financial sector with religious undertone.It's like he's acting out a script.When did he assumed office and why the haste in the clean-up exercise?The law never mandated him to pump in N420bn into the five banks without ratification from the National Assembly but he went ahead to single-handedly do so.I think he is power drunk.Can he beat his chest that while he was the MD of first bank, he never had cases of non-performing loan?His hidden agenda is unfolding daily before our very eyes.He is now advocating a new banking platform for would-be investors to operate.If Soludo had said such a thing while in office in the opposite I am sure by now the northern part of the country will start burning church and killing christians.Nigeria is a secular state and a banking reform with religious undertone will only fan the ember of violence and the boko harams saga will repeat itself.

Someone suggested during the cause of his argument that we should Google on Islamic banking and see what u got….And this is what an average layman would get from Wikipedia.

Islamic banking refers to a system of banking or banking activity that is consistent with the principles of Islamic law (Sharia) and its practical application through the development of Islamic economics. Sharia prohibits the payment of fees for the renting of money (Riba, usury) for specific terms, as well as investing in businesses that provide goods or services considered contrary to its principles (Haraam, forbidden). While these principles were used as the basis for a flourishing economy in earlier times, it is only in the late 20th century that a number of Islamic banks were formed to apply these principles to private or semi-private commercial institutions within the Muslim community.[/color]
http://en.wikipedia.org/wiki/Islamic_banking

And if we generally agree on what the wikipedia says, then i think this issue of Islamic banking is unhealthy for the unity and peace of the country at the moment…
Many bankers on NL might argue this based on its merits but that does not mean it should be introduce in a multicultural and multi-tribal country like Nigeria.
The North might adopt such banking system (Islamic or sharia whatever banking they call it) for all we care, but the CBN Governor should not use this force to inject such system into Nigerian banking sectors or impose such thing to us.

I hate it when people tries to impose their ideas on others….Am not a banker, neither is  every Nigerian a banker or economist like him and those of us on NL here, or how is gonna explain this to a layman like me that he want to introduce a banking system that is based on Sharia principles to a country like Nigeria…
OMG!!That means we are really approaching to the dead end of a country called Nigeria if he dares tries that…

Infact,  this article below highted the features of these Islamic banking which Sunusi himself and his support this will not expose to us…

Islamic banking has achieved growth rates that tremendously outpace conventional banking. While there are banking norms common to both Islamic and western financial systems, certain norms are exclusive to Islam. Some of the Islamic restrictions render certain western banking practices and transactions void.

The main prohibitions are riba and gharar. Most of the present-day Islamic scholars are of the view that riba includes both interest and usury. Gharar signifies ambiguity, uncertainty or lack of specificity in the terms of a financial contract.

As riba is prohibited, suppliers of capital become investors instead of creditors. Also, investment can only be made in permitted commodities and activities. For instance, one cannot deal in import and export of alcohol and narcotic substances. Similarly, money is not allowed to be invested in a casino.[color=#770077]
http://www.accountancy.com.pk/articles.asp?id=183

This means that no loan for any one who deals on tobacco and Alcohol…Wht happens to small scale business in Nigerian like beer palours,clubs, etc, a suppermarket is not allowed to sale alcohol or ceggarette if you will ever need loan from the bank
So once your table proposal to the bank for a loan and the business involved is against sharia law, no loan  for you. WTF.

This made it more difficult for a multicultural and multireligous country like Nigeria to adopt such banking system, unless we are ready for a break up. This cant work in Nigeria so he should pocket such idea. That it worked in US, UK or any where in the world is not a guarantee that is gonna in Nigeria rather might end up creating more harm than good to us.

Very soon Yaradull himself will want to give a try to islamic government becoz it worked in Arabe world with oil as such is gonna work in Nigeria

Another way of forcing sharia law on us
OH YE Nigerians shine thy eyes and beware of those lions and wolves coming in sheep form and as you Mesiah!!!!

See wanton display of ignorance about global trend in finance. At a time when countries the world over, even the core capitalist ones, and global financial heavyweights are looking the way of Islamic banking aftermath of the latest financial crisis, Nigerians are attaching sentiments to Nigeria trying not to be left out.

Nigerians will not cease to amaze.

I know Nigerian can critisice yjeir personal names, I believe God is not Hypocrites ,if the Motive is political it will die naturraly like Yerima Sharia= View all countries that practice true Sharia and tell me if their citizen suffers like us. Sincerity of purpose matters. We need to compare the benefits and minus and forget about religious sentiments. Afterall there is no Muslim, Xtian ,Hindu, nomenclature a ticket to Paradise. God is all knowing

Jarus:

See wanton display of ignorance about global trend in finance. At a time when countries the world over, even the core capitalist ones, and global financial heavyweights are looking the way of Islamic banking aftermath of the latest financial crisis, Nigerians are attaching sentiments to Nigeria trying not to be left out.

Nigerians will not cease to amaze.

My Guy you have tried your best to preach this gospel of Islamic banking in Nigeria,
We all know the benefits but not healthy for Nigerian peace and stability at the moment,
Why cant we jst map out other ways to strengthen this sensitive sector of the economy instead of introducing a
practices that might end up crashing the unity of the country.
Unless you are telling us that with all the experience of you and Sunusi in Banking and finance only this Islamic banking can rescue the Nigerian Banking sector at the moment, then i will suggest you guys should drop you certificate as bankers.
Not all medications that cures malaria are adviced by a doctor to be used for the treatment of malaria coz of the possible effects.

Sometimes i regret been a southerner, with all our education we still let this Illiterate northerners to fool us. The current crisis currently rocking the banking sector is as a result of having northerners as finance minister and CBN governor over a banking sector that is 99% dominated by Southerners.

The five banks are about to be handed over to faceless foreign investors most probably islamic ones. This is Niaja where nothing works. Dont get fooled coz it worked in UK or US, it certainly wont work here. Take Sharia law for instance, the man who started it Yerima is currently been accused of looting while he was a Governor, but he gets to keep but hands and legs yet those who stole mere goats had thier hands chopped off.

Then most people especially my southern brothers & sisters wanted to reason Objectively with them, trying to point out the merits of Sharia law and the assumption that it will only be applicable to northerners. Now we have all seen that there is far more in the sharia bussiness than was disclosed.

For those of you who believe that Islamic banking is workable in Niaja just remember ur objective arguments coz they will definately come back to hunt you.

wont be surprised, when soon, islamic education will be the best for a developing nation like Nigeria, islamic marriage, islamic Laws, islamic dressing, islamic wooing, islamic kissing, islamic phucking. it is just obvious this guys have an agenda, and its just so sad that we are too weak to do anything about it.

well i really dont care, cos whatever happens, Nigeria is still going down.

k

KAI SUNUSI KANA BURGENI!!!
U REALLY KNOW NIGERIAN PROBLEMS. HOW I WISH UR TYPE ARE THE ONES RUNNING NIGERIA. WE WOULD HAVE GONE FAR BY NOW.MAY THE ALMIGHTY GOD GUIDE U

the agenda is still unfolding

Who can islamize 9ja? is it possible? definately not.

This is not the first time Nigeria will toy with this idea of islamic banking.Tthe idea was first flown during IBB and I think again during Obj.

Now, there is nothing wrong with Islamic banking. If operated properly we have everything to gain, if nothing at all , it will at least be a sort of competition to this conventional banking  system where the managers of the fund use our money to buy jets and sponsore billion naira weddings for  their children. Loan at 25% you can not  get  even when your collateral is 8 times over .

My fear is, this is Nigeria. It may have worked in Europe and USA. Will it work here? I say this beacuse in those places, they have gonernments who hold the interest of the whole country paramount, not  presidents who will give all sensitive posts to  his tribesmen.

 But, why  is  Sanusi in such a hurry?  5 big banks management  dissolved, the 5 banks to be sold without given them the chance to heal and now Islamic banks.

Tell sanusi not to sell our banks to the Arabs o'

Before we make so much noise about Islamic Banking let us list the first 6 top Financial Capitals of the world!!!!

I doubt the list will follow this trend

1. Dubai
2. Riyahd
3. Tripoli
4. Jarkata
5. Cairo
6. Tehran

so what exactly is the noise about Islamic Banking all about.

The call for re-introducing some old fashioned principles of banking should never be misconstrued as a call for islamization of banking. But trust Nigerians they are very good at exploiting people's honest remarks for other ulterior motives.

Insert Quote
[size=8pt]Animals ranting bigoted views, i was present at the Ramadan Lecture and the paper was instructive. He spoke through a representative who simply read his( Sanusi's paper). Now what is wrong with pressing forth one's view? Islamically it is like devouring fire to take interest on loans or any financial transaction in Islam, in Islam there is no profit on lending. Banks can make money in more than one way. You dont have to charge interest to be stable. Islamic banks worldwide((with worth of over$ 750 Billion in profit) dont operate on usury which is expressly condemned as sinful in the Bible also, yet many Christians care less and the global jewry continue to force the world into senseless penury. See how much we owe as a Nation due to borrowing and over-compounded interests from our 'good lenders'.
It is this usurous system that is at the centre of all this Meltdown.
The title of the lecture is "Islamic Solution to The Global Financial Meltdown".
Reach me on 08054533403, If you need the Video of the session.
See ya[/size]

U were present at a Ramadan lecture, and u still find it convenient calling God's creatures ANIMALS? Why punish yourself with hunger?

@ Xavier
When people just want to talk to heard, just for talking sake, then they are'nt far from being Animals. Because thats how it starts, critisizing a thing just to fan the embers of disaffection and sectionalism. In this Holy month, if someone attempts to front such views sane persons should nip it in the bud before it escalates. Yes, they are Animals and if you are not sure ask Charles Darwin.

Jarus:

See wanton display of ignorance about global trend in finance. At a time when countries the world over, even the core capitalist ones, and global financial heavyweights are looking the way of Islamic banking aftermath of the latest financial crisis, Nigerians are attaching sentiments to Nigeria trying not to be left out.

Nigerians will not cease to amaze.

I have made my post before i read this one. Jesus, who is betraying wanton ignorance? What the guy is saying and i support him, is thiis. This is Nigeria and not USA. In USA, they are all Americans, at least they profess it. In England they are all English and they are predominantly christains. Now look at Nigeria, we have Hausas, Fulanis,Tivs,Yourubas,Igbos, Itsekiri, Ijaws, Edos,Nupes and so on. The north is predominantly muslim while the southerners are mostly christains. Islamic bank wont gel here and this is no sentiments. It is a hard fact.

We have enoug problems here, Sanusi should not exarcerbate it.

that 400billion came from those islamic peeps,, that's why he's not yet telling where he got it from.
Those sh*theads ain't see nuthin yet, 9ja don pass that level

@ fuke, even in londonthere is an Islamic Bank. Find out.
And what you dont know is that common language is not a recipe for peace. USA did not just become all english over night, it took a long time. The pe=robl with Nigeria is mainly due to interference and subtle control from the visible hands of EURO-Western bloc and Eastern sabotours. I am proud to be a human, a sane one at that, whats in a country? Morroco, Germany USA, Arabia or China, they all got their loads of trouble
So Islamic banks have been time-tested to be strong, not even a single Islamic bank was hit by the recent global financial mess, can you beat that ? Name one if you know.

National sharia law knocking

@ MREDS
What if it knocks, is it for u ?

Jarus:

See wanton display of ignorance about global trend in finance. At a time when countries the world over, even the core capitalist ones, and global financial heavyweights are looking the way of Islamic banking aftermath of the  latest financial crisis, Nigerians are attaching sentiments to Nigeria trying not to be left out.

Nigerians will not cease to amaze.

 

 
 I have made my post before i read this one.  Jesus, who is betraying wanton ignorance? What the guy is saying and i support him, is thiis. This is Nigeria and not USA. In USA, they are all Americans, at least they profess it. In England they are all English and they are predominantly christains. Now look at Nigeria, we have Hausas, Fulanis,Tivs,Yourubas,Igbos, Itsekiri, Ijaws, Edos,Nupes and so on. The north is predominantly muslim while the southerners are mostly christains. Islamic bank wont gel here and this is no sentiments. It is a hard fact.

We have enoug problems here, Sanusi should not exarcerbate it.

mikeansy:

Before we make so much noise about Islamic Banking let us list the first 6 top Financial Capitals of the world!!!!

I doubt the list will follow this trend

1. Dubai
2. Riyahd
3. Tripoli
4. Jarkata
5. Cairo
6. Tehran

so what exactly is the noise about Islamic Banking all about.

The call for re-introducing some old fashioned principles of banking should never be misconstrued as a call for islamization of banking. But trust Nigerians they are very good at exploiting people's honest remarks for other ulterior motives.

Why has nobody bothered to answer my question.

Someone should give me an example of a country that practices full blown Islamic Banking in the last 30 years and how they will rank amongst top financial destinations like London and New York.

While admitting that introducing Islamic Finance at this time will further fuel the ethnic/religious campaign against Sanusi, I believe the enlightened will not object to it.
Islamic finance has been taken to the frontburner in global economic discourse in the last few years. Even in countries like UK, US and other western countries, Islamic banking opportunities are being seriously looked into. The Economist ran a cover story on Islamic finance in a recent edition: http://www.economist.com/sponsor/qfc/index.cfm?pageid=article104

Financial giants across the world like HSBC, BNP Paribas, Deutsche Bank, Barclays Capital, Citibank, Standard Chartered have all thrown their weights behind Islamic banking and have Islamic banking units and products.
It does not in any way amount to Islamizing the country. It's expanding the frontier of the country's finance and another way of integrating our financial system into the global trend. This article may as well be enlightening: http://www.radioaustralia.net.au/news/features/s2425127.htm

The part in bold is very misleading Jarus. Of course, Islamic banking system must be profitable and must have its benefits for it to have the success attributed to it. However, you can bring those benefits to the fore without latching onto publicity stunt (business strategy/deceit) by the bank you mentioned designed to maximise their income.

Islamic banking forbids quite a lot of stuff practiced by western banking, so do you not see the irony in Islamic units of western banks? If for instance HSBC group declare a profit and dividend for the year, will they exclude the profit made through their Islamic banking unit ? Will the profit made therefrom be forbidden from further investments by the group as they deem fit ? Will they refuse to pay dividends to shareholders on the  profit made by a business they funded through their shares?

The answer to those questions will expose the business deceit/hypocrisy or sincerity of those institutions. It is like buying petrol from Texaco and Shell into the same tank; at what point in your journey do you determine which petrol is responsible for keeping your car in motion ?

Just like you, I believe that the introduction of Islamic bank will not be a prelude to Islamising the country, however, public funds should not be used to establish such bank regardless of the (academic) benefits.

Jarus:

See wanton display of ignorance about global trend in finance. At a time when countries the world over, even the core capitalist ones, and global financial heavyweights are looking the way of Islamic banking aftermath of the latest financial crisis, Nigerians are attaching sentiments to Nigeria trying not to be left out.

Nigerians will not cease to amaze.

Misleading again. The banks are merely seeking to extend their business reach, which is what capitalists do. They capitalise on things and do not discriminate the source of money, as far as is permissible in existing laws. Approve the use of cocaine today and see how many of them will rush to finance cocaine factories. If they were planning to leave one in favour of the other, then you would have a solid point, but they are just expanding their territories.

If western banking was that bad, you will not see hard core Arab (Muslim) billionaires investing billions into western banks.

I believe that both systems can exist side by side or as a fussion, as chosen by the owners (not CBN).

The way forward is to educate skeptical Nigerians (and rightly skeptical too) on the benefits of Islamic banking, let private investors put their stake down in the market and let Mr A, B and C decide what's good for their finances.

Regardless of individual opinion in this, I do wonder, is it the place of the CBN governor to speak of introducing or suggesting such a system?

FACE:

The part in bold is very misleading Jarus. Of course, Islamic banking system must be profitable and must have its benefits for it to have the success attributed to it. However, you can bring those benefits to the fore without latching onto publicity stunt (business strategy/deceit) by the bank you mentioned designed to maximise their income.
[b]
Islamic banking forbids quite a lot of stuff practiced by western banking, so do you not see the irony in Islamic units of western banks? If for instance HSBC group declare a profit and dividend for the year, will they exclude the profit made through their Islamic banking unit ? Will the profit made therefrom be forbidden from further investments by the group as they deem fit ? [/b]Will they refuse to pay dividends to shareholders on the  profit made by a business they funded through their shares?

The answer to those questions will expose the business deceit/hypocrisy or sincerity of those institutions. It is like buying petrol from Texaco and Shell into the same tank; at what point in your journey do you determine which petrol is responsible for keeping your car in motion ?

Just like you, I believe that the introduction of Islamic bank will not be a prelude to Islamising the country, however, public funds should not be used to establish such bank regardless of the (academic) benefits.

Misleading again. The banks are merely seeking to extend their business reach, which is what capitalists do. They capitalise on things and do not discriminate the source of money, as far as is permissible in existing laws. Approve the use of cocaine today and see how many of them will rush to finance cocaine factories. If they were planning to leave one in favour of the other, then you would have a solid point, but they are just expanding their territories.

If western banking was that bad, you will not see hard core Arab (Muslim) billionaires investing billions into western banks.

I believe that both systems can exist side by side or as a fussion, as chosen by the owners (not CBN).

The way forward is to educate skeptical Nigerians (and rightly skeptical too) on the benefits of Islamic banking, let private investors put their stake down in the market and let Mr A, B and C decide what's good for their finances.

you are right. you told the truth.  

Kobojunkie:

Regardless of individual opinion in this, I do wonder, is it the place of the CBN governor to speak of introducing or suggesting such a system?

at least he came out with what he has been asked to deliver.

The Islamic banking thing will be misconstrued in the nearest future to mean something else in the Nigerian parlance. Forget the fact the idea may<or not> in other economies. Naija is specially blessed with resources to make it pull through her economic woes. Its better to sanitize the system first than to profer another overseas solution. Am curios about all these turn of events!

GEW:

you are right. you told the truth.   at least he came out with what he has been asked to deliver.

, I concur,yall gotta look at the bigger picture.

mikeansy:

Why has nobody bothered to answer my question.

Someone should give me an example of a country that practices full blown Islamic Banking in the last 30 years and how they will rank amongst top financial destinations like London and New York.

Again I know this is far more than delivering the banking sector, it's so glaring

talk2ahmed:

@ MREDS
What if it knocks, is it for u ?

You seem to neglect the word the poster used: NATIONAL,in my little knowledge of the english language, me thinks it means nation wide.

talk2ahmed:

@ fuke, even in londonthere is an Islamic Bank. Find out.
And what you dont know is that common language is not a recipe for peace. USA did not just become all english over night, it took a long time. The pe=robl with Nigeria is mainly due to interference and subtle control from the visible hands of EURO-Western bloc and Eastern sabotours. I am proud to be a human, a sane one at that, whats in a country? Morroco, Germany USA, Arabia or China, they all got their loads of trouble
So Islamic banks have been time-tested to be strong, not even a single Islamic bank was hit by the recent global financial mess, can you beat that ? Name one if you know.

No one is doubting the advantages of islamic banking, it's the motive behind it's establishment that's the issue,

hardywaltz:

Sometimes i regret been a southerner, with all our education we still let this Illiterate northerners to fool us. The current crisis currently rocking the banking sector is as a result of having northerners as finance minister and CBN governor over a banking sector that is 99% dominated by Southerners.

The five banks are about to be handed over to faceless foreign investors most probably islamic ones. This is Niaja where nothing works. Dont get fooled coz it worked in UK or US, it certainly wont work here. Take Sharia law for instance, the man who started it Yerima is currently been accused of looting while he was a Governor, but he gets to keep but hands and legs yet those who stole mere goats had thier hands chopped off.

Then most people especially my southern brothers & sisters wanted to reason Objectively with them, trying to point out the merits of Sharia law and the assumption that it will only be applicable to northerners. Now we have all seen that there is far more in the sharia bussiness than was disclosed.

For those of you who believe that Islamic banking is workable in Niaja just remember your objective arguments coz they will definately come back to hunt you.

 men I really pray, I do, this is far beyond intellectualism, infact it is such that makes me know deep inside that something evil this way comes, !!!

princekevo:

Someone suggested during the cause of his argument that we should Google on Islamic banking and see what u got….And this is what an average layman would get from Wikipedia.

Islamic banking refers to a system of banking or banking activity that is consistent with the principles of Islamic law (Sharia) and its practical application through the development of Islamic economics. Sharia prohibits the payment of fees for the renting of money (Riba, usury) for specific terms, as well as investing in businesses that provide goods or services considered contrary to its principles (Haraam, forbidden). While these principles were used as the basis for a flourishing economy in earlier times, it is only in the late 20th century that a number of Islamic banks were formed to apply these principles to private or semi-private commercial institutions within the Muslim community.[/color]
http://en.wikipedia.org/wiki/Islamic_banking

And if we generally agree on what the wikipedia says, then i think this issue of Islamic banking is unhealthy for the unity and peace of the country at the moment…
Many bankers on NL might argue this based on its merits but that does not mean it should be introduce in a multicultural and multi-tribal country like Nigeria.
The North might adopt such banking system (Islamic or sharia whatever banking they call it) for all we care, but the CBN Governor should not use this force to inject such system into Nigerian banking sectors or impose such thing to us.

I hate it when people tries to impose their ideas on others….Am not a banker, neither is  every Nigerian a banker or economist like him and those of us on NL here, or how is gonna explain this to a layman like me that he want to introduce a banking system that is based on Sharia principles to a country like Nigeria…
OMG!!That means we are really approaching to the dead end of a country called Nigeria if he dares tries that…

Infact,  this article below highted the features of these Islamic banking which Sunusi himself and his support this will not expose to us…

Islamic banking has achieved growth rates that tremendously outpace conventional banking. While there are banking norms common to both Islamic and western financial systems, certain norms are exclusive to Islam. Some of the Islamic restrictions render certain western banking practices and transactions void.

The main prohibitions are riba and gharar. Most of the present-day Islamic scholars are of the view that riba includes both interest and usury. Gharar signifies ambiguity, uncertainty or lack of specificity in the terms of a financial contract.

As riba is prohibited, suppliers of capital become investors instead of creditors. Also, investment can only be made in permitted commodities and activities. For instance, one cannot deal in import and export of alcohol and narcotic substances. Similarly, money is not allowed to be invested in a casino.[color=#770077]
http://www.accountancy.com.pk/articles.asp?id=183

This means that no loan for any one who deals on tobacco and Alcohol…Wht happens to small scale business in Nigerian like beer palours,clubs, etc, a suppermarket is not allowed to sale alcohol or ceggarette if you will ever need loan from the bank
So once your table proposal to the bank for a loan and the business involved is against sharia law, no loan  for you. WTF.

This made it more difficult for a multicultural and multireligous country like Nigeria to adopt such banking system, unless we are ready for a break up. This cant work in Nigeria so he should pocket such idea. That it worked in US, UK or any where in the world is not a guarantee that is gonna in Nigeria rather might end up creating more harm than good to us.

Very soon Yaradull himself will want to give a try to islamic government becoz it worked in Arabe world with oil as such is gonna work in Nigeria

Another way of forcing sharia law on us
OH YE Nigerians shine thy eyes and beware of those lions and wolves coming in sheep form and as you Mesiah!!!!

/quote] Can't yall see, it's so glaring!

No2Atheism link=topic=317164.msg4457676#msg4457676 date=1251731989:

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)

A word they say is enough for the wise,