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Nairaland Forum / Nairaland / General / Politics / Sanusi Islamic Bank (we Need To Stop It): (1874 Views)
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Sanusi Islamic Bank (we Need To Stop It): by sheed4real: 3:29pm On Mar 25, 2010 |
Islamic Bank: Global asset worth 750bn US dollars From Desmond Mgboh, Kano Thursday, March 25, 2010 Photo: Sun Publishing More Stories on This Section The global asset of Islamic banking industry has been estimated at 750 billion United States dollars, an Islamic financial expert and Chief Executive, Metropolitan Skills Ltd, Abuja, Hajia Ummahani Amin, has said. She spoke in Kano at a workshop entitled: Fundamentals in Islamic Finance Workshop for International Islamic Economics and Management of Sciences Project. She observed that the quoted estimate above is without some major Sukuk issues and structured deals, which analysts estimate will run into trillions of dollars in the years to come. She explained that Islamic banking practices have taken root in the Middle East and Malaysia, while adding that Europe and North America have recorded giant strides in offering Shariah acceptable products in an attempt to satiate an ever-increasing demand for interest-free banking and profitable returns that fall within the parameters of the Islamic law. She maintained that the quest for Islamic banking is currently moving towards the African continent, pointing out that, at present, only a handful of countries in the continent have an effective Islamic banking infrastructure even though the scope of the section is immense. She noted that, “in Nigeria, the banking system is about experiencing a proliferation of Islamic banks as the Central Bank of Nigeria is about to introduce new measures that will encourage and facilitate the existence of Islamic banks.” She argued that Nigeria has an approximately 50 per cent Muslim population, adding that providing a banking framework that would be acceptable to their belief system would not only increase the bankable population but would bring about the benefits of social responsibility and economic empowerment. She noted that the integration of Islamic Economics has been successfully implemented in Islamic schools in South Africa in the last two years while adding that Kenya, Tanzania and Mauritius have expressed interests in its implementation. She urged the Federal Government, which she said had taken interest in this project, to introduce the Islamic Economics in the educational policy of the country. |
Re: Sanusi Islamic Bank (we Need To Stop It): by Fhemmmy: 3:33pm On Mar 25, 2010 |
Why shd it be stopped? |
Re: Sanusi Islamic Bank (we Need To Stop It): by Goldmind1(m): 3:52pm On Mar 25, 2010 |
[quote][/quote]Why shd it be stopped?Why shd it be stopped? Why should he not be stopped? I knew that was his original intention for jailing people. He's just a TERRORIST BANKER. |
Re: Sanusi Islamic Bank (we Need To Stop It): by Seun(m): 4:53pm On Mar 25, 2010 |
Relax. If he's jailing people, that makes him a police banker. |
Re: Sanusi Islamic Bank (we Need To Stop It): by Fhemmmy: 5:27pm On Mar 25, 2010 |
Gold-mind:Why shd it be stopped?Why shd it be stopped? |
Re: Sanusi Islamic Bank (we Need To Stop It): by lannre(m): 5:43pm On Mar 25, 2010 |
Sanusi is no saint, but its good to tell us the reason why Islamic Banking should not be allowed. Reference of where it is practice and if any the Disadvantages . @ Seun if Police banking will protect someone who saved under pillow,inside wardrobe from falling a victim to collapsed Bank ,it should be welcome with little or no criticism. I am not sure if any of the accused or suspect have denied most allegations. Look who is suffering now. many innocent young employees has lost their job because some greedy elites enriched themselves from the system. So many rots .I eavesdropped at a hang out how some Nigerians where planing to start a Micro finance bank in Ghana with sole aim of fraud after two years of operation, but the Authority there is so wise by asking them to make their citizen a signatory, preventing them to move further. Ask those who lost their to money to failed banks. They will tell you they prefer 'Militant Banking" |
Re: Sanusi Islamic Bank (we Need To Stop It): by Lagosboy: 5:43pm On Mar 25, 2010 |
Some posts just give out the level of intellect in our young people. How on earth could anyone have an issue with the introduction of an Islamic bank in Nigeria. Islamic banks operate in the UK,US headquarters of an Islamic financial centre is in Paris, Big banks like HSBC, Lyods have Islamic and shariah compliant products. But we silly Nigerians without spending 30mins to use our intellect in understanding the basics principle and benefits of Islamic finance we are quick to call the CBN a terrorist!. Soludo should be a bigger binladen for approving the Jaiz Islamic bank then. |
Re: Sanusi Islamic Bank (we Need To Stop It): by lannre(m): 6:11pm On Mar 25, 2010 |
@ Lagos Boy They might have some issues,allow comments and please dont use insulting words. We can learn from one another |
Re: Sanusi Islamic Bank (we Need To Stop It): by ElRazur: 6:24pm On Mar 25, 2010 |
Islamic banking is flawed. Anyone who need a real life application should take a look at the recent crisis in Dubai. The authorities there did as much as they can to shush it up. You cannot operate a banking system without interest and what not, it is just a flawed principle if based on sharia. Those nation who have adopted it in the west are doing so in order to attract global market - even it is means doing so on the back of something as crazy as sharia. Please feel free to look this up. |
Re: Sanusi Islamic Bank (we Need To Stop It): by bashdecash(m): 6:28pm On Mar 25, 2010 |
@ SEUn or whoever is the moderator: Did you guys remove my post/reply? if "yes", for what reason? |
Re: Sanusi Islamic Bank (we Need To Stop It): by ElRazur: 6:37pm On Mar 25, 2010 |
Lagosboy: Yeah post like yours shows your level of knowledge of how Islamic banking really works. Please using your infinite wisdom |
Re: Sanusi Islamic Bank (we Need To Stop It): by bashdecash(m): 6:54pm On Mar 25, 2010 |
am still waiting for this KOSOVO guy to explain why he removed my post. ElRazur: we dont owe you any explanation on why we want an interest-free banking. No body is forcing you to invest in it. Am yearning for its launching so that i will pack my money from all these collapsing and uncertain banks. |
Re: Sanusi Islamic Bank (we Need To Stop It): by ElRazur: 6:58pm On Mar 25, 2010 |
bashdecash: Who the phuck is we? Off course you owe a bloody explanation if you can defend it on a public forum, or are you just one of those Islamabots who just supports anything because it is Islam? You clearly do not understand how Islamic banks work, if you do, you wont be eager to move your money there. |
Re: Sanusi Islamic Bank (we Need To Stop It): by ElRazur: 7:01pm On Mar 25, 2010 |
Here is a deep read on where Islamic banking is flawed.
Heck here is the link if anyone wants to read more, but it will require a registration [those with a facebook account can use it to get it for free] http://www.scribd.com/doc/12878941/Issues-and-Problems-of-Islamic-Banking |
Re: Sanusi Islamic Bank (we Need To Stop It): by Lagosboy: 7:04pm On Mar 25, 2010 |
ElRazur: Elrazur how did you arrive at your findings that islamic banking is flawed without any intellectual arguement to back your conclusion up. You simply say you cannot operate without interest without anything to back it up. You made me laugh when you made reference to Dubai and islamic banking which shows you have done little to understand the dubai crises. Dubai doesnt operate islamic finance buddie , it has a few banks in UAE offering islamic retail banking products but not Dubai as a state. All the funds and debts they incurred are from western banks buddie so i dont get your linking of islamic banking to dubai crises. it is just a flawed principle if based on shariaNow how does this assertion fit into any intellectual arguement, You simply conclude something is flawed if based on shariah, would you mind defining shariah to me so we could understand your point. Those nation who have adopted it in the west are doing so in order to attract global market - even it is means doing so on the back of something as crazy as sharia common buddy you are more than this even if you hate islam which is not an issue you should still be a little objective. Why should top western banks offer a flawed product , if it is flawed how will they make profit. point of correction the western banks who adopt it are in no way attractin any global market as the products are simply retail banking products - mortgage especially . Please just read issues well before summarising you conclusions. ElRazur: i made an assertion that people call Sanusi a terroris without understanding what is islamic banking is. The burden of proof is on the one saying we should stop islamic banking - we need proofs, reasons and arguements to stop it and not statement like "if it is based on shariah then it is flawed". What has my being muslim got to do with this issue buddie you do not need to personalise issues here lets deal with the substance. |
Re: Sanusi Islamic Bank (we Need To Stop It): by Lagosboy: 7:12pm On Mar 25, 2010 |
I posted this before your post so i will have read at your article and comment. Just a side note there are doezens of country operating islamic banks a country like Bangladesh should never be a benchmark , yardstick in analysing islamic banks never. I would read the article later when i am less busy but the topic says Problem with islamic banking in Bangladesh not problem with islamic banking. |
Re: Sanusi Islamic Bank (we Need To Stop It): by biina: 7:13pm On Mar 25, 2010 |
ElRazur:Problems with Islamic banks operating in Bangladesh is the basis of your argument against islamic banking? What makes bangladesh banks the reference model? why not similarly use the problems with Nigerian banks as a reference for problems with banking? |
Re: Sanusi Islamic Bank (we Need To Stop It): by ElRazur: 7:18pm On Mar 25, 2010 |
Lagosboy: I supposed you missed the links I posted on purpose? Nice. Perhaps you should refer back to it. Dubai operates a form of Sharia banking, one of the many reasons they do not pay taxes on their earnings, to deny this just goes to show perhaps your ignorance? Here is a link showing how Islamic banking played a part in the recent dubai crisis. http://dealbook.blogs.nytimes.com/2009/11/30/in-dubai-crisis-a-test-of-law-and-islamic-banking/ No the debt are not inccured by the western banks, but they were foolish enough to believe the banking system used in Dubai will work for them and because of greed, they invested in it. Hence why they lost money as a result. To blame the western bank for a silly form of banking is laughable.
Perhaps the notion that Sharia itself is a flawed concept? No? I don't know about you, if something is based on a shaky foundation or concept, then clearly the whole concept is flawed? No? common buddy you are more than this even if you hate islam which is not an issue you should still be a little objective. Why should top western banks offer a flawed product , if it is flawed how will they make profit. point of correction the western banks who adopt it are in no way attractin any global market as the products are simply retail banking products - mortgage especially . Please just read issues well before summarising you conclusions. Again I disagree. The whole world is heading toward globalisation and in other to get a head start, most industry are doing business in places where they normally wouldn't. China in Sudan will be one example.
Is the fact that Sharia itself is a flawed concept enough?
Because as with most muslim, you displayed a blind loyalty to your faith. The fact of the matter is, sharia is flawed and sharia or Islamic banking is even more flawed. Please download the report I posted and come back and talk to me. Also take time to read the links I posted in this reply too. It will make for an interesting debate. |
Re: Sanusi Islamic Bank (we Need To Stop It): by ElRazur: 7:25pm On Mar 25, 2010 |
Lagosboy: Please explain as to why it should not be a bench mark? Is the same banking rules - Islamic banking - not applicable to the one in Nigeria? After all, they are based on the same principles? No? If that won't do. Please have a read over here - at least it acknowleges there are issues and far from perfect. [like some muslims will have us believe] http://www.siddiqi.com/mns/Lecture3.htm http://www.sbp.org.pk/departments/ibd/Lecture_8_Related_Reading_1.pdf |
Re: Sanusi Islamic Bank (we Need To Stop It): by Lagosboy: 7:32pm On Mar 25, 2010 |
Buddy i am at work and cant read your article now but for you to say The fact of the matter is, sharia is flawed and sharia or Islamic banking is even more flawed.I am not here to debate with you on shariah buddie and i will not steer the debat in that direction. I also dont want to debate or islamic bank is the best or is the worst as i have no time for that. Buddie the simple thing is islamic banking is optional you either put your money in it or you dont. You either borrow from it or you dont. No one is being forced to use it and we are in a free market. Islamic bank of Britain operates shariah banking and regulated by the FSA the british people have a choice. Why should you have anyone have an issue with an islamic bank in Nigeria which gives people the choice tell me? this is the debate and this is the arguement. |
Re: Sanusi Islamic Bank (we Need To Stop It): by ElRazur: 7:35pm On Mar 25, 2010 |
Lagosboy: People in the UK kiss here on the street and have no problem with skimpy dresses. I suppose this will be good too in Nigeria? Choice or no choice, I am not sure how that rules out the fact that Islamic banking is a flawed concept. But each one to their own right? |
Re: Sanusi Islamic Bank (we Need To Stop It): by biina: 7:38pm On Mar 25, 2010 |
ElRazur:The bangladesh case, like the other links you provided, will not do cos they address issues facing the islamic banks, and not problems caused/posed by Islamic banking. Please read the contents before posting the links. On the dubai issue, the article you linked to does not in anyway point to Islamic banking being the cause of the dubai crisis. Rather the article was expounding on the challenges facing the legal structure as the traditional banking (from the creditor i.e. depositors and bond holder point of views) clashes with Islamic banking principles ( from the debtor and islamic bank point of view). The article specifically notes that only 10% of the dubai debt were sharia compliant. Again try to read the content before posting the link. More importantly, would be for you to leave your opinion of Islam, or Muslims out of the issue. You can make your argument without attacking the religion of others. Your earlier posts are indicative of religious bigotry and intolerance. |
Re: Sanusi Islamic Bank (we Need To Stop It): by ElRazur: 7:49pm On Mar 25, 2010 |
biina: One can sometimes get things wrong, I am not immune to that. However, I suppose issues facing Islamic bank do not in anyway highlight the flaws of Islamic/sharia forms of banking? Bigotry? No I am an equal opportunity offender. I will say the same thing regardless of religion. As it stand, Lagosboy already stated it is a matter of choice. I respect that. I ain't about to put my money in them so yeah on that basis, there isn't much to say. |
Re: Sanusi Islamic Bank (we Need To Stop It): by Dominoifet(m): 8:17pm On Mar 25, 2010 |
All that glitter is not gold. As much as everytin about Islam is flawed and controversial so would there banking system b flawed. Does mr mohammed knows anything about banking. When he was busy slaughtering humans and he now come saying he has a bank? Blood bank or what? "I come with religion of peace" announced mallam mohammed that was in Mecca. Pple where practising their religion jeje. Overnite he woke up with dagga he and his crusaders and starts collecting there blood. Deceitful. Why would there b religious banking? Such as Islamic Bank. I've not heard of Christian bank, Hindu bank, Maoist bank, Satanic bank, irumole bank, sango bank etc. Banking should b banking it should have nothing to do with religion sentimentality unless some pple have sometin to hide so they r dangling no interest on borowing then they will come out and start financial jihad or terrorism of some sort. Sharia banking ;is it the hands cut off or eyes plucked out, or flogging of humans that would be the interest? If this pple think non-islamic pple r gullible they need to rethink. This Sanusi guy, is it becos he had Islamic studies as first degree is what is making him think from his glasses? No wonder he has been victimising, parading and terrorising victims. Banks failed in America too and pple were not this witch-hunted. All becos of Islamic banking heads have rolled both the employed and management throwing ple back in the already saturated labour market, jihad is beginning 2 have substrate. Ghadafi actually knows what he is saying about his suggestion of dividing Nigeria along religious borders. It is only a matter of time before we'll all understand and agree with the madman See http://us.foxnews.mobi/quickPage.html?page=23848&content=34463959&pageNum=-1 |
Re: Sanusi Islamic Bank (we Need To Stop It): by marvix(m): 9:32pm On Mar 25, 2010 |
There is nothin wrong with islamic bank, by the way its not compulsory to have an acct with them or patronise their products or does anyone have acct with all d present 24 banks available now. It is sad to read some post on this forum a lot of sentiments without reason or why would someone call to stop islamic banking |
Re: Sanusi Islamic Bank (we Need To Stop It): by Tboy007: 1:45am On Mar 26, 2010 |
@Dominoifet (m) I'm most dismayed at such a show of lack of objectivity in your response/opinion.How could you subscribe to such heinous absurdities cum blatant lies against the best of mankind (Muhammad:Peace be on HIM).Perhaps, you should go through his biography as presented (not even by muslim historians) but by d orientalists.You make me laugh when you suggest that Islam was forced unto d people of Arabia via warfare.You must know nothing of the persecution the early muslims endured. U really need a lesson in history.Not ever has any successful ideology been forced down d throat of people.The failure of the communist system is a recent and apparent example. I guess you must be making reference to d opinion of d late Pope John Paul (when he quoted an emperor) that Islam was spread by d sword, (, he later apologised for this). Everyone knows this is a blatant lie.If I may ask you,do know you that there still exists coptic xtians(i.e xtians occupying Arabian lands before the emergence of Islam)?, or would u tell me that Islam was accepted in Spain as a result of d sword (before the crusaders wiped out d entire muslim population by murder).U really need a lesson in history. I'm surprised u could have been so myopic as to have no idea of the emergence of banks(with interest based models).It may interest you to know that banks as we have them came into being mainly to fund the crusade wars of the kings of Europe (King Arthur of France,etc).Just watch History Channel (on cable),bro. The evils of interest-based banking are really apparent.You don't have to look afar.The precarious situation facing the developing economies like ours that have resorted to borrowing from the developed nations are open for all to see. The result of interest-based banking is simple:"rich gets richer & poor gets poorer". If an institution comes up that tends (I'm aware islamic banking as presently being practised is not in its ideal state) to uphold the way of life of a group of people and if this institution doesn't affect the society in any negative way, it shouldn't be condemned. Perhaps you may contend that missionary schools should be scrapped, your thought process sucks,man. In the west, you either patronise Islamic banks or you don't, and more enterpreneurs are currently considering the option.A google search will show you all these. If you are interested in the services being rendered by the institution, you patronise them; else you simply walk away and cast your lot with other institutions, as simple as that, As a Nigerian in diaspora, I feel saddened when my folks back home engage in such bigoted analysis as epitomised by your comments,and I feel more embarrassed it is coming from a Nigerian youth.Perhaps your hatred for Islam has beclouded your good sense of reasoning. I'm sure you have a good sense of reasoning. , and for your information, you should know that Sanusi Lamido only obtained a degree in Sharia and Islamic Studies from the African International University in Khartoum, Sudan in 1997 (after earning a BSc in Economics in 1981 and an MSc in Economics in 1983) so the guy knows his onions, Buddie, simple web searches will reveal all these to you. Bro, this show of "hate" & "tolerance" must stop. If you hate Islam, that is your personal proclivity. We should look for avenues capable of ensuring our continued existence as a nation,not those tendencies that alienate us from one another, I must acknowledge that the misconducts (the likes of d Mutallabs,etc) of a few misguided fellows have stained the pure fabric of Islam; but as a humans we have been endowed with the gift of the intellect to be able to discern the real truth about a phenomenon.Kindly make appropriate use of this unique gift from God, , & Pls, include "objectivity" in your vocabulary, , Peace be on you, bro & the entire citizenry of our beloved nation, |
Re: Sanusi Islamic Bank (we Need To Stop It): by naijatoday: 2:34am On Mar 26, 2010 |
@ ElRazur, Dubai as a state and UAE as a country does not run on Islamic banking. The reason why they do not offer tax is because they have oil money. And in relation to their population (citizens) they have excess. They also want to attract companies to their country. Dubai got itself into the mess because of the property market (property bubble)and if you look at the list of banks that were affected they are mostly traditional banks. Their Islamic banks actually did better compared to traditional banks, which got a lot of attention and people saying Islamic banking might actually be a good thing. Malaysia is an Islamic country with Islamic banking even positioning itself as a center for Islamic banking and it has TAX |
Re: Sanusi Islamic Bank (we Need To Stop It): by ugbede007(m): 2:36am On Mar 26, 2010 |
That will definitely be the safest haven for northern loots. islamic banking indeed |
Re: Sanusi Islamic Bank (we Need To Stop It): by naijatoday: 2:37am On Mar 26, 2010 |
Dominoifet: Islamic banking has always existed. it is also known as Non interest banking. Its known in modern times as Islamic banking because the Gulf region with all their oil money revived the form of banking. and in the gulf area they call it Islamic banking not non interest banking. |
Re: Sanusi Islamic Bank (we Need To Stop It): by naijatoday: 2:37am On Mar 26, 2010 |
ugbede007: so are northerners not looting now with traditional banking? |
Re: Sanusi Islamic Bank (we Need To Stop It): by Dominoifet(m): 8:01am On Mar 26, 2010 |
@Tboy007: Quote I'm most dismayed at such a show of lack of objectivity in your response/opinion.How could you subscribe to such heinous absurdities come blatant lies against the best of mankind (Muhammad:Peace be on HIM). I don't know what else to say. U r alredy gone. Ur port is too wordy for me to read. And talking about pope I don't dig is Zap either cos they r idol worshippers mixing christianity and deceiving themselves and the pple. |
Re: Sanusi Islamic Bank (we Need To Stop It): by bashdecash(m): 8:29am On Mar 26, 2010 |
Dominoifet: it is very unfortunate that some people here in NL so much hate Islam. if we Muslims will behave the way people like this behave, Nigeria would have been a place unfortunate to live. |
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