sls

Mr Duerulu:

@ Sapele guy, Islamic bank is a commercial bank just like any other bank open to all customers may be the only difference is that it is intest free.
As for me, I see nothing wrong in having such bank in all the villages in Nigeria, as long as it's interest free. For yrs we have been complaining of high interest rate, it 'll be a big relief for pple who need capital to finance their business.
Unfortunate some Nigerians from other faiths are either brainwashed or ignorant, the stereotype anything affiliated to Islam without caring to know the good or even the bad side of it.
Pls lets have an open mind to new ideas; intead of condemnation, intelligent or logical question should be asked about the banking system.

Bros
This is not a new idea. Our laws already have provisions for these type of 'No Interest' arrangements. Why not use them. Our law does not allow any shariah, islamic, juju or pentecostal bank. All some of us are saying is respect our constitution and laws. Nigeria is a secular state.

@Sapeleguy please get a copy of Nigeria constitution.

If they simply called it 'no interest banking', there would be no wahala.

Sometimes these guys are not good at branding things, lol

I think lack of collateral has been the major hindrance to the availability of loan in Nigeria.Will the so called Islamic banking give out loans without collateral?

First sharia, now Islamic banking, next Islamic Northern Nigeria.

I wish them goodluck and sincerely hope it happens soonest as they make their journey towards final peace in "former" Nigeria.

Well, education they say is very important and must be compulsory so that the disease, ignorance, which is endemic, can be nipped in the bud at any stage of its manifestation. I wish we had a vaccine.

For those who do not know, please note for the records that Sanusi did not introduce Islamic banking and in fact a number of the reforms that he has executed were not really his agenda. He has stated this himself over and over again. There has been a blue print for the banking sector done by the Soludo team which is what Sanusi team is following. The kudos to him is for the fact that he has the balls to execute some of the items on the blue print. 

Islamic banking had been in Nigeria for some time. Several financial institutions have been operating windows for some of the Islamic finance products such as the takaful, halal funds with names such as ethical funds, ethical investment etc. However, there has not been a proper regulatory framework for the operation of this sector of our financial system.

Jaiz International Bank which was established in 2003 is the first and for now the only existing Islamic bank. This was before Soludo became the CBN governor in 2004. The bank could not however start operations fully because the minimum capital base for banks in Nigeria was raised to 25 billion naira. The bank is expected to start operation soon haven been able to attain the capital base benchmark.

About the regulatory framework, this was extensively done by the CBN under Soludo. The first draft was available by March 2009 before Sanusi became CNB governor.

Do you know that framework such as this had to be sent to the Christian Association of Nigeria (CAN) for consideration before a final draft? Do you know that the convectional banks like Stanbic IBTC and Diamond Bank are also at the driving seat? In fact do not be surprised if the banks start operation of the Islamic banking window before any so called Islamic bank because they already have departments working on this and more surprisingly they have more non-muslims as members of this dept cos they showed more interest. 

I find some comments on naira land ridiculous particular from people who are resident in Nigeria because you have the opportunity to have better details. Nigerians in Diaspora can be excused cos we know that some of them, I mean some for clarity sake, know next to nothing and may not have other means of info except what they read on internet or forum like this.

If you do not like Sanusi or Islam, that is your wahala. But please, do not come to public forum like this to dance to the beating of the drums of your ignorance. 

I have attached a copy of the final framework from CBN for those who love to be educated. Others are also invited.

SapeleGuy:

Bros
This is not a new idea. Our laws already have provisions for these type of 'No Interest' arrangements. Why not use them. Our law does not allow any shariah, islamic, juju or pentecostal bank. All some of us are saying is respect our constitution and laws. Nigeria is a secular state.

Typical Sapeleguy, ranting stupidly.

Of course you forgot that Soludo had already kicked off this process.

Unfortunate some Nigerians from other faiths are either brainwashed or ignorant, the stereotype anything affiliated to Islam without caring to know the good or even the bad side of it.
Pls lets have an open mind to new ideas; intead of condemnation, intelligent or logical question should be asked about the banking system.

Usury (pronounced /ˈjuːʒəri/, from Medieval Latin usuria, "interest", or from Latin usura, "interest" originally was the charging of interest on loans; this included charging a fee for the use of money, such as at a bureau de change. In places where interest became acceptable, usury was interest above the rate allowed by law. Today, usury commonly is the charging of unreasonable or relatively high rates of interest. The term is largely derived from Christian religious principles; Riba is the corresponding Arabic term and ribbit is the Hebrew word.

The pivotal change in the English-speaking world seems to have come with the permission to charge interest on lent money: particularly the 1545 act "An Acte Agaynst Usurie" (37 H.viii 9) of King Henry VIII of England

[Exodus 22:25] If thou lend money to any of my people that is poor by thee, thou shalt not be to him as an usurer, neither shalt thou lay upon him usury.

[Leviticus 25:36] Take thou no usury of him, or increase: but fear thy God; that thy brother may live with thee.

[Leviticus 25:37] Thou shalt not give him thy money upon usury, nor lend him thy victuals for increase.

[Deuteronomy 23:19] Thou shalt not lend upon usury to thy brother; usury of money, usury of victuals, usury of any thing that is lent upon usury:

[Deuteronomy 23:20] Unto a stranger thou mayest lend upon usury; but unto thy brother thou shalt not lend upon usury: that the LORD thy God may bless thee in all that thou settest thine hand to in the land whither thou goest to possess it.

New Testament
Christ drives the Usurers out of the Temple, a woodcut by Lucas Cranach the Elder in Passionary of Christ and Antichrist.[23]

The New Testament parable of the ten gold pieces refers to the concept of "usury" or "interest": a nobleman says to his servants:

Finally the master said to him 'Why then didn't you put my money on deposit, so that when I came back, I could have collected it with interest?'
—Luke 19:23

"Thou oughtest therefore to have put my money to the exchangers, and then at my coming I should have received mine own with usury."
—Matthew 25:27

udezue:

This is how it starts. From Sharia to Islamic Banking to Islamic Republic of Nigeria. Haha

eku_bear:

If they simply called it 'no interest banking', there would be no wahala.

Sometimes these guys are not good at branding things, lol

SapeleGuy:

Bros
This is not a new idea. Our laws already have provisions for these type of 'No Interest' arrangements. Why not use them. Our law does not allow any shariah, islamic, juju or pentecostal bank. All some of us are saying is respect our constitution and laws. Nigeria is a secular state.

I guess The ISLAMIC BANK OF BRITAIN should be changed because it UK is a Christian society with HM been the head of the church of England.

The sooner we shed our bigotry the better for us as Nigerians, till we learn to tolerate ourselves and appreciate our diversity we would always remain in the schackles of under development.

The sooner we shed our bigotry the better for us as Nigerians, till we learn to tolerate ourselves and appreciate our diversity we would always remain in the schackles of under development.

Stop all this rubbish you are saying,which religion is more intolerant in the world?Is it not your Islam that is causing all the problems and you are here ranting rubbish.

chamber2:

Stop all this rubbish you are saying,which religion is more intolerant in the world?Is it not your Islam that is causing all the problems and you are here ranting rubbish.

Buddie, calm down or chill out , maybe you could grab a cold drink and then reflect on your statement again perhaps you might have a second thought about how establishing a bank affects you in person. You have the choice of putting your money there or not, which makes me wonder if the definition of tolerance is the same as what we both understand.

Your posts itself is a perfect example of how intolerant we can be, you do not have to agree with my post but calling someone else statement rubbish because you disagree with it, is INTOLERANCE in its maximum manifestation.

pls a pro should enlightene us on this islamic banking. will it operate under the tenets of banking rules?

^^^ One of the rules of islamic banking is that there will be no interest on your savings, i think

@post:
So what is wrong in Islamic Banking? Don't see anything bad in it, U get to operate it if you want

^ Why would a christian go deposit in an islamic bank? LoooooooL.

yeah why?
Islamic banking should be allowed for those that want to operate it as long as the conventional banking system wont be eradicated

mr.official:

^ Why would a christian go deposit in an islamic bank? LoooooooL.

It is a personal choice, but every christian who understands the principles of islamic banking will be happy to deposit his/her money in the islamic bank.

Regarding savings account what yoou get is a profit and not interest but you still have your money increasing.

Lagosboy:

I guess The ISLAMIC BANK OF BRITAIN should be changed because it UK is a Christian society with HM been the head of the church of England.

The sooner we shed our bigotry the better for us as Nigerians, till we learn to tolerate ourselves and appreciate our diversity we would always remain in the schackles of under development.

thank you

must of this people are bigoted and hate anything north and Islam

some even talk about terrorism in Islamic bank

just shows how clueless they are

mr.official:

^ Why would a christian go deposit in an islamic bank? LoooooooL.

If the islamic bank gives you a better effective interest rate, you would not? If you are executing a business deal and the Islamic bank leads to more profit for yourself, you'll say hell no?

Money has no religion associated with it. Me as a Christian, if Hindu bank offers the best deal, I'll take it.

@ NEDRA


i really sympathize with u, it is obvious that u are a bigot, just like the pupil of an eye the more light i try yo shed on it the more it contrast and turn away from it. Fool do u think the only deference between Islamic banking and conventional banking is the absence of intrest? Islamic bank operate on the general principles of Islamic company law i.e sharika mudharaba, ijara and murabaha. i know all these terminologies are strange to you. and you don't really care to know what it means.
fool will you deny the fact that we have Islamic banks in UK Canada and some other developed countries of the world? if these banks are doing well over there then how will it be a problem to Nigeria

let me remind you, we Muslims have the Right to practice our religion. And our religion encompass all aspect of our life, be it technology, economy or law. Unlike Christianity where u give to Cesar what belong to Cesar, and to God what belong to God. In Islam all belong to God including Cesar. What is wrong with you guys? was it not this Islamic banking that Tony Blair as prime minister of Britain argue for before the house of commons? Mr teller the west will be laughing at us because they already practice and adopt Islamic banking. the deference between u and those white men is that they take it upon themselves to study a system and how it works before making any remark. Unlike their black counterpart in remote corrupt country of Nigeria where criticism are carried out before studying

Islamic Banking, Sharia Banking, Christian Banking, Amadioha Banking, The important thing is to get it right. In this country, we are quick to adopt so called "innovations" but remain unable to sustain it.
A lot of hype was done about micro finance institutions. I know folks who have lost monies to these micro finance banks. I'm NOT saying micro finance is bad, but I understand there are more that 600 of them in Nigeria. How can they be regulated?

I can wake up one day and start my own "micro finance" and run away with peoples money.

We have enough financial institutions already, why not build on them and improve them? Some Commercial banks were in debt and need "bailouts" from tax payers money. Now a  lot of bankers have the sacked and their stock market shares are nothing to write home about.

CBN wants to regulate: Commercial banks (25), Micro Finance banks (over 600) and now want to add Islamic banks? How can they all be regulated? I see it as just another scam on Nigerians. 

Micro Finance is copying Bangladesh model, I wonder which model we will copy for Islamic banking.

Malam Sanusi, why not create the Nigerian model? We have a unique society here,  stop bringing more workload for regulators.

[b]@ POSTER.

THIS IS NOT AN ATTACK ON ANYBODYS RELIGION BUT IT IS ABOUT WHAT IS BEST SUITED FOR A FRAGILE AND SENSITIVE COUNTRY LIKE NIGERIA.
I AM SURE MANY OF US STILL RECALL THAT NIGERIA RECORDED THE HIGEST NUMBER OF DEATHS ON THE ISSUE OF THE CARTOONIST IN FAR AWAY SCANDINAVIAN DENMARK.
A COUNTRY WHICH IS ABOUT 2 DAYS JOURNEY FROM HERE. EVEN INDONESIA WITH THE WORLDS HIGHEST NUMBER OF MUSLIMS ONLY RECORDED ABOUT 20 DEATHS WHERE AS NIGERIA HAD THE HEADS OF OUR INNOCENT BROTHERS, SISTERS,MOTHERS,FATHERS AND HELPLESS CHILDREN ROLLING AND BURNING.
MORE THAN A 100 PEOPLE DEAD FOR REASONS THAT COULD EASILY HAVE BEEN AVOIDED.
THE PROBLEM WITH NIGERIA BANKS IS BASICALLY MISMANAGEMENT OF FUNDS AND GREEDY CEOs/MDs

LOOK AT GHANA TODAY. THEIR ECONOMY IS COMPETING WITH CHINA ON THE FASTEST GROWING ECONOMY. THEY DIDNT NEED THE ISLAMIC BANKING STYLE FOR THIS. ALL THEY DID WAS A GREAT OVERHAUL IN THE LEADERSHIP OF THE COUNTRY. IMBIBING DISCLIPLINE IN ALL WINGS OF THE ECONOMY.
TODAY 100GHS IS NEARLY =100 US DOLLARS.
LET SANUSI QUIT ALL HIS PRETENCE AND HIS HIDDEN AGENDA. AND LET THE LEADERSHIP NIGERIA BE OVERHAULED POSITIVELY[/b]

@ NEDRA
the problem with nigeria are the presence of suphisticated pervert like you in the mist of the nigerian christians and ur like in the flank of nigerian muslims like the Boko Harams. i do not intend to trade insult with you, all i av said that appear derogatory is a fact about ur person. if u were not a fool and a bigot i would av been honest with u, but the truth is that u are. LISTEN and LISTEN well, we muslims simply want to practice the dictate of our religion, interest is prohibited in islam, interest is one of the worst form of injustice on earth, it destroys the economy and destroys the object of money as a medium of exchange.
a lot have been written about the effect of interest go and read. how many people pay interest on loan and succeed? please go and read on the effect of interest.
Mr NEDRA our religion av provided us with an economic system why not allow us be,
Othere banks will continue to operate as usuall, then what ur problem. your problem is your deep hate for islam and muslims,do you think sanusi introduce islamic bank? Prof Soludo. if u are still uncomfortable then go and die

@ NED RA

you appear to lack the basic rudimentary knowledge of our banking laws, i have earlier advice you to read the provisions of BOFIA i.e Banking and other Financial institution Act, and the CBN Act, these two Act regulate foreign participation in our banks, Mr teller if u are ignorant of this Laws i advice you not to betray ur ignorance in public. if sanusi is going against the Laws of our land then you have the rigth to sue him on behalf of CAN. displaying imbecility and acute stupidity will not stop him. i think you better understand this simple issue now before you lead ur folk into a crusade that will lead them to hell. This country belong to both Muslims and Christians. we both av the Rigth to live under our religious atmosphere. you cant detect my religion to me nor can i detect urs to u, all banks wont be Islamic only the few that choose to operate an Islamic window. in your post u limited it urself to some few banks, i think u know this.

HOW DOES ISLAMIC BANKING AFFECT YOU WHEN THERE OTHER CONVENTIONAL BANKS OPERATING? YOU HAVE TOLD ALL LIES TO SUPPORT YOURSELF. I CH ALLANGE YOU TO READ THE BANK AND OTHER FINANCIAL INSTITUTION ACT AND THE CBN ACT. I KNOW IT WONT EDUCATE U . IGNORAMUS.

Mr nedra i think that old fool in ur village must be u or , no its you

Why do many people like to say lies in deffence of a religion they call good. There are many question's a reasonable person will ask here:
1)How and where shalll this islamic banking get money to service their bank and pay their worker's ?

2)If islamic banking really operate on interest free banking system,then how do they profit to sustain their bank?

3)If every of nigerian banks interest is high as sanusi will like us to believe,i know his possition as CBN governor grants him the right to reduce it to a particular percentage, so why do we need another type of banking in it's place ?

4)If islamic banking is that helpful to our society,why didn't sanusi attach it to first banks operation when he is the manager?

5)Is sanusi really following Soludo's blue print? if that is true,then sanusi is not credible to manage nigeria economy.why is he moving about ranting soludo this soludo that? i guess the guy is olodo in economic management.

6)since sanusi has the power to remove bank MD's,haven't he any power to tell nigeria banks how to operate?

7)If our north muslim brother's only like to live under islamic ways of life why are they not talking about parting there ways?instead of making every other religion uncomfortable?

Among all tribe's in nigeria, why is it that only hausa/fulani's like to be govern by their religiouse belief rather than nigeria law?

9)Why is sanusi championing islamic bank instead of seperate individual championing the so called islamic banks?i seriousely sense fouls

10)what about their worker's incase they finaly agree to it, are they gona employ qualify nigerians of are they gona employ only qualify muslim nigerians ?

i[b] pity nigeria and i sense danger from this sanusi of a guy. if islamic banking is as helpful as sanusi try to make us believe then why is chad,niger,boukina faso,mali,indonesia , pakistan and gambia not practicing it and also why are they not among the world self sufficient society/[/b]

@ NED RA
Having discovered the fact that u are a fool the best answer for u is silence. i have been contributing in a similar thread were some good Christians insist they want to know about Islamic banking before they jumb into what they have no kn owlledge of.

@9ja voice
there is what is known as investment account, depositors who choose this account will av their returns on the basis of profit or lose.
just like any other bank they will charge their customers for administrative cost
i would have answered all ur questions but i will like you to endeavour to carry out an unbaise research  about islamic banking by visiting any islamic web page, lot av been written about it and have been embrazed by they west who view muslims as fanatics, does that not pass a credible message?

as for those countries u mentioned most of them av been enslaved like nigeria with IMF loan that make it practicaly impossible for them to get up from their poverty, and their lack of it must av worsen their conditions,

Why dont u ask me about islamic countries like saudi, kuwait, malaysia, oman, qatar UAE, or iran

CAN ANY ONE GIVE AN ANSWER TO WHY BRITAIN, CANADA, OR THE BIGEST FINANCIAL INSTITUTION IN THE WORLD HSBC EMBRACE ISLAMIC BANKING IF IT IS NOT ECONOMICALY FAVOURABLE

FOR reduction in intrest rate, go research how much UK,USA, FRANCE, JAPAN and other great economies charge as interest rate. you will be suprised, and probably be forced to ask why is ours so high.

Like a christian friend would say-- there is nothing wrong with it except the name islamic, the whole idea is nice.

nedra:

[b]@ POSTER.

THIS IS NOT AN ATTACK ON ANYBODYS RELIGION BUT IT IS ABOUT WHAT IS BEST SUITED FOR A FRAGILE AND SENSITIVE COUNTRY LIKE NIGERIA.
I AM SURE MANY OF US STILL RECALL THAT NIGERIA RECORDED THE HIGEST NUMBER OF DEATHS ON THE ISSUE OF THE CARTOONIST IN FAR AWAY SCANDINAVIAN DENMARK.
A COUNTRY WHICH IS ABOUT 2 DAYS JOURNEY FROM HERE. EVEN INDONESIA WITH THE WORLDS HIGHEST NUMBER OF MUSLIMS ONLY RECORDED ABOUT 20 DEATHS WHERE AS NIGERIA HAD THE HEADS OF OUR INNOCENT BROTHERS, SISTERS,MOTHERS,FATHERS AND HELPLESS CHILDREN ROLLING AND BURNING.
MORE THAN A 100 PEOPLE DEAD FOR REASONS THAT COULD EASILY HAVE BEEN AVOIDED.
THE PROBLEM WITH NIGERIA BANKS IS BASICALLY MISMANAGEMENT OF FUNDS AND GREEDY CEOs/MDs

LOOK AT GHANA TODAY. THEIR ECONOMY IS COMPETING WITH CHINA ON THE FASTEST GROWING ECONOMY. THEY DIDNT NEED THE ISLAMIC BANKING STYLE FOR THIS. ALL THEY DID WAS A GREAT OVERHAUL IN THE LEADERSHIP OF THE COUNTRY. IMBIBING DISCLIPLINE IN ALL WINGS OF THE ECONOMY.
TODAY 100GHS IS NEARLY =100 US DOLLARS.
LET SANUSI QUIT ALL HIS PRETENCE AND HIS HIDDEN AGENDA. AND LET THE LEADERSHIP NIGERIA BE OVERHAULED POSITIVELY[/b]

and how does killing relate to Islamic banking