odumchi:

I rebuke this in the mighty name of Jesus.


The Islamic Bank is a bad idea that will only create more division in Nigeria. There is no reason whatsoever to introduce a bank that revolves around religious principles. People dont need to be reminded that they are Christian while you are Muslim. Nigeria is far too young for this type of bank. Nigeria is still a new nation only 50 years old while England is over 1000 years old. The two nations shouldnt be compared because the level of human and social development in the two nation is not equal. Imaging creating a Roman Catholic Bank in England back in 1500 when Catholics and ANglicans were adversaries. People should think for once.

[color=#006600] HOW ISLAMIC BANK WORKS
1)  You place money in a bank and the bank guarantees to return the money to you.
2)  You are allowed to withdraw the money anytime.
3)  Bank may charge you a fee for looking after your money and may pay hibah (gift) to you if it deems fit.
4)  This concept is normally used in deposit-taking activities, custodial services and safe deposit boxes.

Mudharabah (Profit sharing)
Mudharabah is a profit sharing arrangement between two parties, that is, an investor and the entrepreneur.  The investor
will supply the entrepreneur with funds for his business venture  and gets a return on the funds he puts into the business
based on a profit sharing ratio that has been agreed earlier. The principle of Mudharabah can be applied to Islamic banking
operations in 2 ways: between a bank (as the entrepreneur) and the capital provider, and between a bank (as capital
provider) and the entrepreneur. Losses suffered shall be borne by the capital provider.

1) You supply funds to the bank after agreeing on the terms of the Mudharabah arrangement.
2) Bank invests funds in assets or in projects.
3)  Business may make profit or incur loss.
4)  Profit is shared between you and your bank based on a preagreed ratio.
5) Any loss will be borne by you.This will reduce the value of  the assets/ investments and hence, the amount of funds you have supplied to the bank.

[b]Bai’ Bithaman Ajil – BBA (Deferred payment sale)[/b]
This refers to the sale of goods where the buyer pays the seller after the sale together with an agreed profit margin, either in one lump sum or by instalment
1) You pick an asset you would like to buy.
2) You then ask the bank for BBA and promise to buy the asset from the bank through a resale at a mark-up price.
3) Bank buys the asset from the owner on cash basis.
4) Ownership of the goods passes to the bank.
5) Bank sells the goods, passes ownership to you at the mark-up price.
6) You pay the bank the mark-up price in instalments over a period of time.

Murabahah (Cost plus)
As in BBA, a Murabahah transaction involves the sale of goods at a price which  includes a profit margin agreed by both parties. However, in Murabahah, the seller  must let the buyer know the actual cost for the asset and the profit margin at the time of the sale agreement.
Musyarakah (Joint venture) In the context of business and trade, Musyarakah refers to a partnership or a joint
business venture to make profit. Profits made will be shared by the partners based on an agreed ratio which may not be in the same proportion as the amount of investment  made by the partners. However, losses incurred will be shared based on the ratio of funds invested by each partner.
Ijarah Thumma Bai’ (Hire purchase)  Ijarah Thumma Bai’ is normally used in financing consumer goods especially motor
vehicles.There are two separate contracts involved: Ijarah contract (leasing/renting) and  Bai’ contract (purchase).
HOW IT WORKS
1)  You pick a car you would like to have.
2)  You ask the bank for Ijarah of the car, pay the deposit for the car and promise to lease the car from the bank after the bank has bought the car.
3)  Bank pays the seller for the car.
4) Seller passes ownership of the car to the bank.
5) Bank leases the car to you.
6)  You pay Ijarah rentals over a period.
7)  At end of the leasing period, the bank sells the car to you at the agreed sale price.

Wakalah (Agency)
This is a contract whereby a person (principal) asks another party to act on his behalf  (as his agent) for a specific task.The person who takes on the task is an agent who will be paid a fee for his services.

Example
A customer asks a bank to pay someone under certain terms.The bank is therefore the agent for carrying out the financial transaction and the bank
will be paid a fee for its services.Qard (Interest-free loan)  Under this arrangement, a loan is given for a fixed period on a goodwill basis and the borrower is only required to repay the amount borrowed. However, the borrower may, if he so wishes, pay an extra amount (without promising it) as a way to thank the lender.

Example
A lender who lent RM5,000 to a borrower on Qard will expect the borrower to return exactly RM5,000 to him at a later date.

Hibah (Gift)
This refers to a payment made willingly in return for a benefit received.
Example
In savings operated under Wadiah, banks will normally pay their Wadiah depositors hibah although the accountholders only intend to put their savings in the banks for safekeeping, THIS IS HOW IT WORKS [/color]

The Bishops have seen what ordinay men cannot see.Al Qaeda,Moslem Brotherhood,Hezbolla and other terrorist organizations will plant and fund terrorist groups through d Islamic bank,People should shine their eyes.Every right thinking mind should stand up and support the bishops.Allowing Islamic Bank to operate is akin to nailing d coffin of Nigeria's intergration.It's not just the interest free loans.These men of God are proactive!

^^^
I wish the bishops are as proactive as the radical imams. BTW, where are other bishops in the country, the CAN, and other churches

It is amazing how most of you here including the bishops have no clue about what is the the Islamic Banking system
Islamic banking system offers to the clients three categories of services
International asset Management
International trade services
Corporates Banking services
all these services comply with the principles of sharia
So since roughly half or more Nigerians are Muslims I think it is imperative and legitimate for them to have the type of banking they want same as Christians who have the existent type of banking which is imported from the west and mainly based on the  Judeo Christian  principles so I think those Catholic priests need just to get educated  and sent back to their dioceses

if u

adejoro75:

No need to protest. Form your own Christian Bank and get a license, or do not patronize the sharia bank. By the time they lack customers, they will close shop. At best, they will remain only in the Islamic North. Kill it slowly, not noisily.

you lack understand guy what sanusi want is just to turn the whole nation bank into an isalmic bank not muslim and christian bank if this cont we shall have muslim/christian hospital ,muslim/christian ecreation center muslim /christian brt and even muslim .christian staduim lol to bad plz we are civilised
let do things well LONG LIVE NIGERIA LONG LIVE CBN LOVE LIVE NAIRALAND

it fascinates me the kind of ignorant response u see here, and that this is coming from our young internet age youths who r suposed to b progressives, educated in global trends, who r suosed to google new concepts than spew jundiced jargons. my country is dommed if these r our future, but I wont loose hope.

I work for one of the foriegn banks in nija, and as I speak we already have a head of islaming banking,we just await cbn directive and then we pounce on that untaped segment of nija and try to replicate our successes in SA, NA, and eurasia.

and u guys r there spewing ethnic jargons, mehn u guys reform ur thots its so depressing

why dont we just divide this country and every can do whatever he likes in hes region.THIS BANK WILL BE RUN ACORDING TO THE PRINCIPLES IS ISLAM in which non muslims are considered as INFIDELS now. Imagine a bank that will refuse to give me a loan simply because of my religion, a bank that will not employ me simply because of my religion ( even if i am more qualified than the others). etc. and you still think its a good idea. imagine what will happen if you have a CHRISTAIN BANK in maiduguri which refuse to employ muslims. you can be rest assured it will burned with a day.

namfav (m)

Re: Anglican Bishops Kick Against Proposed Islamic Bank
« #6 on: Yesterday at 08:27:21 AM »
if they have islamic banks in england why can't we have in nigeria? what kind of fo0l is this, stoopid priets should always open their mouths about issues that don't concern them

Are the Priests aliens from other countries that it should not concern them? Can't you folks put aside your sentimental attachments to make your points without sounding like lunatics?

These priests have as much right as you can claim, to comment on this issue. If you do not know understand that, then my friend, you are probably in for a rude awakening when things start working better in that country.

some foolish ones are comparing nigeria to dubai and UAE saying if it work for them it should be tried here, Nigeria is a multireligious country unlike those arab modasuckers, What is wrong with u arab wannabes such as arab boy and olowaleb please migrate to medina or mecca and leave us to do our thang here

Anything that has to do with Islam is evil(terrorist), period!

Igbo boy. You don't need to go offensive just to prove a point. Degrading a race is not the best. Ekpoma, may god forgive you for you know not.

I am a christian but I don't understand these bishops o. Islamic banking is all about non-interest banking, rather both lender and borrower share both the returns and risks of the venture. Is this not better than the normal system where bank will sell someone's property if he is unable to pay back. Moreover, it is not compuilsory for everyone to bank with an islamic bank. I don't understand how giving money to someone who needs it is going affect the unity of the country. This is not the message of love and repentance that christ ask us to preach o.

musty_b:

[b] HOW ISLAMIC BANK WORKS
1)  You place money in a bank and the bank guarantees to return the money to you.
2)  You are allowed to withdraw the money anytime.
3)  Bank may charge you a fee for looking after your money and may pay hibah (gift) to you if it deems fit.
4)  This concept is normally used in deposit-taking activities, custodial services and safe deposit boxes.

Mudharabah (Profit sharing)
Mudharabah is a profit sharing arrangement between two parties, that is, an investor and the entrepreneur.  The investor
will supply the entrepreneur with funds for his business venture  and gets a return on the funds he puts into the business
based on a profit sharing ratio that has been agreed earlier. The principle of Mudharabah can be applied to Islamic banking
operations in 2 ways: between a bank (as the entrepreneur) and the capital provider, and between a bank (as capital
provider) and the entrepreneur. Losses suffered shall be borne by the capital provider.

1) You supply funds to the bank after agreeing on the terms of the Mudharabah arrangement.
2) Bank invests funds in assets or in projects.
3)  Business may make profit or incur loss.
4)  Profit is shared between you and your bank based on a preagreed ratio.
5) Any loss will be borne by you.This will reduce the value of  the assets/ investments and hence, the amount of funds you have supplied to the bank.

Bai’ Bithaman Ajil – BBA (Deferred payment sale)
This refers to the sale of goods where the buyer pays the seller after the sale together with an agreed profit margin, either in one lump sum or by instalment
1) You pick an asset you would like to buy.
2) You then ask the bank for BBA and promise to buy the asset from the bank through a resale at a mark-up price.
3) Bank buys the asset from the owner on cash basis.
4) Ownership of the goods passes to the bank.
5) Bank sells the goods, passes ownership to you at the mark-up price.
6) You pay the bank the mark-up price in instalments over a period of time.

Murabahah (Cost plus)
As in BBA, a Murabahah transaction involves the sale of goods at a price which  includes a profit margin agreed by both parties. However, in Murabahah, the seller  must let the buyer know the actual cost for the asset and the profit margin at the time of the sale agreement.
Musyarakah (Joint venture) In the context of business and trade, Musyarakah refers to a partnership or a joint
business venture to make profit. Profits made will be shared by the partners based on an agreed ratio which may not be in the same proportion as the amount of investment  made by the partners. However, losses incurred will be shared based on the ratio of funds invested by each partner.
Ijarah Thumma Bai’ (Hire purchase)  Ijarah Thumma Bai’ is normally used in financing consumer goods especially motor
vehicles.There are two separate contracts involved: Ijarah contract (leasing/renting) and  Bai’ contract (purchase).
HOW IT WORKS
1)  You pick a car you would like to have.
2)  You ask the bank for Ijarah of the car, pay the deposit for the car and promise to lease the car from the bank after the bank has bought the car.
3)  Bank pays the seller for the car.
4) Seller passes ownership of the car to the bank.
5) Bank leases the car to you.
6)  You pay Ijarah rentals over a period.
7)  At end of the leasing period, the bank sells the car to you at the agreed sale price.

Wakalah (Agency)
This is a contract whereby a person (principal) asks another party to act on his behalf  (as his agent) for a specific task.The person who takes on the task is an agent who will be paid a fee for his services.

Example
A customer asks a bank to pay someone under certain terms.The bank is therefore the agent for carrying out the financial transaction and the bank
will be paid a fee for its services.Qard (Interest-free loan)  Under this arrangement, a loan is given for a fixed period on a goodwill basis and the borrower is only required to repay the amount borrowed. However, the borrower may, if he so wishes, pay an extra amount (without promising it) as a way to thank the lender.

Example
A lender who lent RM5,000 to a borrower on Qard will expect the borrower to return exactly RM5,000 to him at a later date.

Hibah (Gift)
This refers to a payment made willingly in return for a benefit received.
Example
In savings operated under Wadiah, banks will normally pay their Wadiah depositors hibah although the accountholders only intend to put their savings in the banks for safekeeping, THIS IS HOW IT WORKS [/b]

If this is what the system is all about,it should be adopted.Not everybody is interested in usury which dominates the current banking system besides it's not obligatory on anybody !

The only reason Islamic banking works is that muslims can be guilt-ed into depositing money into the banks. It makes no sense to put money into a bank that pays no interest when the inflation rate is 12-13%, unless the money is gold which is what Islamic banks were originally founded on.

Say No To Islamic Banking !
Say No To Boko Haram Funding !
Say No To Feeding the Almajris from Nations purse !
Say No To Sharia Law !
Say No To Threat of the nation unite !

@Seun- your position is correct if the depositor will never need to borrow.However, since the islamic bank will not demand for collateral when I need money, then I will be willing to deposit @ zero interest. Many start-up ideas that would have been a success never saw the light of the day, because bank demanded for collateral. As an enterprenua, you will agree that it is only the owner of the dream that sees it well initially. In fact, there is a saying that banks only give money to those who don't need in the first place.

Seun dont distort facts please seek and you'll know. Yes to islamic banking. Is not a must take it or leave it

Olawalebab, this is my issue with islamic banking in nigeria, why does CBN have to order banks to be sharia compliant? When a govt institution starts delving into religion it is very very dangerous, I dont support nigeria sponsoring or subsidising the hajj neither the pilgirmage to jersualem, The govt should stay out of the business of religion,

If dangote wants to open an islamic bank and u want to patronize his bank fine. But when the FEDERAL GOVT OF NIGERIA uses tax payers money to set up something that only a particular faith likes then that is FIRE

we will have our bank which acceptable to us whether you like it or not, no one is asking ignorant and narrow minded priests or their followers to use it

So long as GEJ is president, mark my words, you wont have that bank instead Lamido goes!
*dresses up to go talk some sense into BrosJona

musty_b:

[color=#006600] HOW ISLAMIC BANK WORKS
1)  You place money in a bank and the bank guarantees to return the money to you.
2)  You are allowed to withdraw the money anytime.
3)  Bank may charge you a fee for looking after your money and may pay hibah (gift) to you if it deems fit.
4)  This concept is normally used in deposit-taking activities, custodial services and safe deposit boxes.

Mudharabah (Profit sharing)
Mudharabah is a profit sharing arrangement between two parties, that is, an investor and the entrepreneur.  The investor
will supply the entrepreneur with funds for his business venture  and gets a return on the funds he puts into the business
based on a profit sharing ratio that has been agreed earlier. The principle of Mudharabah can be applied to Islamic banking
operations in 2 ways: between a bank (as the entrepreneur) and the capital provider, and between a bank (as capital
provider) and the entrepreneur. Losses suffered shall be borne by the capital provider.

1) You supply funds to the bank after agreeing on the terms of the Mudharabah arrangement.
2) Bank invests funds in assets or in projects.
3)  Business may make profit or incur loss.
4)  Profit is shared between you and your bank based on a preagreed ratio.
5) Any loss will be borne by you.This will reduce the value of  the assets/ investments and hence, the amount of funds you have supplied to the bank.

[b]Bai’ Bithaman Ajil – BBA (Deferred payment sale)[/b]
This refers to the sale of goods where the buyer pays the seller after the sale together with an agreed profit margin, either in one lump sum or by instalment
1) You pick an asset you would like to buy.
2) You then ask the bank for BBA and promise to buy the asset from the bank through a resale at a mark-up price.
3) Bank buys the asset from the owner on cash basis.
4) Ownership of the goods passes to the bank.
5) Bank sells the goods, passes ownership to you at the mark-up price.
6) You pay the bank the mark-up price in instalments over a period of time.

Murabahah (Cost plus)
As in BBA, a Murabahah transaction involves the sale of goods at a price which  includes a profit margin agreed by both parties. However, in Murabahah, the seller  must let the buyer know the actual cost for the asset and the profit margin at the time of the sale agreement.
Musyarakah (Joint venture) In the context of business and trade, Musyarakah refers to a partnership or a joint
business venture to make profit. Profits made will be shared by the partners based on an agreed ratio which may not be in the same proportion as the amount of investment  made by the partners. However, losses incurred will be shared based on the ratio of funds invested by each partner.
Ijarah Thumma Bai’ (Hire purchase)  Ijarah Thumma Bai’ is normally used in financing consumer goods especially motor
vehicles.There are two separate contracts involved: Ijarah contract (leasing/renting) and  Bai’ contract (purchase).
HOW IT WORKS
1)  You pick a car you would like to have.
2)  You ask the bank for Ijarah of the car, pay the deposit for the car and promise to lease the car from the bank after the bank has bought the car.
3)  Bank pays the seller for the car.
4) Seller passes ownership of the car to the bank.
5) Bank leases the car to you.
6)  You pay Ijarah rentals over a period.
7)  At end of the leasing period, the bank sells the car to you at the agreed sale price.

Wakalah (Agency)
This is a contract whereby a person (principal) asks another party to act on his behalf  (as his agent) for a specific task.The person who takes on the task is an agent who will be paid a fee for his services.

Example
A customer asks a bank to pay someone under certain terms.The bank is therefore the agent for carrying out the financial transaction and the bank
will be paid a fee for its services.Qard (Interest-free loan)  Under this arrangement, a loan is given for a fixed period on a goodwill basis and the borrower is only required to repay the amount borrowed. However, the borrower may, if he so wishes, pay an extra amount (without promising it) as a way to thank the lender.

Example
A lender who lent RM5,000 to a borrower on Qard will expect the borrower to return exactly RM5,000 to him at a later date.

Hibah (Gift)
This refers to a payment made willingly in return for a benefit received.
Example
In savings operated under Wadiah, banks will normally pay their Wadiah depositors hibah although the accountholders only intend to put their savings in the banks for safekeeping, THIS IS HOW IT WORKS [/color]

The system is quite good particularly if you're borrowing. Ab initio you know the mark-up (which is agreed at the beginning), hence, there are no surprises. Unlike in the conventional system where you may pay interests ad infinitum to the sometimes heartless cowboy bankers.

Let all be reminded that using the bank is not complulsory. The alternative is the already established conventional banks.
Besides, this type of banking exists in western countries.

There is really no need to raise an alarm here.

lamido get overthrown, jonatha leaves

This Anglican bishop is a religious fanatic. Those who set one religious group against another. As far as such bishops are concerned anything "islamic" or "muslim" must be opposed. How about muslims in Nigeria demanding a " secular" work free days like mondays and tuesdays and a "secular" calender. This blind hatred will not get us anywhere.

who cares what the gayest bishops blurp.

who notice their bleedings, they should pack up and go their untimely hell


however i want to ask everyone this question, is it fair when i'm sick and come to you to borrow money to take care of myself and paying back double of what i borrowed, Does it make any Godly sense

Westernization unfortunaly is the only explanation of why the world is insane and full of pennury, you borrowed me money to build house and the house is brought down by storm after 4 days, and i must still pay you back in full, Risk is enburdened on one party

They should go to hell!!

olawalebab:

Seun dont distort facts please seek and you'll know. Yes to islamic banking. Is not a must take it or leave it

Seun is a die-hard capitalist who's out to make money, so he will surely suppports the present system that steals Nigerians of their hard-earned money.

most of the banks in Nigeria run an interest-free banking department, otherwise known as Islamic banking. I don't see anything wrong with an interest-free banking. Our religious leaders should stop causing unnecessary tension in the country. I offered it as a course in the university.

Is there any need for Islamic bank? We should not be sentimental about some issues.Let's be focused as a country  and support the new transformation in the banking sector.

there is a difference between banking that is compliant with islamic rules i.e. not charging riba/interest and islamic banking e.g under islamic law kosher meat or meat killed according jewish law is acceptable but it is not  the same thing as halal

in nigeria interest free banking should be available to ALL and whilst it may be compliant with sharia should not be labelleled "islamic"

I had said it that this man called Sanusi Lamido is nothing but a clown and a real demon in disguise. He should be remove or sack with immediate effect for even compromising establishment of Islamic Bank.

this thing was started before he took office ask soludo