bisiaet:

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.

shut up, live with it or leave nigeria

The Idea and practice of an Islamic bank is alright by standard. But the thing is We are Nigerians, living in Nigeria should tell you that such and idea will not go down well with some Nigerians, as a matter of fact it is not advisable.
First and foremost, with all the religious happenings in Nigeria, its very obvious that we are not ready for this yet, maybe several years later, but not now.
We all know how Nigerians think, with time, the Islamic banks will belong only to those of the Islamic faith, leaving others out, only those in the Islamic faith will be employed by the bank, which if you ask me is wrong if we are all Nigerians. Also, due to its interest free methods, it will be funding for religious activities for a particular sect.
For those who have been in Nigeria a while especilly if you have lived in the north, you will understand all the sentiments over such a brilliant idea.
Aside from all that, it should be a private body that should be funding this bank and not the Nigerian government. We are not a Sharia compliant nation, so that shouldnt apply to us'.
Sanusi, please we like your idea, you have done a good job so far, but go and come back in the next 20 years then Nigeria will be ready.

the fact remains that in most places where this islamic banking exists it is mostly owned by non-muslims and very often not compliant with sharia.
only
it seems that when religion and money clash there can only be one winner

We don't need an Islamic Bank in Nigeria, he could reform or restructure the existing Banks in Nigeria 2 make them do what the Islamic Bank wld be doing.

But the truth is that what you call one Nigeria doesn't exist outside Oil & Gas. Nigeria wld have long been divided if there wasn't Oil & Gas. So there's really no need still forcing one Nigeria when the geo-political zones wld rule or be better off running their affairs themselves the way they want it.

Imagine if Northern Nigeria is existing as its own nation, there wldn't be dabate or opposition on establishing an Islamic Bank, let's stop compouding issues.

For now, Nigeria don't need an Islamic Bank. We're not an Islamic country & our level of advancement is still low.

igbo boy:

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

Wait, is CBN using government funds to set up an Islamic Bank?  So far, I am yet to see any evidence in support of this.

I agree however that government has no business spending money on religion e.g. sponsoring people on pilgrimage.  This is because religion is a personal matter and not a state affair.

Dont lets play politics with Islamic Banking license. We should look at the good side of it.
After all, who says it might not at the end of the day better even non-muslims than even the muslims. If there is anything like Christianity bank, i can push for its establishment.

Its a matter of choice whether to bank with them or not.

My people, pls let the Bank be

Everything in Nigeria is all about sentiments.

The president selects his cabinet based on sentiments
Pepole vote based on sentiments

The whole educational system in Nigeria is in dire need for complete overhauling. We as Nigerias find it hard to analyse any issue obejectively, we see every issue from the prism or pin hole mindset of either tribal affliation or religious affliation.

Non muslim countries are embracing islamic finance on an increasing rate so as to boost the economy but some Nigerians are rejecting it based on sentiments. If only these bishops do themselves a favour to understand islamic banking then they will see that probably 95% of its prinicples is what the bible itself postulates such as ethical finance, non interest finance, ethical funding and investements etc.

No one is forcing anyone to save in an islamic bank which makes me wonder what the fuss is all about. Has the CBN rejected any form of Christian finance supervised by a christian advisory council? Why should the the desire of at least 80 million Nigerian muslims be put aside because of sentiments. The banking as we know it today was not created by africans but rather, we adopted the system , why on earth can we not look into other forms of finance in case it might be better for us.

The bottom line is , if you dont like islamic banking simply put your money elsewhere and dont deal with it, if you like it put your money there and deal with it.

i dont hav any issues wit d est of an islamic bank. but if it's not in d cbn act, then it's illegitimate. however, i dont believe that d estmt of a religious bank is d solution in our banking sector. where's bank of d north today.

Lagosboy:

The whole educational system in Nigeria is in dire need for complete overhauling. We as Nigerias find it hard to analyse any issue obejectively, we see every issue from the prism or pin hole mindset of either tribal affliation or religious affliation.

I have been trying to emphasise this shyt for a long time now on NL, at the risk of annoying a lot of locally educated Nigerians.

But our educational systems keep on churning out cretins that can not debate objectively and are so comfortable with conjectures.

Modern Islamic banking

Interest-free banking seems to be of very recent origin. The earliest references to the reorganisation of banking on the basis of profit sharing rather than interest are found in Anwar Qureshi (1946), Naiem Siddiqi (1948) and Mahmud Ahmad (1952) in the late forties, followed by a more elaborate exposition by Mawdudi in 1950.[citation needed] The writings of Muhammad Hamidullah 1944, 1955, 1957 and 1962 should be included in this category.[citation needed] They have all recognised the need for commercial banks and their perceived "necessary evil," have proposed a banking system based on the concept of Mudarabha - profit and loss sharing.[citation needed]

In the next two decades interest-free banking attracted more attention, partly because of the political interest it created in Pakistan and partly because of the emergence of young Muslim economists. Works specifically devoted to this subject began to appear in this period. The first such work is that of Muhammad Uzair (1955).[citation needed] Another set of works emerged in the late sixties and early seventies. Abdullah al-Araby (1967), Nejatullah Siddiqi (1961, 1969), al-Najjar (1971) and Baqir al-Sadr (1961, 1974) were the main contributors.[citation needed]

The early 1970s saw institutional involvement. The Conference of the Finance Ministers of the Islamic Countries held in Karachi in 1970, the Egyptian study in 1972, the First International Conference on Islamic Economics in Mecca in 1976, and the International Economic Conference in London in 1977 were the result of such involvement. The involvement of institutions and governments led to the application of theory to practice and resulted in the establishment of the first interest-free banks. The Islamic Development Bank, an inter-governmental bank established in 1975, was born of this process.[11]

The first modern experiment with Islamic banking was undertaken in Egypt under cover without projecting an Islamic image—for fear of being seen as a manifestation of Islamic fundamentalism that was anathema to the political regime.[citation needed] The pioneering effort, led by Ahmad Elnaggar, took the form of a savings bank based on profit-sharing in the Egyptian town of Mit Ghamr in 1963. This experiment lasted until 1967 (Ready 1981), by which time there were nine such banks in country.[12]
Wiki letter w cropped.svg This section requires expansion.

In 1972, the Mit Ghamr Savings project became part of Nasr Social Bank which, currently, is still in business in Egypt. In 1975, the Islamic Development Bank was set up with the mission to provide funding to projects in the member countries.[13] The first modern commercial Islamic bank, Dubai Islamic Bank, opened its doors in 1975. In the early years, the products offered were basic and strongly founded on conventional banking products, but in the last few years the industry is starting to see strong development in new products and services.

Islamic Banking is growing at a rate of 10-15% per year and with signs of consistent future growth.[14] Islamic banks have more than 300 institutions spread over 51 countries, including the United States through companies such as the Michigan-based University Bank, as well as an additional 250 mutual funds that comply with Islamic principles. It is estimated that over US$822 billion worldwide sharia-compliant assets are managed according to The Economist.[15] This represents approximately 0.5% of total world estimated assets as of 2005.[16] According to CIMB Group Holdings, Islamic finance is the fastest-growing segment of the global financial system and sales of Islamic bonds may rise by 24 percent to $25 billion in 2010.[17]

The[b] Vatican has put forward the idea that "the principles of Islamic finance may represent a possible cure for ailing markets."[/b][18]

So why the bad bell after even the vatican sees progress in it.Is this not-so-smart priest just another misguided bigot??
We want it and you can not deny us our rights to the system since it does not in anyway force you or insist on anything you choose not do.Lastly stop shouting about being financed by CBN.
Even Soludo gave them same conditions with other banks.25B deposit so its another bank period with its own unique services.What some xtian zealots like or want ,is in any case if it satisfy us okay.While if it satisfy the Muslims no!What do you think the present banks do?They are not Islamic compliant but obviously meet more xtian needs with disregard for Muslims.This country can divide abeg! if need be who cares.But we have a right to practice and do what is right so long as it is legal.This is obviously Legal.
look at Nigeria today alot of things term as secular mostly just meet xtian standard and If not xtians would prefer it is just pagan.Whilst the Muslims can not have any input that can be adopted for the sake of Muslims.
Today Arabic inscription in the army and currency scrapped,while we still keep cross logs to depict Health and english to replace arabic language prefered by muslims.The Islamic logo for health is crescent!Even the calender in Nigeria called secular recognizes the every xtian celebration and exclude some Muslim festive days eg the the Islamic New year! All in the name of fake secular!!! what is secular should have being my culture and your culture fused together at the national level or states. We adopt all secular norms from only xtian nations why?
Like it or not it has come to stay.Fire Sanusi,we shall still demand it from the FG until we have it!!!!! Bishop or pastor or what ever can not stop it!!!!


Link:
http://en.wikipedia.org/wiki/Islamic_banking

Sagamite:

I have been trying to emphasise this shyt for a long time now on NL, at the risk of annoying a lot of locally educated Nigerians.

But our educational systems keep on churning out cretins that can not debate objectively and are so comfortable with conjectures.

And this is the crux of the matter!  These days, you can hardly hold a decent conversation with or engage an educated Nigerian without him escaping into religion or tribalism. When you try to re-align their thoughts they rigidly retort with platitudes and worn-out refrains that they have been brainwashed with.  Many of them even say these things without understanding the deeper meaning.  

Is Nigeria the only country that has got these religions?  How come the country is regressing?

@olawalebab

I beg u to wake up from your slumber. a primitive society where millions of the people are illiterate with different religious background and believe cannot stand the face of such institution.

This islamic bank has its requirements inshrined before being eligible.You must be a muslem before you secure the bank's approval.

The implication is they are trying to tempt our fellow Christians to turn to muslim.

Sanusi should note that his salaries are paid by Federal Government and not Islam or OIC.

Islamic banking lacks federal character.Therefore it should be disregarded null and void. Nigeria should not be cornered to Islam.

It is not in line with general public interest.

Islamic bank is the solution to the fast spreading poverty

It will abridge the gap btween the poor and the rich

It will create even employment and craftmanship consequetly reduce the eyeslapping unemployment rate in the country

It will share the burdens and risks of an investment btw individuals/coporate org and the Bnk equally thereby encourage more entrepreneurship and mutual benefits

It will reflect Godliness in the borrowing system whereby borrowers/debtors are not surcharged or doublecharged henceforth

It will provide cordial atmosphere for asset acquisition and intalmentations

Moreso,it will curtail crime/of course if all are engaged


So also it will serve as measure for tackling astronomic inflation rate in the economy

Apparantly,it will rebirth agro-economy-revive infrastructure and attract more international negotiations in the mildstream of our economy

Finally it will restore dignity of our nation's (accountants)accounting system to a cherishable height in the league OF THE WORLD

so its highly advocated,

Sanusi is a sick "ANIMAL",somebody should tell him to erradicate his fib thought of estabilishing an Islamic Banking in Nigeria. Is he telling us indirectly that Nigeria is about breaking up. Financial institution binds us together, your stupid thought of calling Islamic Bank into play will deteriorate the " UNITY "of our beloved county.

The islamic bank does nt take or give interest,remenber even d bible said " lend and expect nothing in return" unlike d conventional banks, d islamic bank operate on profit and loss basis with its customers. D customer is also aware of d kind of business his money wil b invested in. Hope we are enlightened? If established,people wil patronire it more dan d conventional banks.

read Ekpoma1's post! Now this is a kind of statement that is able to cause a religious conflict.

Pukkah:

And this is the crux of the matter!  These days, you can hardly hold a decent conversation with or engage an educated Nigerian without him escaping into religion or tribalism. When you try to re-align their thoughts they rigidly retort with platitudes and worn-out refrains that they have been brainwashed with.  Many of them even say these things without understanding the deeper meaning.  

Is Nigeria the only country that has got these religions?  How come the country is regressing?  

It is so bad, it got me wailing one day. See proof wey Nigerian graduate gif me:

https://www.nairaland.com/nigeria/topic-658179.320.html#msg8300542

Islamic or pagan bank, once it will promote entrepreneurship, reduce unemployment and alleviate poverty so be it.

It is better than some application of church (Christian) funds on Private jets,

The problem in Nigeria is not lack of education, rather it's lack of its use. The Bishops largely smack of ignorance, intolerance and bigot.

Sometimes in 2006, the Islamic Development Bank met with the the then minister of Finance Okonjo-Iweala to drum support for the introduction of Islamic Banking in Nigeria. Early that year, the bank went to the stock market to raise capital but the bank 25bn recapitalization campaign affected its capitalization plans. Back to Iweala, on NTA late that night, she came on TV and said Nigeria is embracing the Islamic Banking system because the merits are simply amazing! (I may not have quoted her verbatim, but the message was clear). She also spoke on the zero-interest system as a good economic catalyst.

Soludo had given the green light for Jaizz Bank, one of the Islamic Banks to proceed to the capital market to shore up capital for its operations. Many Nigerians are still holding the shares of this Bank.

I cannot go through all the benefits again as that has been exhaustively dealt with by some contributors to the thread.

One good plus to this is the share the profit/loss with any investor that can convince the bank to join its venture, unlike the conventional banking system that - good, they share; bad, you are HUNG! How much did Nigeria borrow from the IMF/Paris Club/World Bank? How  much are we paying back? Under what conditions?

The casting of aspersion and the vituperation against Sanusi is needless. Same was done against him when he was trying to expose the rot in the banking sector, well posterity judges all.

Bigot, blind arrogance and intolerance will do us no good!

otitokoro1:

Islamic or pagan bank, once it will promote entrepreneurship, reduce unemployment and alleviate poverty so be it.

It is better than some application of church (Christian) funds on[b] Private jets[/b],

Gbam! Ko soro mo! End of discussion!

Ho!
Nairaland and landers are growing to become children on daily basis.
it marvels me to find that most respondants to various strict topics are children or need i say people of low IQ.
I don't intend to offend anyone but it's really getting out of hand.
Some people would just type rubbish on any post they see without even understanding the meaning of the topic.
[color="#000099"]But come to think of it, what is an islamic bank? A religious bank based on the tenets of islamic banking.
On page 1 of this thread, someone said if England did, why shouldn't we? another person said the system is working well in Dubai and other islamic countries.
These two statements are completely irrational.
Ok. The last time I checked, England has a unitary constitution, does that mean Nigeria should also go for that?
Also, is Nigeria as same as Dubai?

An islamic bank would only amount to unnecessary religious segregation because you don't expect christians to bank there.
And you would also expect a Christian bank soon after the islamic bank.
And when these happens, WHAT HAVE WE DONE TO NIGERIA THEN?[/color]

Thats the 4king problems with Nigerians.when my so called men of God are busy buying private jets as if it is indomie instead giving out interest free loans to their members ,nobody saw any thing wrong in that.But when an islamic bank that wants to give out interest free loans contrary to the practice of commercial banks who charge 25 % ,my myopic Nigerians (bishops) have started crying wolf

I love the concept of this islamic banking, but they would have given it another name. That name ISLAMIC seems to negate its positivities.

nattyspice:

Thats the 4king problems with Nigerians.when my so called men of God are busy buying private jets as if it is indomie instead giving out interest free loans to their members ,nobody saw any thing wrong in that.But when an islamic bank that wants to give out interest free loans contrary to the practice of commercial banks who charge 25 % ,my myopic Nigerians (bishops) have started crying wolf

One of regulation of CAMA,, names like Federal, state local govt and religious name cannot be use to form a company

Winnerslfc:

Ho!
Nairaland and landers are growing to become children on daily basis.
it marvels me to find that most respondants to various strict topics are children or need i say people of low IQ.
I don't intend to offend anyone but it's really getting out of hand.
Some people would just type rubbish on any post they see without even understanding the meaning of the topic.
[color="#000099"]But come to think of it, what is an islamic bank? A religious bank based on the tenets of islamic banking.
On page 1 of this thread, someone said if England did, why shouldn't we? another person said the system is working well in Dubai and other islamic countries.
These two statements are completely irrational.
Ok. The last time I checked, England has a unitary constitution, does that mean Nigeria should also go for that?
Also, is Nigeria as same as Dubai?

An islamic bank would only amount to unnecessary religious segregation because you don't expect christians to bank there.
And you would also expect a Christian bank soon after the islamic bank.
And when these happens, WHAT HAVE WE DONE TO NIGERIA THEN?[/color]

Seperation and segregation my bro. Na God go bless u 4 this!

This bank will force the existing banks to lower their interest rates. It doesn't need CBN to fund it but to regulate it under Islamic or sharia law that will guide its activities. How many of these anti-islam christians can borrow at this current interest rate of up to 25% to finance projects. And if CBN funds Islamic bank, haven't we seen how this same SLS rescued commercial banks when our Jews MD's stole their capitals? Islamic banks have come to stay, wake up from ur slumber. 75 million Nigerians are on stand by to patronize them. It won't fail. Christians don't need it but some christians still need it because their religion doesn't provide better alternative.

illogical mind supporting illogical reasoning!

How will Islamic Banking segregate Nigeria,when as it is obtainable in countries where it is practiced,more Christians patronize it even more than muslims.


It is only in Nigeria that people allow religious sentiments to override their sense of reasoning.The basic principle of Islamic banking is simple:No interest on loans or deposit!The provider of funds to a business venture only target profits/loss from such a venture and not burden the borrower with interest payments.

We have catholic mission schools,health centers, and the likes in Nigeria,patronised by both xtians and muslims,no body is talking of segregation.It is only when it comes to islamic related institutions that the intolerant xtians would start raising unnecessary sentiments.

Doyin!:

illogical mind supporting illogical reasoning!

How will Islamic Banking segregate Nigeria,when as it is obtainable in countries where it is practiced,more Christians patronize it even more than muslims.


It is only in Nigeria that people allow religious sentiments to override their sense of reasoning.The basic principle of Islamic banking is simple:No interest on loans or deposit!The provider of funds to a business venture only target profits/loss from such a venture and not burden the borrower with interest payments.

We have catholic mission schools,health centers, and the likes in Nigeria,patronised by both xtians and muslims,no body is talking of segregation.It is only when it comes to islamic related institutions that the intolerant xtians would start raising unnecessary sentiments.

doyin hear urself, are these schools and hospitals governement institutions? where they setup or were they sponsored by the governement? u muslims should compare apples with apples and not with mango ah ah, I have no qualms with sharia or islamic banking but when it is being propogated by the government then i have a BIG ISSUE with it, Most christians (by the way i am a native man) dont have qualms with this as long as the government is not seen propogating a religion over another, the govt should remain neutral and let the muslim faithful like u run ur sharia bank GEEZ, what is hard to understand about this?

Igbo Boy you have only exposed your ignorant self.Have you taken the pain to read the CBN circular on this issue?



Even in the circular it was described as Non-Interest Banking! it is not sponsored by government.CBN only gave guidelines just like the commercial banks,for those willing to set it up!!!!!!!!!!!!!!!!!!!!!!




PLS GO AND READ THE CIRCULAR AND STOP ARGUING BLINDLY!

Moreover,the issue of complying with sharia law as per the guide line is because as it is globally accepted(even in Britain and uS,you cannot set up the bank if it does not comply with sharia law),sharia law is the only document that comprehensively explains how non-interest banking could be successfully carried out.It has been tested and trusted,so need to re-invent the wheel!!!!!!!!!!!!!!!!