@jamalah

why castigate sanusi for what he did nor start or create?

the islamic bank is established by muslim businessmen and not with federal government money.sanusi cannot deny them a license just as christians were not denied the right to establish their own universities.

simply because some islamic banks have not done it well by not fully implementing the laws of banking based on islamic laws,cannot justify your opposition to having an islamic bank in nigeria that wants to do it well and right.

simple because a fatwa was issued by this or that does not make usury right according to the Quran.we know how muftis and sheikhs are bribed to issue fatwas with sugar-coatings.

@Nairalanders, beware of people like JAMALAH whose posts is just to incite trouble.

@Jamalah, almost all muslims who read your post can deduce the kind of person you are. you can see that some people including me are doubting your claimed faith (Muslim). why dont you adjust and be a good man or rather tell us your mission back to Nigeria.

many of the christians in here may not understand the trend Jamalah is driving at, but dont allow yourself to be caught unawares by this Jamalah as i can see many of you are praising him, lol

Abuse is not enough reason to discard the whole system. Our conventional banks are into malpractice and nobody has asked for scrapping infact they were bailed out.

@LagosShia  Are you one of this BOKO HARAM? I will advice those people who live in Lagos to be careful because the way your name sound , I am beginning to suspecting u.

Nairalander's u people should go through this http://www.al-islam dot org/ cos that what i find in his page here and he can be one of the BOKO or AL Quada we are chatting with here.

I mean LagosShia

Interesting topic!
[img]http://2.s02.flagcounter.com/count/XOH/bg=FFFFFF/txt=FFFFFF/border=CCCCCC/columns=1/maxflags=1/viewers=1/labels=0/[/img]

There is nothing wrong in encouraging interest free banking,especially in a developing world like ours,if the level of illiteracy is very negligible. Considering the high level of uninformed people in this country,any policy that can shake the foundations of our nationhood, should not be encouraged.
My only concern with regards to this banking idea is,why must we add the name Islamic to it,even in the face of opposition.What is in the name that is so hard for Sanusi to change to a more acceptable one. Why not choose a name that will not make some sections of the country localise it as theirs.What if we call it common bank?
I hear people talk about the fact that patronage of it is not by force, yea,you are right,but are we setting it up just to divide us? or for it to join the list of failed institutions? We should think about something that will thrive and its attendant effect felt in every part of the country.
What about those that say the Christians should set up their own Christian banking,that is more division if you ask me.Let us eschew violence and think of ways of lifting this country up.The uninformed amongst us look up to us for direction,each time we give them more reason to hate one another.Enough said please

In principle, there is nothing wrong with Islamic Banking but I suspect many in Nigeria are against it because they perceive an islamisation agenda. This mistrust started with the misguided registration of Nigeria at the OIC. This mistrust has been further exacerbated by the implementation of Sharia law in Nigeria and recent events concerning the Boko Haram. It would appear that there are certain Northern Muslims who are hell bent on the Islamisation of the country.

There also appears to be a contradiction between the religious beliefs of the CBN governor and the conventional banking system he heads in Nigeria. A man with such strong religious beliefs should not have taken that position. This is one of the reasons why his motives are questioned regardless of whether the issue of Islamic Banking started with his tenure.

That being said, I am not against the introduction of Islamic Banking but I remained unconvinced about its viability particularly in Nigeria regardless of theoretical money making policies such as the Ijar, Mudharabah ,Musharakah, Murabahah. Even the practitioners of Islamic banking in Malaysia and Bangladesh such as the Grameen Bank flout the Fiqh al-Muamalat and charge Riba (interest) although they argue that they charge lower interests than conventional banks. In the richer middle eastern countries, its losses are absorbed by the State; the largest Islamic Banks are in Iran. After all, Islamic Banking forbids late payment charges and when there is a default, the proceeds from the sale of assets must be shared by both bank and borrower.

For those stating that Banks in the West practice Islamic Banking, this is true but its practice is somewhat partial. For instance, Barclays bank will collect your money and not pay you interest if you so wish but the same Barclays bank will charge you interest on any loans or overdraft. Western banks are not stupid because they know that individuals can deposit £100 in savings but attempt to collect £1000 in loans and overdraft.

I believe that Islamic Banking did not take off in the times of Joseph Sanusi and Soludo because investors did not believe in its viability. Giving Sanusi’s antecedents, I am wont to believe that there may be an agenda. If there is no controversy and it is viable then notable new generation banks such as GTB, Zenith, Diamond, Access, etc should be the first to adopt.

goose1:

There is nothing wrong in encouraging interest free banking,especially in a developing world like ours,if the level of illiteracy is very negligible. Considering the high level of uninformed people in this country,any policy that can shake the foundations of our nationhood, should not be encouraged.
My only concern with regards to this banking idea is,why must we add the name Islamic to it,even in the face of opposition.What is in the name that is so hard for Sanusi to change to a more acceptable one. Why not choose a name that will not make some sections of the country localise it as theirs.What if we call it common bank?
I hear people talk about the fact that patronage of it is not by force, yea,you are right,but are we setting it up just to divide us? or for it to join the list of failed institutions? We should think about something that will thrive and its attendant effect felt in every part of the country.
What about those that say the Christians should set up their own Christian banking,that is more division if you ask me.Let us eschew violence and think of ways of lifting this country up.The uninformed amongst us look up to us for direction,each time we give them more reason to hate one another.Enough said please

You need not add it to your bank if it isn't. However, if it is you really should. The reason is simple, the principles on which such a bank operate are exclusively found in Islamic doctrine and you need to know what you are getting involved with so that you do not go and sue the bank for deceptive marketing in the future (I know you are polished enough to understand this).

The problem with a lot of Nigerian non-muslims is that they cannot fathom how a religion can care about banking. Well, the truth is, Islam covers everything, the way you eat, the way you sleep, the way you wear your clothes and yes believe it or not the way you approach your wife during intimacy. Islam has a rule for everything! Today we are talking about banking, tomorrow it could be anything.

In fact, it is the same thing that irks Nigerian Christians about Islamic banking that irks most of America's leaders about Islam. They know that for every concept they seek to invent, Islam has extant laws on it.

For example, when I was young, infant formula (baby food) was the correct thing to give your child according to medical experts. Hence, brands like Cerelac, Nutrend, SMA, NAN sold like hot cake. Meanwhile in Islam, breastfeeding for 2 years was/is the standard requirement for mothers following this injunction in the Qur'an.

“The mothers shall give suck to their offspring for two whole years, if the father desires to complete the term. But he shall bear the cost of their food and clothing on equitable terms…If they both decide on weaning, by mutual consent, and after due consultation, there is no blame on them. If ye decide on a foster-mother for your offspring there is no blame on you, provided ye pay (her) what ye offered, on equitable terms. But fear Allah and know that Allah sees well what ye do.” (2:233)

The World Health Organization (WHO) and the American Academy of Pediatrics (AAP) emphasize the value of breastfeeding for mothers as well as children. Both recommend exclusive breastfeeding for the first six months of life and then supplemented breastfeeding for at least one year and up to two years or more. While recognizing the superiority of breastfeeding, regulating authorities also work to minimize the risks of artificial feeding.
Source: http://en.wikipedia.org/wiki/Breastfeeding

Now over 1400 years after God has commanded breast feeding for our children the present day scientist are discovering more truths (see link).
http://www.examiner.com/children-s-health-in-providence/are-breastfed-babies-better-behaved-toddlers

Of course, I have diverted somewhat from the topic, but the point is this: If you are a non-muslim and you are shocked that there is Islamic banking, you should know that Islam covers every aspect of your life that you can think of and don't be shocked when you get news about it in the future. If that makes you feel insecure (I am sorry) but the truth is the truth.

Much as I disagree with Katsumoto, he is clearly the type I can argue with, not the uninformed Jamallah whose post was clearly hate-filled and lacks substance.

Now, that said, Katsumoto, I find highly disagreeable your claim that Sanusi's belief is too hard to hold such a position.
I will put a question to you: Let's forget what happened to him in the last 2 years, if Erastus Akingbola's name has come up as CBN governor, would anybody has raised issue about his religious inclination? Erastus was a Pastor taht praeched on the pulpit, a professional, almost full-time pastor. Does that make him less qualified for CBN apex bank job given his illustrious(at least pre-2009) banking career? I have read Sanusi widely and I am not aware of his belief that is dangerous for that position. Is it because he is an Islamic scholar(just as Erastus was a Christian scholar)? If that Sudan degree had been in Christian Theology, who would have raised issue about his personal religious inclination. Guys let's be fair. This man is a Fulani prince, entitled to acquire Islamic knowledge, especially as he is a future emir. That does make him less banker/economist. Like I have said before, I strongly doubt Sanusi will pursue a primordial goal.

maclatunji:

You need not add it to your bank if it isn't. However, if it is you really should. The reason is simple, the principles on which such a bank operate are exclusively found in Islamic doctrine and you need to know what you are getting involved with so that you do not go and sue the bank for deceptive marketing in the future (I know you are polished enough to understand this).

The problem with a lot of Nigerian non-muslims is that they cannot fathom how a religion can care about banking. Well, the truth is, Islam covers everything, the way you eat, the way you sleep, the way you wear your clothes and yes believe it or not the way you approach your wife during intimacy. Islam has a rule for everything! Today we are talking about banking, tomorrow it could be anything.

In fact, it is the same thing that irks Nigerian Christians about Islamic banking that irks most of America's leaders about Islam. They know that for every concept they seek to invent, Islam has extant laws on it.

For example, when I was young, infant formula (baby food) was the correct thing to give your child according to medical experts. Hence, brands like Cerelac, Nutrend, SMA, NAN sold like hot cake. Meanwhile in Islam, breastfeeding for 2 years was/is the standard requirement for mothers following this injunction in the Qur'an.

“The mothers shall give suck to their offspring for two whole years, if the father desires to complete the term. But he shall bear the cost of their food and clothing on equitable terms…If they both decide on weaning, by mutual consent, and after due consultation, there is no blame on them. If ye decide on a foster-mother for your offspring there is no blame on you, provided ye pay (her) what ye offered, on equitable terms. But fear Allah and know that Allah sees well what ye do.” (2:233)

The World Health Organization (WHO) and the American Academy of Pediatrics (AAP) emphasize the value of breastfeeding for mothers as well as children. Both recommend exclusive breastfeeding for the first six months of life and then supplemented breastfeeding for at least one year and up to two years or more. While recognizing the superiority of breastfeeding, regulating authorities also work to minimize the risks of artificial feeding.
Source: http://en.wikipedia.org/wiki/Breastfeeding

Now over 1400 years after God has commanded bosom feeding for our children the present day scientist are discovering more truths (see link).
http://www.examiner.com/children-s-health-in-providence/are-breastfed-babies-better-behaved-toddlers

Of course, I have diverted somewhat from the topic, but the point is this: If you are a non-muslim and you are shocked that there is Islamic banking, you should know that Islam covers every aspect of your life that you can think of and don't be shocked when you get news about it in the future. If that makes you feel insecure (I am sorry) but the truth is the truth.

The issue is not with the dictates of Islam or the Quran; the issue is how Islam is practiced in Northern Nigeria. What is your take on the implementation of Sharia in Northern Nigeria and how it affects non-muslims?

Jarus:

Much as I disagree with Katsumoto, he is clearly the type I can argue with, not the uninformed Jamallah whose post was clearly hate-filled and lacks substance.

Now, that said, Katsumoto, I find highly disagreeable your claim that Sanusi's belief is too hard to hold such a position.
I will put a question to you: Let's forget what happened to him in the last 2 years, if Erastus Akingbola's name has come up as CBN governor, would anybody has raised issue about his religious inclination? Erastus was a Pastor taht praeched on the pulpit, a professional, almost full-time pastor. Does that make him less qualified for CBN apex bank job given his illustrious(at least pre-2009) banking career? I have read Sanusi widely and I am not aware of his belief that is dangerous for that position. Is it because he is an Islamic scholar(just as Erastus was a Christian scholar)? If that Sudan degree had been in Christian Theology, who would have raised issue about his personal religious inclination. Guys let's be fair. This man is a Fulani prince, entitled to acquire Islamic knowledge, especially as he is a future emir. That does make him less banker/economist. Like I have said before, I strongly doubt Sanusi will pursue a primordial goal.

Jarus,

You miss the point. Someone with such beliefs should not head a body that is against or not in conformity with his religious beliefs. Are you going to argue that a strict muslim can be the CEO of an alcoholic brewery? The fact is that conventional banking does not conform with the Fiqh al-Muamalat (Rules on Islamic Banking). If you argue that Sanusi is not a strict Muslim, then I can understand that.

@ Katsumoto ; By saying that SLS should not head the CBN because banking as it operates now conflicts with his beliefs ,you seem to be suggesting that that the people of Nigeria should adjust their values and livelyhood to fit the Law. I thought its the other way round - the law is made for the people and that is the essence of independance and prurality - it is where the argument for choice comes in. If we were to accept your doctrine then millions will be excluded from participating in the Nations affairs simply because these affairs are not consistent with their values,virtue and worth in short why they are living, and the laws do not take there livilyhood into consideration.
Of course there are such situations and one of those cited many times in the trail is the alcohol trade - Muslims agree to live and let live in that respect. That is all people are asking for regarding the interest free banking. There is in a point of fact no need to change any law - just take the alternative if you dont like no interest.

Katsumoto:

Jarus,

You miss the point. Someone with such beliefs should not head a body that is against or not in conformity with his religious beliefs. Are you going to argue that a strict muslim can be the CEO of an alcoholic brewery? The fact is that conventional banking does not conform with the Fiqh al-Muamalat (Rules on Islamic Banking). If you argue that Sanusi is not a strict Muslim, then I can understand that.

Sir, i think you miss the point because SLS had been in banking for over 20 years and was a CEO of Firt Bank before he was appointed the CBN governor. Yes riba is haram in islam but it is not forbidden in islam to work in a modern bank but i dont want to go into islamic jurispudence here. SLS as CBN governor is expected to put islamic banking under the table all because he is a muslim scholar? Certainly not ! The truth be told many non muslims in Nigeria have been programmed from birth to hate anything with an islamic tag.

You raised the the issue of OIC but i still do not understand how it affects the christians or other non muslim sin Nigeria, on the contrary it gives all Nigerians access to the interest free development loans of the Islamic Development Bank in comparison to the slave loans of the world bank.

ISLAMIC BANKING IS A BUSINESS AND VOLUNTARY ,IT IS NOT COMPULSORY . WHY DO PEOPLE HAVE AN ISSUE WITH SOMETHING YOU CAN IGNORE ?

Katsumoto:

The issue is not with the dictates of Islam or the Quran; the issue is how Islam is practiced in Northern Nigeria. What is your take on the implementation of Sharia in Northern Nigeria and how it affects non-muslims?

Jarus,

You miss the point. Someone with such beliefs should not head a body that is against or not in conformity with his religious beliefs. Are you going to argue that a strict muslim can be the CEO of an alcoholic brewery? The fact is that conventional banking does not conform with the Fiqh al-Muamalat (Rules on Islamic Banking). If you argue that Sanusi is not a strict Muslim, then I can understand that.

@bolded, you are obviously missing my point there- Never mind. Now to your question. Do I support Sharia law in principle? Yes! Do I support the way it is being implemented in the north? No! Why? The reason is simple, we have not achieved true Federalism. With true Federalism Sharia can be practiced in a more effective way than this ad hoc arrangement we have.

However, I suspect that you mean to ask if I support violence and killings in the north. When you say that "do I support the way sharia is being practised in the North? You see, violence manifests itself in so many ways, it could be through MEND in Niger Delta, NURTW in Ibadan and Palm Groove/Onipanu in Lagos. The common denominator in all of these cases is the failure of leadership and bad governance. Unfortunately, because of the fact that majority of Nigerians only pick-up headlines without bordering about details, they give these cases of crime and violence a different coloration.

An Example, if a "Muslim" kills a Christian in the North just because of his religion, and we all see that the person is arrested, given a fair trial and executed for such a crime, what would happen in future? People would know that if you kill anybody because of their religion, these things will happen:

1. You will be arrested

2. You will be given a fair trial

3. And executed if found guilty.

Then they would caution themselves and think twice before doing such.

So why has that not happened in the north or other parts of Nigeria? The answer is bad leadership.

How come we have bad leadership? We are a corrupt nation

How can we tackle corruption? First by being sincere and then seeking to do right at all times.

It is a form a of corruption to antagonize a righteous official because you are afraid of his religion? Corruption is not always about money.

I hope you see that our problem in Nigeria is not Sharia or Muslims but our corruption which means that we have bad leaders who allow bad things to happen and to make matters worse we have bad followers who (in)advertently help bad leaders to continue with their deeds.  

So next time you talk about violence in the North, DEMAND for Justice. If you keep shouting Muslims! Sharia!! people will continue to die for no good reason. I am a Muslim and believe me killing anybody is not part of my Todo list.

It's been a long day. Peaceout!

Lagosboy:

Sir, i think you miss the point because SLS had been in banking for over 20 years and was a CEO of Firt Bank before he was appointed the CBN governor. Yes riba is haram in islam but it is not forbidden in islam to work in a modern bank but i dont want to go into islamic jurispudence here. SLS as CBN governor is expected to put islamic banking under the table all because he is a muslim scholar? Certainly not ! The truth be told many non muslims in Nigeria have been programmed from birth to hate anything with an islamic tag.

You raised the the issue of OIC but i still do not understand how it affects the christians or other non muslim sin Nigeria, on the contrary it gives all Nigerians access to the interest free development loans of the Islamic Development Bank in comparison to the slave loans of the world bank.

ISLAMIC BANKING IS A BUSINESS AND VOLUNTARY ,IT IS NOT COMPULSORY . WHY DO PEOPLE HAVE AN ISSUE WITH SOMETHING YOU CAN IGNORE ?

+6.5

nagoma:

@ Katsumoto ; By saying that SLS should not head the CBN because banking as it operates now conflicts with his beliefs ,you seem to be suggesting that that the people of Nigeria should adjust their values and livelyhood to fit the Law. I thought its the other way round - the law is made for the people and that is the essence of  independance and prurality - it  is where the argument for choice comes in. If we were to accept your doctrine then millions will be excluded from participating in the Nations affairs simply because these affairs are not consistent with their values,virtue and worth in short why they are living, and the laws do not take there livilyhood into consideration.
Of course there are such situations and one of those cited many times in the trail is the alcohol trade - Muslims agree to live and let live in that respect. That is all people are asking for regarding the interest free banking. There is in a point of fact no need to change any law - just take the alternative if you dont like no interest.

The rules governing Islamic Banking is not in any law, at least not law in Nigeria. Conventional banking is antithetic to the rules if Islamic Banking (Fiqh al-Muamalat). Public figures are subject to more scrutiny than others. The minute Sanusi made it known that he is a strict muslim, he opened himself up to scrutiny and criticism. I am going to ask you the same question I asked Jarus, can a strict Muslim head a brewery that produces Alcohol? Would you expect the Vatican to run abortion seminars and clinics? No one can criticise you if you don't take a stand. But the minute, you take a stand expect to be criticised if your actions are not in conformity with your stand.

I suggest you read the works of Baqir al-Sadr, Qureshi, Mahmud Ahmad, Muhammad Uzair, etc.

Lagosboy:

Sir, i think you miss the point because SLS had been in banking for over 20 years and was a CEO of Firt Bank before he was appointed the CBN governor. Yes riba is haram in islam but it is not forbidden in islam to work in a modern bank but i dont want to go into islamic jurispudence here. SLS as CBN governor is expected to put islamic banking under the table all because he is a muslim scholar? Certainly not ! The truth be told many non muslims in Nigeria have been programmed from birth to hate anything with an islamic tag.

You raised the the issue of OIC but i still do not understand how it affects the christians or other non muslim sin Nigeria, on the contrary it gives all Nigerians access to the interest free development loans of the Islamic Development Bank in comparison to the slave loans of the world bank.

ISLAMIC BANKING IS A BUSINESS AND VOLUNTARY ,IT IS NOT COMPULSORY . WHY DO PEOPLE HAVE AN ISSUE WITH SOMETHING YOU CAN IGNORE ?

Would you have the same argument if Sanusi worked for Nigerian Breweries for 20 years? That he worked in conventional banking for 20 years does not mean it can not be pointed out if it is not in conformity with his beliefs. In his time as banker, would he not have sold banking products that charge Riba to muslims? Are you stating that it is ok for a strict muslim to sell pork to other muslims (perhaps moderates) if they so want it?

Yes I raised the Issue of OIC because Nigeria is not a predominantly Muslim country so Nigeria leaders who were muslims were wrong to register Nigeria with the OIC without the buy-in of the rest of the country. This issue is dead in the water.

Like I stated earlier, I am not against Islamic Banking; I was merely stating that many non-muslim Nigerians have an issue with it because they believe that there is an agenda. It is at this point that the CBN should bring out a communique that states how Islamic Banking would be practiced. But like everything else in Nigeria, managers fail at communication, management, and implementation.

If muslims in the north did not take actions in the name of Islam that negatively affected non-muslims, non-muslims wouldn't care so much. The fact is that non-violent or moderate muslims don't do enough against the violent sects but then react when non-muslims take an anti-Islam position.

maclatunji:

@bolded, you are obviously missing my point there- Never mind. Now to your question. Do I support Sharia law in principle? Yes! Do I support the way it is being implemented in the north? No! Why? The reason is simple, we have not achieved true Federalism. With true Federalism Sharia can be practiced in a more effective way than this ad hoc arrangement we have.

However, I suspect that you mean to ask if I support violence and killings in the north. When you say that "do I support the way sharia is being practised in the North? You see, violence manifests itself in so many ways, it could be through MEND in Niger Delta, NURTW in Ibadan and Palm Groove/Onipanu in Lagos. The common denominator in all of these cases is the failure of leadership and bad governance. Unfortunately, because of the fact that majority of Nigerians only pick-up headlines without bordering about details, they give these cases of crime and violence a different coloration.

An Example, if a "Muslim" kills a Christian in the North just because of his religion, and we all see that the person is arrested, given a fair trial and executed for such a crime, what would happen in future? People would know that if you kill anybody because of their religion, these things will happen:

1. You will be arrested

2. You will be given a fair trial

3. And executed if found guilty.

Then they would caution themselves and think twice before doing such.

So why has that not happened in the north or other parts of Nigeria? The answer is bad leadership.

How come we have bad leadership? We are a corrupt nation

How can we tackle corruption? First by being sincere and then seeking to do right at all times.

It is a form a of corruption to antagonize a righteous official because you are afraid of his religion? Corruption is not always about money.

I hope you see that our problem in Nigeria is not Sharia or Muslims but our corruption which means that we have bad leaders who allow bad things to happen and to make matters worse we have bad followers who (in)advertently help bad leaders to continue with their deeds.  

So next time you talk about violence in the North, DEMAND for Justice. If you keep shouting Muslims! Sharia!! people will continue to die for no good reason. I am a Muslim and believe me killing anybody is not part of my Todo list.

It's been a long day. Peaceout!

I can not disagree with your post. However like they say, 'one bad apple spoils the bunch'. Many crimes go unpunished in Nigeria but those crimes that are committed in the name of a religion draw wider condemnation because of the manner such crimes are carried out and because of the silence of Muslim leaders.

'All that's necessary for the forces of evil to win in the world is for enough good men to do nothing.' - Edmund Burke

The only reasons why a mob of Muslim men can kill non muslims are that the non-violent Muslim men are quiet and by extension, in support of the mob's actions and there are MORE violent Muslims than non-violent Muslims. Don't run away from this issue. Christians, atheists, pagans, animists, etc commit crimes as well but they aren't buthering great numbers of innocent people in the name of their religion. Most especially not for events that happen outside Nigeria.

I like Sanusi for one thing shaa:  he is an islamic fundamentalist and him no dey shame - look at the zeal, vigour and passion wt which he tenaciously pursues this interest - islamic bankg.  Methinks if he puts one-tenth of this effort rightly, the 8 banks wey him wan sell, for don resurrect since!

Him no send u and him no care; him no dey sensitive at all - what a liver!

Interesting debate!

I have said it many times on this forum that the phobia for Islamic Banking is unnecessary. If some Muslims decide to set up a bank and run it base on certain religious codes, so be it. It is a private business, if you dont like it, ignore it. And if Christians or other religious groups feel they need an institution like that as well, let them set up their own banks too.

Even if the fear that some Islamic fundamentalist are using it to pursue a hidden agenda is true, fact remains that any of such agenda, if truly exists can easily be carried out in this unsecured Country. Boko haram doesn't need an Islamic bank to be funded and corrupt Muslim politicians will still do their money laundry, Islamic bank or not.

ovo4u:

@LagosShia  Are you one of this BOKO HARAM? I will advice those people who live in Lagos to be careful because the way your name sound , I am beginning to suspecting u.

ovo4u:

Nairalander's u people should go through this http://www.al-islam.org/ cos that what i find in his page here and he can be one of the BOKO or AL Quada we are chatting with here.

you see my username is "Lagos[b]Shia[/b]" and you're mixing it with "boko haram".

you're asociating a foreign shia site (www.al-islam.org) with a sunni nigerian extremist group.


you're plain dumb.

I love Islam and I don't give a shit about what you think or feel. Why should I be giving myself a headache explaining things to people who will never listen to understand? They claim Islam is synonymous with violence, go and research on how Christianity established itself. They claimed that wars are all over Islamic world, the question is who export war to their countries other than Jews and Christians? Most of the weapons (WMDs: atomic, chemical, biological, electronic, etc) that will inevitably bring end to this world are being stock piled by which countries other than Christian dominated countries. Love Islam, hate Islam, it is still the fastest growing religion in the world. Mind you, you have Sundays, we have Islamic banking system.

@Katsumoto, with due respect your argument seems to be going in circles . That because Sanusi has been in banking for many years and has been an Islamic scholar all these years , he should not introduce Islamic banking if I get you right or he shouldn't have been in banking all together because of his scholarship? Faith?
I think you may be basing the argument on Sanusi's faith and not on his wish to provide alternatives to others as this is only fair. I wonder how you measure faith, and did Sanusi said he was doing this to comply with his faith or to give everybody an added opportunity? I think faith is not tangible especially when you are trying to measure it and base your argument on it in a third party. It would be good for him to show us by his action i.e.himself keeping away from where RIBA is practiced but that does not stop him from making it possible for others to have an alternative.

All this bickering, the non interest concept is good but using the word "Islamic" is nothing short of stirring chaos. MY point has always been why does it have to be "Islamic" and Sharia compliant ? Some argue it's because it conforms to the rule of Sharia Law, but we forget so soon even the holy bible supports the same cause as well, I guess SLS should consider Christian Banking as well et al religions that supports that concept of banking. SLS is nothing but a "go figure" on this one, and shouldn't be heading the CBN, his religion has taken first priority in place of his duty to the CBN and should step down. I don't understand why people are not calling for his resignation or at least pushing their members of reps int he houses to question this man's motive. Is Pres. GEJ waiting till chaos erupts before he acts against this man?

No matter how you put it, it will never work in this nation, NEVER !

Sanusi should find something serious to do

nagoma:

@Katsumoto, with due respect your argument seems to be going in circles . That because Sanusi has been in banking for many years and has been an Islamic scholar all these years , he should not introduce Islamic banking if I get you right or he shouldn't have been in banking all together because of his scholarship? Faith?
I think you may be basing the argument on Sanusi's faith and not on his wish to provide alternatives to others as this is only fair. I wonder how you measure faith, and did Sanusi said he was doing this to comply with his faith or to give everybody an added opportunity? I think faith is not tangible especially when you are trying to measure it and base your argument on it in a third party. It would be good for him to show us by his action i.e.himself keeping away from where RIBA is practiced but that does not stop him from making it possible for others to have an alternative.

Please go back to my original post. I didn't state that SLS shouldn't have been in banking and I didn't state that he shouldn't introduce Islamic Banking.

I stated that public figures who make their positions on issues known publicly are subject to criticism if later, it is found that some of their actions are antithetic to a stand or position that they took previously. My point is that it is apparent that SLS is a strict Muslim given his education in Sharia and Islamic Studies in Sudan(nothing wrong with that) and that a strict Muslim can not head an institution whose principles do not conform with the tenets of Islam. Prior to being at CBN, SLS was at First Bank and at First Bank, he DEFINITELY was responsible for conventional banking products (with Riba) being sold to Muslims. I buttressed that point by giving an analogy of a strict Muslim man selling pork to another Muslim (notice how I avoid christians in both situations). After all, there have been other Muslim CBN governors such as Mai Bornu, Adamu Ciroma, Abdulkadri Ahmed but these other Muslim Governors were not known to push Islamic ideas.

SLS wasn't the first Governor to try to institute Islamic Banking but it appears that he is personally interested in its introduction. The job of the Governor is to create the environment; it isn't his job to push the establishment of a BANK. Like I stated before, I have no issues with Islamic Banking, I only question its viability and I explained this with examples from Malaysia, Iran, Bangladesh. And also because it didn't take off despite its introduction during the reigns of Joseph Sanusi and Soludo. If it is viable, nothing stops conventional banks from introducing it. It is a product just like other banking products.

SLS wasn't the first Governor to try to institute Islamic Banking but it appears that he is personally interested in its introduction. The job of the Governor is to create the environment; it isn't his job to push the establishment of a BANK. Like I stated before, I have no issues with Islamic Banking, I only question its viability and I explained this with examples from Malaysia, Iran, Bangladesh. And also because it didn't take off despite its introduction during the reigns of Joseph Sanusi and Soludo. If it is viable, nothing stops conventional banks from introducing it. It is a product just like other banking products.

You just spoke my mind and confusion.I have been thinking, why would a cbn governor champion the course of establishing a particular bank?Why didn't previous cbn governors not introduce the islamic banking  even after nursing the idea?

There is nothing wrong with the islamic banking, but there is something wrong with the way and manner SLS is going about it.This has made most of us suspicious and apprehensive.In a secular state such as ours, most things need to be handled with great care.In countries such as Malaysia, Iran etc where islamic banking is practiced there is no much division in terms of ethnic-religious compartments.Even in this countries there is no evidence to suggest that the introduction of islamic banking has helped improve the lots of the populace.Iran is still riddled with poverty, misery and chaos, Singapore has left Malaysia and joined the league of developed countries.The bulk of businesses in Malaysia are owned and operated by the Chinese and other foreigners who don't even have access to interest free loans.So, why do we need islamic banking in Nigeria?Is islamic banking going to be the messiah of our banking problems?I don't think so.

We are not against anything islamic as most people have claimed.We are not just comfortable with the establishment of an islamic bank in a secular society, especially when the call is coming from someone who is expected to act as an umpire. And our experiences with the northern muslims over the years have put us in doubt as in genuineness of their actions.

Nigeria is a country where everybody lives in fear.We are almost afraid of everything and cannot even trust our neighbours.So, I would advise that SLS concentrates on his job as the CBN governor- maintaining macro-economic stability, and free himself from political and religious contamination.

Pls I need help!
Etisalat is a thieving line o.
I use eazycliq and I subscribed to their 20k/sec tariff some time ago by pressing *320*1# (i thought twas a good idea).
I didn't take note of the cndition or rather english cmprehension was my problem.
Daily access charge is 25 naira daily whether u call or not for that day.
Abeg I'm a student nd I dn't call evry day. They've been zaping my money o.
How do I check out of this useles tariff plan.

HELP IS NEEDED ASAP PLS!
Thanks

manny4life:

All this bickering, the non interest concept is good but using the word "Islamic" is nothing short of stirring chaos. MY point has always been why does it have to be "Islamic" and Sharia compliant ? Some argue it's because it conforms to the rule of Sharia Law, but we forget so soon even the holy bible supports the same cause as well, I guess SLS should consider Christian Banking as well et al religions that supports that concept of banking. SLS is nothing but a "go figure" on this one, and shouldn't be heading the CBN, his religion has taken first priority in place of his duty to the CBN and should step down. I don't understand why people are not calling for his resignation or at least pushing their members of reps int he houses to question this man's motive. Is Pres. GEJ waiting till chaos erupts before he acts against this man?

THE PROBLEM IS THAT SANUSI HAS A PERSON INTEREST IN CREATING ISLAMIC BANKING.

SO IF A CHRISTIAN BECOMES CBN GOVERNOR TOMORROW IS HE GOING TO CREATE "CHRISTIAN BANKING"?

SANUSI is playing with fire for bringing religion into banking.

BECAUSE THERE IS NO WAY YOU CAN DETACH ISLAMIC BANKING FROM SHARIA !!!

The majority of Islamic banking clients are found in the Gulf states and in developed countries. With 60% of Muslims living in poverty, Islamic banking is of little benefit to the general population. The majority of financial institutions that offer Islamic banking services are majority owned by Non-Muslims. With Muslims working within these organizations being employed in the marketing of these services and having little input into the actual day to day management, the veracity of these institutions and their services are viewed with suspicion. One Malaysian Bank offering Islamic based investment funds was found to have the majority of these funds invested in the gaming industry; the managers administering these funds were non Muslim.[42] These types of stories contribute to the general impression within the Muslim populace that Islamic banking is simply another means for banks to increase profits through growth of deposits and that only the rich derive benefits from implementation of Islamic Banking principles.
Hence, the controversy that surrounds Islamic Banking continues. Is Islamic Banking really Islamic? This is a question that still is a matter of debate among the Muslim academia.
[b][/b]