Sorry man. Tried the back button?

Jarus:

I'm happy we at least agree on the common ground that there is nothing wrong with Islamic Banking prima facie. Our area of divergence seems to be in the motive - you doubt Sanusi's motive, while I don't.

Now, in fact one of the reasons I sincerely doubt SLS is out to tilt the economy in favour of North/Muslims, is that he worked in conventional, interest-dealing bank, rising to CEO. I honestly doubt somebody strict enough to force Islamic principle on people will do that.

I am a Muslim and I have read quite extensively, albeit in English, on Islam. One thing in modern Islam is that there are difference of opinions on certain issues in Islam among Islamic scholars[by this I don't mean the Sanusis o, I mean great authorities on Islam like Sheikh Albaani(from Albania), Sheikh Munnajid & Ibn Baaz(from Saudi Arabia) etc]. The issue of interest in Islam, as you pointed out in that Qur'anic verse you quote, is quite clear - it is forbidden. But does that make anybody engaging in it a bad Muslim? I don't think so, in as much he doesn't fall short on other basic areas(like praying 5 times daily, not killing, lying etc).

To be continued. Gotta to catch my company's staff bus now.

I am sure you are aware that taking Riba is one of the 70 major sins in Sunni Islam and one of the 20 major sins in Shi'a Islam. A muslim scholar working in a profession that collects Riba is continually sinning. This is more grievious than once-in-a-while lying or stealing. Everyday that SLS works in a bank or heads the CBN, he is indirectly and directly engaging in the collection of Riba. Perhaps, he is trying to make amends by ensuring the take-off of Islamic Banking. Perhaps that is his atonement.

Its like a Jew who covets his neighbours wife EVERYDAY saying that afterall, he doesn't break any of the other nine commandments.

Very interesting thread. Nice posts Katsumoto, always a pleasure reading what you write.

@Kat

Can you open a thread on the conflicts of Sanusi working as a CBN governor with his religion, I am sure some Muslim scholars will come in to clear some doubts.

^

My lost post elaborately addressed  the question you raised here, but will try to summarize. But before that,  I must commend your demonstration of understanding of Islamic issues beyond basic and your civil articulation of points. It's been long I had this kind of engagement on Nairaland, as opposed to the kamikaze, bring-down-the-roof style of many people on discussions that border on Muslims/Islam.

That interest is forbidden in Islam is express as contained in the Qur'anic verse you brought forward earlier in the thread. But like any other religious issue that is inferential rather than express, the issue of whether working in an interest-dealing bank is forbidden is controversial among Islamic scholars. Some say it is also forbidden, as it constitutes contributing to interest, some others say 'see, if we abandon modern banking, we are going to lose, so it is expedient that Muslims also join'. Sanusi belongs to the latter and I have read him criticize the former camp before(one of the reasons I doubt his Islamic banking is to satisfy a set of people and not in national interest). His opinion should be respecte and that doesn't make him less Muslim, while those that say 'look, don't touch interest banking with a long pole' are also stricter Muslims.

The Sanusi I know doesn't appear to me as someone that will want to satisfy a certain set of people at the expense of national interest, not least interest-criticizing Muslim clerics he had fought in the past. His Islamic banking push is to plug Nigeria into the alternative banking system being adopted in various countries the world over.

Unfortunately, neithe you nor me has mind-o-meter to read his motivation.

These discussion is intellectually stimulating. It is getting more interesting. Thanks to Kat . In my humble opinion, I feel that Islamic bank in Nigeria will create more problem than it can solve. Operating a "no interest banking system" in Nigeria will not work! Who's gonna take the bad debt of the bank? Taxpayers? . Granting an advantage to a borrower based on religion is a flashpoint for future conflict. What if the government refuses to rescue the bank in the event of insolvency; don't you think that muslim radicals will blame the conventional banks for the liquidation of their bank. Thereby targeting banks with violence. This issue has to be debated well before its introduction into multi-religious Nigeria. How can the bank be able to deal with default in payment? Even if there is no default in payment; how can they be able to pay their workers? Don't you think that some borrowers will abuse the system by borrowing money from a no-interest bank and fixing the money in an interest-generating bank using another person's id? Can this be sustained on the long run without asking the taxpayers to come to its rescue. Above all; why should they discriminate borrowers in a multi-religious Nigeria, based on religion or sect? Can any proponent of Islamic banking in Nigeria convince me on these matters arising?

_{Let nobody tell me that it worked elsewhere; therefore it will work in Nigeria. Nigeria's case is peculiar}

Jarus:

Lost the long post I typed after this and not sure I have the energy to type that loong again.

 I am sure you will find the strength soon.

hercules07:

@Kat

Can you open a thread on the conflicts of Sanusi working as a CBN governor with his religion, I am sure some Muslim scholars will come in to clear some doubts.

There are several verses in the Qu'ran that deal with the prohibition of Riba. I don't want to list all the various quotes. It is almost impossible for any Islamic scholar to defend Muslims working in conventional banks where interest taking is the source of revenue. I would like to see how any scholar would spin this. Most of the Muslim scholars would be in the religion section I presume. I don't want to open a thread there. There are quite a number of Muslim posters on this thread; perhaps some of them can attempt an explanation.

From the Qu'ran

'God condemns riba, and blesses charities. God dislikes every disbeliever, guilty. Lo! those who believe and do good works and establish worship and pay the poor-due, their reward is with their Lord and there shall no fear come upon them neither shall they grieve. O you who believe, you shall observe God and refrain from all kinds of riba, if you are believers. If you do not, then expect a war from God and His messenger. But if you repent, you may keep your capitals, without inflicting injustice, or incurring injustice. If the debtor is unable to pay, wait for a better time. If you give up the loan as a charity, it would be better for you, if you only knew.' (Qur'an 2:276-280)

And for practising riba, which was forbidden, and for consuming the people's money illicitly. We have prepared for the disbelievers among them painful retribution. (Qur'an 4:161)

From the Ahadith

'Jabir said that Muhammad cursed the accepter of usury and its payer, and one who records it, and the two witnesses, and he said: They are all equal.'

ekt_bear:

Very interesting thread. Nice posts Katsumoto, always a pleasure reading what you write.

Thanks bro

My lost post elaborately addressed the question you raised here, but will try to summarize. But before that, I must commend your demonstration of understanding of Islamic issues beyond basic and your civil articulation of points. It's been long I had this kind of engagement on Nairaland, as opposed to the kamikaze, bring-down-the-roof style of many people on discussions that border on Muslims/Islam.

That interest is forbidden in Islam is express as contained in the Qur'anic verse you brought forward earlier in the thread. But like any other religious issue that is inferential rather than express, the issue of whether working in an interest-dealing bank is forbidden is controversial among Islamic scholars. Some say it is also forbidden, as it constitutes contributing to interest, some others say 'see, if we abandon modern banking, we are going to lose, so it is expedient that Muslims also join'. Sanusi belongs to the latter and I have read him criticize the former camp before(one of the reasons I doubt his Islamic banking is to satisfy a set of people and not in national interest). His opinion should be respecte and that doesn't make him less Muslim, while those that say 'look, don't touch interest banking with a long pole' are also stricter Muslims.

The Sanusi I know doesn't appear to me as someone that will want to satisfy a certain set of people at the expense of national interest, not least interest-criticizing Muslim clerics he had fought in the past. His Islamic banking push is to plug Nigeria into the alternative banking system being adopted in various countries the world over.

Unfortunately, neithe you nor me has mind-o-meter to read his motivation.

You actually summarised it there.

This is one of the best thread ve read on this forum in recent months. full of intellect and respective views of other forum users. not d ones wit "dumb ass, god forsakin folk, e t c" am an advocate of desency and courtesy while contributing or borrowin another porter a 2 cent advise

Jarus:

My lost post elaborately addressed  the question you raised here, but will try to summarize. But before that,  I must commend your demonstration of understanding of Islamic issues beyond basic and your civil articulation of points. It's been long I had this kind of engagement on Nairaland, as opposed to the kamikaze, bring-down-the-roof style of many people on discussions that border on Muslims/Islam.

Thanks

Jarus:



That interest is forbidden in Islam is express as contained in the Qur'anic verse you brought forward earlier in the thread. But like any other religious issue that is inferential rather than express, the issue of whether working in an interest-dealing bank is forbidden is controversial among Islamic scholars. Some say it is also forbidden, as it constitutes contributing to interest, some others say 'see, if we abandon modern banking, we are going to lose, so it is expedient that Muslims also join'. Sanusi belongs to the latter and I have read him criticize the former camp before(one of the reasons I doubt his Islamic banking is to satisfy a set of people and not in national interest). His opinion should be respecte and that doesn't make him less Muslim, while those that say 'look, don't touch interest banking with a long pole' are also stricter Muslims.

But the Qu'ran is very specific and direct about this. Prophet Mohammed was very clear about this and he said "God has forbidden you to take Riba, therefore all riba obligation shall henceforth be waived. Your capital, however, is yours to keep. You will neither inflict nor suffer inequity. God has judged that there shall be no riba and that all the riba due to `Abbas ibn `Abd al Muttalib shall henceforth be waived."

It is true that there is a minority group of scholars such as Tantawi,Rashid Rida, Shaltut, Sir Syed Ahmed, Abduh, etc  who believe that Muslims should be engaged in interest taking banking but they are a minority. The majority of scholars believe that Riba is a sin. Jurists, Islamic economists and writers such Ozsoy, Mawdudi, Taji al-Din argue against the minority emphasising the message in the Qu'ran that Riba is unfair, perpetuates the unfairness between those that have and those that don't.

The position of God on certain matters is sacrosanct and is not subject to the interpretations and dictates of modern man. It is the same thought process that gay people try to use in the Anglican Church. God's position is very clear on homosexuality but for selfish reasons, some argue that it is outdated. It is true that every man is a sinner but while some continually strive to achieve perfection and ask for forgiveness, others try to change the laws set by God. Man may change but God remains the same.

SLS and other modern Muslims can not and should not attempt to re-write the Qu'ran.

Jarus:


The Sanusi I know doesn't appear to me as someone that will want to satisfy a certain set of people at the expense of national interest, not least interest-criticizing Muslim clerics he had fought in the past. His Islamic banking push is to plug Nigeria into the alternative banking system being adopted in various countries the world over.

Unfortunately, neithe you nor me has mind-o-meter to read his motivation.

You are right in stating that it is impossible to know SLS's motivation but we can judge and read his actions. If SLS belongs to the modern minority of scholars that want to change the rules, why then does he need to establish Islamic Banking? If interest taking is 'no longer' a sin, why the need to establish Islamic Banking to co-exist with conventional banking?

This is one of the best threads in recent months. let us keep the decent and modest spirit in replyin other forum user. the thread is heart warning and it look we are back in those good old days when intellectual supremacy and superior arguments reign supreme

Mr.Jarus

I can understand that you are an ardent supporter of SLS and his policies.Your posts seem not to be in defends of Islamic Banking rather SLS.There is nothing wrong with that anyway.I believe every young man who is desirous of making impact in the society will tend to identify with certain line of thought.I did same during the time of soludo.But do you think SLS, as the CBN governor, should be championing the idea of islamic banking knowing fully well how sensitive religious issues are in this country? 

The CBN governor, as far as my knowledge can carry me, is not expected to dabble into issues capable of aggravating the economy.The idea of islamic banking is capable of leading Nigeria into another civil war.Even in core Islamic states like pakistan, the idea of islamic banking generated a lot of heat in 2004.Please read the abridged article from wiki below:

''In Islamabad, Pakistan, on June 16, 2004: Members of leading Islamist political party in Pakistan, the Muttahida Majlis-e-Amal (MMA) party, staged a protest walkout from the National Assembly of Pakistan against what they termed derogatory remarks by a minority member on interest banking:

Taking part in the budget debate, M.P. Bhindara, a minority MNA [Member of the National Assembly], referred to a decree by an Al-Azhar University's scholar that bank interest was not un-Islamic. He said without interest the country could not get foreign loans and could not achieve the desired progress. A pandemonium broke out in the house over his remarks as a number of MMA members, rose from their seats in protest and tried to respond to Mr Bhindara's observations. However, they were not allowed to speak on a point of order that led to their walkout,  Later, the opposition members were persuaded by a team of ministers, to return to the house, the government team accepted the right of the MMA to respond to the minority member's remarks,  Sahibzada Fazal Karim said the Council of Islamic ideology had decreed that interest in all its forms was haram in an Islamic society. Hence, he said, no member had the right to negate this settled issue.[42]
Some Islamic banks charge for the time value of money, the common economic definition of Interest (Riba). These institutions are criticized in some quarters of the Muslim community for their lack of strict adherence to Sharia.'' http://en.wikipedia.org/wiki/Islamic_banking

Now tell me how this system will succeed in a secular state like Nigeria?

Very interesting & educative thread. Its a no go zone for d likes of Alj, Eze, Jaso & co (my apologies). Pls kip up d gud work katsumoto, Jarus & other intellects whom are both "for" or "against" Islamic banking. I think i have learnt alot & still learning more. Thanks

@chamber2
Thank you for this reference to Pakistan. I might not have put it in the same persuasive way you did, but this is exactly the point we have being making since the first article on this issue was posted several weeks ago. Others have also posted messages showing that this whole Islamic Banking thing has not worked that well in many parts of the world where it is religiously-driven - there are even cases where some Islamic Banks have become creative by setting "profit" rates. We already know what is going to keep it from working in Nigeria - stinking corruption!!!

The baseline is really not "against Islamic Banks", but equity that minimizes potential conflict and reduces the chance that some people will see the Islamic Banks as religious institutions (by creating equal rules for non-Islamic interest banking). To buttress this point, even in the middle of this raging controversy at least one person has identified what such Islamic Banks would be useful for - the collection and distribution of Islamic zakat. This is like seeing conventional banks as a potential means to collect and distribute the Christian tithe.

Rather than acknowledge a slight "oversight" in putting out only rules, that by their nature restrict non-interest banking to muslims, SLS became glib and then went on BBC to beat his chest that he will not back down.

The fact is that our public officials are excessively ego driven (admittedly reflective of our larger society) - but these phantom giant egos of theirs is increasingly driving our potentially great country into the ground - and soon for good if we don't stay on their tails.

For me the 90 days of crap by Yar'adua's aide put paid to any iota of niceties towards any public official that takes our resources and acts irresponsibly. Especially so when there are simple, obvious paths to resolving a logjam. Many of our problems actually have simple solutions, but who is going to pull down the giant egos our officials carry around like hunchbacks.

chamber2:

Mr.Jarus

I can understand that you are an ardent supporter of SLS and his policies.Your posts seem not to be in defends of Islamic Banking rather SLS.There is nothing wrong with that anyway.I believe every young man who is desirous of making impact in the society will tend to identify with certain line of thought.I did same during the time of soludo.But do you think SLS, as the CBN governor, should be championing the idea of islamic banking knowing fully well how sensitive religious issues are in this country? 

The CBN governor, as far as my knowledge can carry me, is not expected to dabble into issues capable of aggravating the economy.The idea of islamic banking is capable of leading Nigeria into another civil war.Even in core Islamic states like pakistan, the idea of islamic banking generated a lot of heat in 2004.Please read the abridged article from wiki below:

''In Islamabad, Pakistan, on June 16, 2004: Members of leading Islamist political party in Pakistan, the Muttahida Majlis-e-Amal (MMA) party, staged a protest walkout from the National Assembly of Pakistan against what they termed derogatory remarks by a minority member on interest banking:

Taking part in the budget debate, M.P. Bhindara, a minority MNA [Member of the National Assembly], referred to a decree by an Al-Azhar University's scholar that bank interest was not un-Islamic. He said without interest the country could not get foreign loans and could not achieve the desired progress. A pandemonium broke out in the house over his remarks as a number of MMA members, rose from their seats in protest and tried to respond to Mr Bhindara's observations. However, they were not allowed to speak on a point of order that led to their walkout,  Later, the opposition members were persuaded by a team of ministers, to return to the house, the government team accepted the right of the MMA to respond to the minority member's remarks,  Sahibzada Fazal Karim said the Council of Islamic ideology had decreed that interest in all its forms was haram in an Islamic society. Hence, he said, no member had the right to negate this settled issue.[42]
Some Islamic banks charge for the time value of money, the common economic definition of Interest (Riba). These institutions are criticized in some quarters of the Muslim community for their lack of strict adherence to Sharia.'' http://en.wikipedia.org/wiki/Islamic_banking

Now tell me how this system will succeed in a secular state like Nigeria?

Why is there so much outcry about Islamic Banking ( started by Christians Joseph Sanusi and Soludo) and none against Christian Higher Institutions, most of the Private Higher Institutions we have are owned by Christians, what muslims did was just to establish their own, infact, it can be said that "higher" indoctrination can occur in these schools than in banks, if christians feel threatened by the Islamic banks, they should start their own Christian banks, lets see how many of them will adhere to Christian principles when it comes to banking .

hmm interesting

@hercules07
Did you read the previous post?

The issue is not "against Islamic Banks", but equity. Equity demands that SLS allow non-Islamic non-interest banking and do all things to prevent any interpretation of Islamic Banks as religious institutions - as it is now he has put out only the rules for Islamic Banks that by definition prevent non-muslims from participating - aka Sharia Compliance.

You refer to Christian Schools below, but the PUBLIC rules under which these PRIVATE schools operate most surely also allow Islamic Higher institutions. That there may be no such Islamic higher institutions is only because nobody has any interest, at least in Nigeria. These private institutions sink or swim on their own as long as they operate according to the rules. Even so Boko Harams whole agenda is about "Western Education is Sin".

I hope you see the difference.

hercules07:

Why is there so much outcry about Islamic Banking ( started by Christians Joseph Sanusi and Soludo) and none against Christian Higher Institutions, most of the Private Higher Institutions we have are owned by Christians, what muslims did was just to establish their own, infact, it can be said that "higher" indoctrination can occur in these schools than in banks, if christians feel threatened by the Islamic banks, they should start their own Christian banks, lets see how many of them will adhere to Christian principles when it comes to banking .

Koruji

The existing commercial and merchant banks are non Islamic interest taking entities, the banks you ask for are already in existence, if Christians feel so bad or even traditional adherents they should ask for their own types of banks too.
A lot of our banks do morning devotion, a lot of those schools make going to church services compulsory, we have not heard much about that from muslims, the Sharia banks will also sink or swim on their own as long as they operate according to the rules.
Fola Adeola has been running an ethical fund for some time, i will rather put my money with such a person than with born again Cecilia Ibru or Erastus Akingbola.
I do not give a rat behind about Boko Haram, I am Christian not a Muslim, the only thing I just like about them is they are exposing the inefficiency of our security forces and that might make GEJ do something about security, on a personal note, my step dad was a Muslim, attended Christian schools with Gani, married Christians and most of his children are christians, yet, the man lived and died as a muslim, we do not need to treat these banks as religious institutions the same way we are expected not to treat Covenant University as a religious institution.

@hercules07

My bad - that should have been "non-Islamic non-interest". The issue is not "muslims" and "christians" asking for their own banks. Public policy must strive to be unbiased and equitable, especially because public officials have great authority in their care. The kind of approach you propose is what creates absolute power.

As the recent bank collapse has shown banks in severe distress cannot swim or sink on their own because they will take the whole system down with them.

I do not doubt your judgement that Fola Adeola is better than Cecilia Ibru at money management/corruption, but that says nothing about Christian-Muslim corruption in Nigeria. Both are equally corrupt - and the many mirrors of Atiku and co. quickly come to mind.

Your story about Muslim-Christian families and interactions is typical of many Yoruba families as I have the same setup, but that is not acceptable to a substantial number of other Nigerian muslims, and the separation of church and state allowed by public rules is not respected by the likes of Boko Haram. Sure, Boko Haram will do what they want to do but it is irresponsible for any public official to create easy targets for them, when they can easily accomplish their objectives without attaching religion to it.

Lastly, if it is a private or public christian school allowed under the law and you attend it then you have to follow the rules, the same goes if you attend a similar muslim school. The main point is that the government cannot put out rules for schools that allow only muslims or christians, but not the other, to set up private schools and then tell that other to ask for his own type of schools. That is completely irresponsible public policy making.

Overzealousness in religion pervades the Nigerian landscape. There is no reason for banks to require prayers and the like, but the response is not to turn Nigeria into ti-t-for-ta-t land, but to approach the courts for redress and stoppage of such religiously biased practices.

hercules07:

Koruji

The existing commercial and merchant banks are non Islamic interest taking entities, the banks you ask for are already in existence, if Christians feel so bad or even traditional adherents they should ask for their own types of banks too.
A lot of our banks do morning devotion, a lot of those schools make going to church services compulsory, we have not heard much about that from muslims, the Sharia banks will also sink or swim on their own as long as they operate according to the rules.
Fola Adeola has been running an ethical fund for some time, i will rather put my money with such a person than with born again Cecilia Ibru or Erastus Akingbola.
I do not give a rat behind about Boko Haram, I am Christian not a Muslim, the only thing I just like about them is they are exposing the inefficiency of our security forces and that might make GEJ do something about security, on a personal note, my step dad was a Muslim, attended Christian schools with Gani, married Christians and most of his children are christians, yet, the man lived and died as a muslim, we do not need to treat these banks as religious institutions the same way we are expected not to treat Covenant University as a religious institution.

Koruji

Christians set up banks, Muslims set up banks, heck, if I had money I will set up a sharia bank. As per non muslim non interest banks, are there blueprints out there? If there are let people put pressure on the CBN to allow that as well shikena. As per the schools, some things are not overt, how many christians will allow their children attend hammadiya higher institutions in naija, primary and secondary schools are being built along religious lines especially in lagos and christians will not attend those schools.

As a matter of fact those countries that Sanusi was using to promote his version of Islamic Banking (e.g. UK) are practicing non-muslim non-interest banking, but SLS had to fashion secular Nigeria's own after auto-theocratic countries like Iran and Saudi Arabia. So the blueprint is there for him to do right.

I agree that the matter of schools is not clear-cut, but the fact is the education law has created equity - so that if someone wants to set-up a muslim school that follow Islamic rule they can do so without preventing another from setting up a christian school that go by christian rules. As it is, unless it has been changed in the last two weeks or so, the rules SLS put out do not allow for non-Sharia compliant non-interest banking.

hercules07:

Koruji

Christians set up banks, Muslims set up banks, heck, if I had money I will set up a sharia bank. As per non muslim non interest banks, are there blueprints out there? If there are let people put pressure on the CBN to allow that as well shikena. As per the schools, some things are not overt, how many christians will allow their children attend hammadiya higher institutions in naija, primary and secondary schools are being built along religious lines especially in lagos and christians will not attend those schools.

Sharia banking was not put out by SLS, it was done by his predecessors, he is only implementing them, those who object to it should get a blueprint for their own style of banking, Sharia banking started somewhere, they can apply their brains to bringing out innovative banking practices.
We will have to agree to disagree, me I do not have a problem with Sharia banking, the more people that move their money to the banks the better for everybody, regulation is the most important thing to me.

Opponents of Islamic banking, do you know that it can exist and operate without Central Bank approval? Afterall, it is not Nigeria's money that will be used to establish the entity and I can operate it without calling it a bank. So the real question here is:

Do you want Islamic banking to operate with government regulation or not?

You must decide to lead, follow or get out of the way.

koruji:

As a matter of fact those countries that Sanusi was using to promote his version of Islamic Banking (e.g. UK) are practicing non-muslim non-interest banking, but SLS had to fashion secular Nigeria's own after auto-theocratic countries like Iran and Saudi Arabia. So the blueprint is there for him to do right.

I agree that the matter of schools is not clear-cut, but the fact is the education law has created equity - so that if someone wants to set-up a muslim school that follow Islamic rule they can do so without preventing another from setting up a christian school that go by christian rules. As it is, unless it has been changed in the last two weeks or so, the rules SLS put out do not allow for non-Sharia compliant non-interest banking.

It has been changed, so will you be able to sleep now?

http://www.cenbank.org/Out/2011/pressrelease/gvd/CBN%20ISSUES%20NEW%20GUIDELINES.pdf
You anti-islamic banking group are just being naughty

why should govt. bail out a private business enterprises by few individual for their own profit?
Moreso, using public fund/ taxpayer's money to conduct such fraudulent misnomer?

Why should a govt. Which cannot pay a minimum wage of N18k be using public fund to send Muslims & Christians to pilgrimage which is strictly a personal religious belief?
Moreso using public fund / taxpayer's money to conduct these sacrileges?

Why should govt. build churches & mosques, but not, shrines, temples & groves?

Why should mosques/ churches blocked public access roads with impunity. Isn't these forms of bigotry & hipocrisy?

Why should there be Christian University but no Muslim bank

Why should there be Christian extremists (Boko Harams equivalent) ''Islamic-bank Haram'' be showing so much intolerance, open hostility and religious animosity to these Moslems in such a matter that's fundamental to their faith (and is no against Christianity)

BTW, failed private biz should never be bailed by govt, but if we ignorantly want to bail Pastor Akingbola's intercontinental bank, we should as well bail Mallam Mutallab's Jaiz bank too

Let the education continue on a non stop basis

I have said before n and I will like to reiterate the fact that Sanusi is just a misfit as far as this banking business is concerned. Without sentiments (muslim or xtian), can somebody help me ask him if that is the next thing we need in the Nigerian context?. When the governor of central bank has summarily taken over the dictates of the economy, polarized the banking sector, stiffen the entire financial sector as such that even infrastructural projects do not get adequate funding (that is if they get funding at all) and now wants to establish a non-interest banking module under the guise of sharia banking.

I ma not perturbed as a person and considering my length of years of service within the banking sector (12 years), my residence in the northern part of Nigeria in the capacity of secondary school education, after school residence in Kaduna (Zango Kataf) & eventually NYSC service in Kebbi state, I can say for sure that this is nothing but another hoax. What with the level of education of the core northern populace, the ignorance to life and subservience, how much more the non-existence of the economic activities needed to drive such business frontier, you can be rest assured that the morons called the directors of this bank who apparently had benefitted from the spoils of this country will only wish the bank dead after some dividends might have been declared ASAP.

I still dey laugh!!!!!!!!!!!!!!!!!!!!!!!!!

What sanusi is doing is not new. it is typical of islamic fundamentalist. they will first raise dust and start doing what they believe is 'right'. same thing with el rufai. he demolished many houses and latter reaward same to his cronies. i blame d ibst

@maclatunji
Thank God we were naughty enough to have SLS and co revisit the rules. But as Yorubas say healed skin is never the same as original skin - SLS has caused some damage by being careless in the first place, if only in generating a religious controversy & damaging his reputation somewhat.

Our public officials need to start thinking about how things will be received by the public - that is why they are public officials.

Goodluck with your Islamic Banks.

maclatunji:

It has been changed, so will you be able to sleep now?

http://www.cenbank.org/Out/2011/pressrelease/gvd/CBN%20ISSUES%20NEW%20GUIDELINES.pdf
You anti-islamic banking group are just being naughty

[sup][/sup]

So we are right in our arguments all this while?Truth is always constant.

Regulation is an iterative process, you put something in place, see how it works, you refine it some more, you continually refine your regulations, our problem is we set up some rules and they stay for decades without them being refined, an example is our curriculum in schools.