hercules07:

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.

maclatunji:

Tell them hercules, if you like call a car an automobile it does not change it from being what it is- hehehe!

hercules07:

Kat

I dont get your point, Sanusi is implementing policies, that is what we have been asking for, I am saying that these policies evolve, I believe he has modified the Islamic Banking thing recently, when superior arguments are raised, policy makers should look at it and make amends where necessary, killing off Islamic banking because of some bigots is not on. Sanusi is doing what we expect our leaders to do, imagine if our laws were followed and implemented by our leaders, Nigeria will be a better place.

hercules07:

I believe christians will be allowed to participate, I am already putting together a business plan that I will take to the banks when they take off, when Islamic banking takes off, I expect Sanusi or whoever is the CBN governor to see how the existing policies work and to evolve them, it is the fallibility of the system that makes it imperative to iterate.

hercules07:

I believe christians will be allowed to participate, I am already putting together a business plan that I will take to the banks when they take off, when Islamic banking takes off, I expect Sanusi or whoever is the CBN governor to see how the existing policies work and to evolve them, it is the fallibility of the system that makes it imperative to iterate.

hercules07:

I will be going to the banks to partner with them, I do not have any bulk of funds anywhere, I start with a business, we grow together, whatever money I make, I put with the bank that partners with me in growing my business, if it is the Islamic bank, so be it, of what use have the conventional banks been to me?

hercules07:

We are pre-empting, let us wait for the banks to kick off, if they are well run, they will make it if not they die off.

Katsumoto:

Are you suggesting that Islamic Banking policies are evolving? Surely that can't be, as it is yet to take off. If he modified it recently, what exactly did he do? I am yet to get answers to some of the questions I raised before

'It remains indeterminate the extent to which Christians will be allowed to participate in Islamic Banking. For instance, ceteris paribus, a non-Muslim investor would be at a disadvantage if his muslim rival can obtain funds at zero interest (if he is prevented from Islamic Banking) while he is struggling to obtain a loan with interest rates in double digits; particularly if the Nigerian State invests in Islamic Banking. How will the CBN prevent some investors from exploiting the system i.e depositing the bulk of their funds in conventional banks and receiving interest and obtaining interest free loans from Islamic Banks? It would be a shame for the CBN to create a multi-tier banking system which advances the position of certain investors while putting others at a disadvantage. These and other questions remain unanswered.'

Pakistan is the largest Muslim country in the world, why has Islamic Banking more or less collapsed there? Why aren't the biggest banks in the richer Muslim countries? Why are the biggest Islamic banks State-owned Iranian banks? Why are there no Islamic banks in non-muslim countries? Why are Islamic banks charging Riba in Muslim countries such as Bangladesh and Malaysia? Does SLS know something that these other countries don't?

Lets try to put things into perspective before we assume that Sanusi has everything worked out. Because if he hasn't, the fall-out will not be on him only.

KayB:

Hipocrisy will be rampant towards the end time; ALLAH says. All of u nurture sentiment wt your views. Secularity gives u freedom to choose that is why we have private religious universities & u go to whr u prefer. why this fuss? MYOPIA .!!

Akanbi_edu:

Secularity my foot.

They have a whole sunday to worship the lord, christmas good friday easter etc holidays, private christian universities, swear in public officers with bible, get sponsored to jerusalem every year using government funds and they shout secularity any time they hear Islam.

Akanbi_edu:

Kat

What is this question about? There will be rules guiding Islamic banking, if the christians can not abide by these rules, they should saty clear. Simples. its not compulsory for you to do any business with the Islamic banks. Quit worrying about viability of the banks, its a business, if it doesn't perform, it goes down.

To buttress my point, covenant university is christian, muslims go there on condition, they do whatever they do there. Declare they are born again, have pastors as referees, attend church services, etc. should the muslims call for cancellation of covenant university because these acts are discriminatory? The point is its not compulsory for those muslim kids to go to covenant. This is the point.

If a christian chooses to bank with Islamic bank, he should be prepared to follow islamic rules period. Enough of political correctness.

samquad:

@all, nice reasoning and argument. This thread has shown me lot of things. I have seen how muslims were able to defend islamic banking wt prove and fact. i realized that islam is much than a religion but a way of life cos it covers and provide solution to every arear of human life (thought it is widely abuse). I have seen the fear of christians based on past experience bt i must confess most of their argument are sentimental rather than factual. For me, i belief islamic banking is a good idea that wil accommodate million of muslim that dont bank and may be d solution to our economic mess.
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+6

Katsumoto:

Nigeria is not a Muslim country and neither is Nigeria predominantly Muslim. They are valid questions because given Nigeria's antecedents, one must remain vigilant. I have raised several points about the vaibility of Islamic Banking which has not been addressed by any of those that are arguing for Islamic Banking. They keep stating that it is a business and as such, one shouldn't be concerned. But we know that there is a logical way for the rest of the world and there is a Nigerian way.

You picked on the point where I mentioned Christians (or non-muslims) being allowed to partcipate. What about the other points. What if there is an agenda to empower to enrich Northern Muslims using the CBN. If non-Muslims are only able to borrow funds at double-digit interest rates while Muslims are able to borrow at Zero interest with the CBN using public funds to support such projects, do you agree that non-muslims are at a disadvantage  when competing with Muslim-owned businesses?

Lets hear your views or SLS's views on how he intends to prevent the creation of un unfair multi-tier banking system. Can you tell us how the CBN will prevent Muslims from depositing the bulk of their funds (say N1000) with a conventional bank and minor funds (say N10) and obtaining interest free loans from a government backed Islamic bank. Despite being incoporated in 2003, JAIZ bank still hasn't commenced operation; surely a truly feasible and viable bank shouldn't have trouble raising funds.

See below for information from JAIZ Bank; can you pick a single reason why investing in JAIZ bank? Information provided is completely woolly. The only data that might interest an investor relates to conventional banking. They can't sell that bank. This is supposed to be the premier Islamic Bank, yet they haven't bothered to update their website since 2005.

WHY WOULD YOU INVEST IN JAIZ?

• As result of the recent economic reforms, the Nigerian Economy is stabilising and the growth prospects over the next 3 to 4 years are bright as stated by the Honourable Minister of Finance, Dr Ngozi Akonjo Iweala.

•  The people behind it . Some of these are : Dr Rilwan Lukman , Dr Umaru Abdul Mutallab , Prof T.A. Adebiyi ( about 20 years in IDB and 5 years in OPEC Fund ), etc 

• Huge demand for Islamic Bank in Nigeria and West Africa .

• Distinct product. None of the banks in Nigeria is currently offering full fledged interest free banking. 

• Banking is a profitable business in Nigeria with returns above inflation year in year out. See survey by The Banker Of London in the business plan.

• The prospects of emerging markets, especially post 9/11 where discerning investors need to diversify their investment destination.

Jarus:

Not surprised at StanbicIBTC quickly grabbing the window. If I was asked to predict, I would have predicted stanbic, and maybe GT, as banks to quickly adopt. I'm sure Stanbic would have adopted it if the regulatory framework had existed years ago. They pioneered ethical investment in Nigeria far back 1997 or so) and their ethical fund is one of the leadiing and earliest in Nigeria. I have never doubted ANAP's business sense. I see GTB also following suit soon.

As for the bail-out question, Islamic banking is not for Muslims only. Also note that Muslims also pay tax. But more importantly, Islamic banking is more of an alternative banking option than religious, even though derived from religious principle. If not so, Islamic Finance will not be treated as part of Economics, rather than religious study, in wstern economic discourses/schools. Islamic banking has trascended religion, it's Islam's gift to economics. We should look beyond religion in Nigeria too.

Who's afraid of Islamic banking? A Christian igbo writes: