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State Of The Union - Politics - Nairaland

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State Of The Union by eKWutoZiaM(m): 3:55pm On Jun 27, 2011
Islam Banks In Nigeria

The Central Bank of Nigeria has finally made good its plan to licence Islamic banks in Nigeria. It has also placed a capital bottom-line of 10bn naira on it. In my opinion this is a welcome development, considering what the gains accruable from the bank are. According to how the Islamic Bank operates, loans can be taken and paid back at zero interest. This will in no small way help people who are entitled to such loans to have access to credit to start business and not crumble under the heavy interest rates that conventional banks demand.


Read the rest of this here ---> http://wordofmonk./2011/06/27/state-of-the-union/
Re: State Of The Union by OAM4J: 4:02pm On Jun 27, 2011
Are these loans really interest free? or the interest is only called another name and charged in a different way.

How does the bank make profit, pay salaries and maintain itself if it really doesn't charge interest?

Let's not deceive ourselves.
Re: State Of The Union by eKWutoZiaM(m): 4:05pm On Jun 27, 2011
Sir, even conventional banks dont make money only from the interests they get from loans given out. A bank doesnt need people to take or pay back loans before the pay staff. Banks majorly make money from investing money kept with them.
Re: State Of The Union by warrior01: 4:11pm On Jun 27, 2011
@ OP
Sharrraaaaaaap there. what do you know? why did they incorporate sharia regulations into it?  why incorporating religion into it if not for ulterior motive bearing in mind that Nigeria is a secular state. I think you are a real efulefu.
Re: State Of The Union by eKWutoZiaM(m): 4:13pm On Jun 27, 2011
, you are now acting like Sharia law doesnt exist in Nigeria already. If you borrow money from them and you refuse to pay back, maybe you deserve whatever it is you get from Sharia law.
Re: State Of The Union by OAM4J: 4:15pm On Jun 27, 2011
eKWutoZiaM:

Sir, even conventional banks dont make money only from the interests they get from loans given out. A bank doesnt need people to take or pay back loans before the pay staff. Banks majorly make money from investing money kept with them.

Banks make the bulk of their profit from interest on lending.

Have you really studied the operations of Islamic banks and how exactly they handle these "interest free" loans?


warrior01:

@ OP
Sharrraaaaaaap there. what do you know? why did they incorporate sharia regulations into it?  why incorporating religion into it if not for ulterior motive bearing in mind that Nigeria is a secular state. I think you are a real efulefu.

Please take it easy and lets avoid insults. The OP sounds like a real gentleman.
Re: State Of The Union by warrior01: 4:18pm On Jun 27, 2011
Are you really a slowpoke or you just decide to sound like one? So we should keep on tolerating all the absurdities all in the name of one stupid Nigeria that has nothing to offer my children and children's children? So I should open my eyes and let soap enter? guy, abeg park well for one side
Re: State Of The Union by OAM4J: 4:19pm On Jun 27, 2011
eKWutoZiaM:

, you are now acting like Sharia law doesnt exist in Nigeria already. If you borrow money from them and you refuse to pay back, maybe you deserve whatever it is you get from Sharia law.

I actually have no problem if it's a bank of the Muslims for the Muslims and by the Muslims. If Christians or other religions want same, let them start their own banks.
Re: State Of The Union by warrior01: 4:28pm On Jun 27, 2011
[/quote]I actually have no problem if it's a bank of the Muslims for the Muslims and by the Muslims. If Christians or other religions want same, let them start their own banks.[quote]

your assertion will only lead to chaos cos other religions and weird groups will start demanding for their own banks and ways; and that is the major reason why Nigeria is a secular state and you can't give any group preferential treatment. If the CBN feels we need an interest free bank, then, religion in any garb should not be incorporated into it.
Re: State Of The Union by OAM4J: 4:52pm On Jun 27, 2011
I dont see any chaos here. If other religions/weird groups have the capital and they think they can run/manage a bank, let them have it. Banking its a business.
Re: State Of The Union by warrior01: 4:58pm On Jun 27, 2011
my dear, it is not as easy as you are making it sound. we all know Nigeria and it is better not to start something we can't finish.
Re: State Of The Union by Lucifa2015: 5:14pm On Jun 27, 2011
ermmmm, Pandora's box
Re: State Of The Union by Kasiem2: 5:27pm On Jun 27, 2011
@OMA4J,
The christians dont have any problem with the decision, but, u mustn't be ignorant of the volatile situation of nigeria; also the low mentality of this muslim. Again, it's biased to use the tax payers to fund what will benefit a section of the country.
Re: State Of The Union by OAM4J: 5:37pm On Jun 27, 2011
Kasiem2:

@OMA4J,
The christians dont have any problem with the decision, but, u mustn't be ignorant of the volatile situation of nigeria; also the low mentality of this muslim. Again, it's biased to use the tax payers to fund what will benefit a section of the country.

Tax payers fund? where did you get that from? It is a wholly private owned bank. No public investment on it at all.

BTW, am not a Muslim o, so its not that am protecting this for personal gain.

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