Let us take a small dive to Wikipedia

", The term “Islamic banking” refers to a system of banking or banking activity that is consistent with Islamic law (Shariah) principles and guided by Islamic economics, "

", Islamic banks and banking institutions that offer Islamic banking products and services (IBS banks) are required to establish a Shariah Supervisory Board (SSB) to advise them and to ensure that the operations and activities of the banking institutions comply with Shariah principles. , "

And yet, some sane people expects the Cardinal to keep quite while Shariah is shoved down the throats of every Nigerian in the name of interest free banking! Don't forget that Islamic banking is against the principles of western banking (Haram). The next thing you will hear is that it is being used as a dialoging tool for Boko Haram. I think we dont need to go far to get their sponsors. Notice that Sanusi had told every ear that cares to listen that his ultimate ambition is to become the next Emir of kano (a top religious leader). I bet he is making the fertile moves already!

As for those drawing illogical examples to prove that many Igbos are Muslims, Let me catch you. Igbos are 99.9% non Muslims ok. Most Igbos you see in the Mosque are there for business in my own opinion.

All these people, Sanusi, Alhaji Umaru Abdul Mutallab, Blair and co that want to islamize Nigeria, May God judge you.

So, if i don't subscribe to shariah law which obviously i don't, Would SLS and his cohorts now tell me that the law doesn't apply to me as a non Muslim just as they did earlier. To be a Muslim(Pledge allegiance to Shariah is not by force).

To be under Shariah under any guise is to be a Muslim discreetly, If Sanusi wants to import some of the letters of Islamic Banking into our own Operation, we'll welcome it. If he wants to preach Islam as the Emir of Kano, we'll listen with a highly filtered ear, If he wants to impose Shariah on us, NO WAY!

Yes,the time has come.These are kind of pple we need in this country,pple who are GOD fearing.I pray and hope islamic banking should be established and effective as soon as possible.

BOKO HARAM OR ISLAMIC BANKING:It will die a natural death just like Sharia, Our God is bigger.We proved it during the last election by kicking out Mohammedu Buhari and his Islamic bigots.Touch you not my anointed, It is time for Sanusi to take a bow and leave ,

much noise have been made regarding islamic banking,while for me i dont find any thing wrong with it after reading a very comprehensive article about it concept and operations, if you will like to read it too please go to www.islamiccenterng.com, in the forum there you will see islamic banking i quess the article will amaze you too.

Hye-Bits:

@enyojo,

Treasures of this world are found in books. Kindly read and research before you flaten a claim.
For your intellectual enrichment, take this.

Persian alchemist by the name of Mohammad ibn Zakaria Razi (864-930 AD). He was born in the city of Ray, south of Tehran/ Iran. He is considered one of the greatest alchemists of all time and his work remained in use for over 10 centuries. He not only discovered alcohol, and the use of alcohol in medicine, but also discovered sulfuric acid. Razi wrote 184 books and articles in several fields of science.

Try to get my point exactly,
The fact that a muslim invented something does not automatically mean you should make a blank statement that 'Islam has given us this and that'.
There are thousands upon thousands of Inventions and Innovations by Christians, does that mean those are 'Biblical' or 'Christian' Inventions? Nope!
Lets not religionalize everything.

Sanusi it will NEVER work in Naija !

Better get it into your skull, NEVER !

It can only work in your islamic northern state when we soon divide.

The Hausa have a universal saying, ‘Gaskiya Daya Ce’, literally translated as ‘The Truth Is One’ or, more correctly, ‘Truth Is Constant’.
How else could one explain Jews fighting on the side of Muslims? For that is exactly what is happening in the Netherlands this week. The Dutch Lower House of the Legislature earlier in the week passed a law outlawing religious slaughter of animals. In effect, there would no more Kosher meat for religious Jews, or Halal meat for Muslims. The Jews are doing the fighting, as Binyomin Jacobs, Netherlands Chief Rabbi, has equated the law to ‘Nazi persecution’ (www.metro.co.uk/news/867866). Interestingly, there are less than 40,000 Jews in Holland, compared to about One Million Muslims. The Nigerian Christian clergy should please fight Rabbi Jacobs for fighting for Halal meat, which is part of the Shari’ah, like Non-Interest Banking.

Back in 2008, it was the Archbishop of Canterbury, Dr. Rowan Williams, who had advocated ‘for Islamic law in Britain’ (timesonline.co.uk/tol/comment/faith/article3328024.ece). In a speech at the Royal Courts of Justice in London, the Archbishop had concluded: “, it seems that if we are to think intelligently about the relations between Islam and British law, we need a fair amount of ‘deconstruction’ of crude oppositions and mythologies, whether of the nature of sharia or the nature of the Enlightenment.
The Nigerian Christian clergy should please use their ‘crude oppositions and mythologies’ to fight the Archbishop of Canterbury for advocating for Islamic Law in Britain, the economic component of which is Non-Interest Banking.

Not too long ago again, it was the Vatican, no less, that put forward the idea that ‘the principles of Islamic finance may represent a possible cure for ailing markets’, in effect advocating for Islamic Banking, the topic of this week’s discourse. In a report dated March 4, 2009 on Bloomberg (bloomberg.com/apps/news?pid=newsarchive&sid=aOsOLE8uiNOg&refer=italy) by Lorenzo Totaro, and titled ‘Vatican Says Islamic Finance May Help Western Banks in Crisis’ it was said: “The Vatican said banks should look at the rules of Islamic finance to restore confidence amongst their clients at a time of global economic crisis. ‘The ethical principles on which Islamic finance is based may bring banks closer to their clients and to the true spirit which should mark every financial service,’ the Vatican’s official newspaper Osservatore Romano said in an article in its latest issue late yesterday.’ Pope Benedict XVI in an Oct. 7 speech reflected on crashing financial markets saying that ‘money vanishes, it is nothing’ and concluded that ‘the only solid reality is the word of God.’ The Vatican has been paying attention to the global financial meltdown and ran articles in its official newspaper that criticize the free-market model for having ‘grown too much and badly in the past two decades.’ The Osservatore’s editor, Giovanni Maria Vian, said that ‘the great religions have always had a common attention to the human dimension of the economy.’”
The Nigerian Christian clergy should please fight the Pope for directly advocating Islamic Banking.

Islamic banking services are available in more than 300 institutions spread over 51 countries, including the United States and the United Kingdom (the same UK of Archbishop of Canterbury and the Anglicans) and Italy (the same Italy of the Pope, the Vatican and Catholic). In the US, the Michigan-based University Bank (universityislamicfinancial.com) leads others in Islamic banking, as well as an additional 250 mutual funds that comply with Islamic principles. In the UK, there is the appropriately-named Islamic Bank of Britain (islamic-bank.com). Islamic Banking is growing at a rate of nearly 20% per year and with signs of consistent future growth. Islamic banking has almost One Trillion US Dollars under management. The UK’s Financial Services Authority, FSA (fsa.gov.uk) says it “welcomes the innovation that Islamic banking brings and the diversity it facilitates, Having access to Sharia-compliant banking products provides financial services to people whose faith prevents them from using the kind of products that are normally offered by UK financial institutions.”

The Nigerian Christian clergy should please fight the Americans and the British to force them to close down their respective Islamic banks.
In the Bible, the only account of Jesus using physical force in any of the Gospels was against usurers and money-changers in the Temple, as reported in John 2:15: “[Jesus] made a whip out of cords and went around driving everyone out, he scattered the coins of the money-changers and overturned their tables.” Jesus was fulfilling God’s command where He says, in Exodus 22:25: “If you lend money to any of My people who are poor among you, you shall not be like a money-lender to him; you shall not

It is sad people just gather information about anything to defend Islamic Banking here. There is this idea I really hate about Muslims that is, they are very fanatical.

The poster above me comment is just too ludicrus!

It's better for Sanusi and co call it what it is: "NON INTEREST BANKING and NOT "Islamic banking"

Religion is a sure canker-worm in Nigeria

I wonder why educated peoole should respond like this. 'Being educated is the ability to listen and gather info on a subject before making unresonable statement. The problem most Nigerians found about this system is the name islamic banking, but they have not gone ahead to research about it. To me its a fine system that will benefit the masses aswell and not just the banks. people should research to know about things before they react, not everything is religious.

DIABOLICAL CAMPAIGNS AGAINST NON-INTEREST/ISLAMIC BANKING MODEL IN NIGERIA

All praise is due to Allah, the Lord of the universe. May His peace and blessings be upon the noble Prophet Muhammad (Peace be upon him), his faithful companions and dutiful followers till the end of time, amin.

The Muslim Congress (TMC) joins other sister Islamic organisations, civil societies and advocates of ethical finance to educate Nigerians and also condemn the diabolical campaigns from few overzealous Christian groups and anti-Islamic media, against the planned introduction of Non-interest/Islamic Banking in Nigeria. It is strange, that these ill-timed campaigns are coming from religious groups, who ideally should be spreading morals, ethical businesses, engendering divine principles and winning souls for God in a perverted society. Despite all odds, we are happy at the informed comments on the matter by eminent scholars like Dr. Ishaq Lakin Akintola of MURIC, Mr. Kamor Disu of MPAC, Dr. AbdulLateef Adegbite (CON), Secretary-General, Nigerian Supreme Council of Islamic Affairs (NSCIA). We also salute the efforts the former Governor of the Central Bank of Nigeria, Professor Charles Soludo, had invested on Islamic Banking Model in Nigeria. May Allah reward you all contributors abundantly.

The series of campaigns against Non-interest/Islamic Banking are pre-planned and organised by coalition of anti-Islamic forces to humiliate Islam and blackmail Sanusi Lamido Sanusi, the current CBN Governor. Alhamdulillah, the Governor vindicated himself and the Apex body he presides over by coming up at the peak of the criticism with a Revised Framework for the regulation and supervision of institutions offering non-interest financial services in Nigeria. The sponsors of the campaigns believe that it is time to marginalise Muslims; to deny them their rights and demonise anything with Islamic colouration since they have their own - Dr. Jonathan Goodluck, a brother-in-faith in power.
The first attack on non-interest banking emanated from a Christian NGO with some fire-brand pastors as advocates; they hinged their arguments for opposing Islamic banking on what they called “illegal redefinition of non-interest banking, introduction of religion into banking, unconstitutional exclusion of non-Muslims from non-interest banking and major contravention of the Nigerian Constitution. In our opinions, the arguments of these overzealous elements are weak and dangerous in volatile multi-religious society like Nigeria. Islamic banking is not being smuggled into Nigeria; it is a working model in all advanced democracies, including America!

The second ill-motivated attack appeared few days later as an editorial in the Guardian newspaper on 8th June 2011 titled “CBN and non-Interest Financial Institutions. The editorial was published to provide media support for the hate theologians and bigots, thereby assisting in poisoning the minds of the general public against Islamic banking and the shared benefits is portends for lovers of Ethical Funds & Investment. Let it be said loud and clear, that the Muslims are not unaware of the anti-Islamic posture of Guardian Newspaper.
The third attack came from the Anglican Bishops of the Dioceses of Nigeria; they joined other propagandists singing the same unpleasant song – Shariah bank! Religious bank!! Islamic bank!!! According to the Anglican Bishop of Enugu, Rt. Rev. Emmanuel Chukwuma, the emergence of a religious bank would definitely pose serious threat to the unity of the country because of its religious connotation. In what manner, we ask the clergymen? Are they bankers or human right activists?

The fourth attack, the most recent and shameful was orchestrated by the Christian Association of Nigeria (CAN) in Delta State on Thursday, June 30, 2001. The demonstrators numbering hundreds of idle, unemployed souls took to major streets in Warri, protesting against the plan to commence Islamic banking in the country. Alas! They did not protest scarcity of kerosene, epileptic power supply, lack of drinkable water, rising unemployment, worsening education system, corruption in high places, need to return the loots of James Ibori et cetera. Yet, they have the gut to call for the resignation of the Central Bank of Nigeria Governor, Mallam Lamido Sanusi, saying he had through the policy encroached on the secularity of Nigeria as enshrined in the constitution. We wish to correct our Niger-Delta bothers that Nigeria is not a secular state, but a multi-religious society that adopted officially three major religions. The Constitution allowed the practitioners freedom of religion, conscience and liberty within the ambit of the laws. Islamic banking has foundation in the Laws of Federal Republic of Nigeria.
The fifth attack came from Archbishop of Lagos, Anthony Cardinal Olubunmi Okogie. He based his attack on the fact that Islamic Banking if established in Nigeria is capable of fueling religious tension in the land. How we ask the Cardinal? Is banking hall a wrestling arena? Are lovers of Islamic banking going to drag unwilling Christians to their bank? Remember Cardinal! Islam made pilgrimage to Mecca a compulsory obligation, but Bible is silent on such practice, it is neither an obligation nor a virtue, but because of jealousy, the Christians lobbied government for support and recognition of its innovative Pilgrimage Jerusalem, and today Nigerian Christians are observing the rites without any hue and cry from the tolerant Muslim population across the 36 states of the federation. The foundation of this antagonism, when viewed critically is intolerance, hidden agenda and hatred for Islam and Muslims by the leadership of the Christians in Nigeria.
We wish to state clearly that mischief makers under the guise of different Christian associations have continued to oppose globally acknowledged Islamic developmental models (like banking, insurance, ethical investment, Arabic language, Shari’ah courts, affiliation with OIC et cetera) for reasons best known to them.
Unwarranted opposition from the Nigerian Christians is perennial, historical and can easily be recounted without stress in retrospect. There was a time in this country, when Nigeria’s membership of Organisation of Islamic Countries (OIC) was put to national debate and discourse. Despite the numerical preponderance of Nigerian Muslims, the government of the day bowed to the pressures and blackmail from the few but vocal Islamophobic elements among the Christian community by dropping the intention. They also lobbied President Olusegun Obasanjo and Professor Charles Soludo to remove the age-long Arabic inscription on the nation’s currency notes without putting it to national debate. We did not complain.
It is also on records that when OIC offered Nigeria non-interest loan for augmenting its deficit budget, the same hate theologians condemned the worthy proposal and discouraged the Federal Government through media outburst and blackmails. Thereafter, Nigeria opted for IMF loan with its killing and inhuman compounded interest. The option of IMF loan worsened the nation’s Public Debt, increased the debt burden and created serious financial crisis. President Olusegun Obasanjo captured the predicament of Nigeria under the peonage of IMF loan and its merciless interest rate thus: "All that we had borrowed up to 1985 was around $5 billion, and we have paid about $16 billion; yet we are still being told that we owe about $28 billion. That $28 billion came about because of the injustice in the foreign creditors' interest rates. If you ask me what the worst thing in the world is, I will say it is interest"! This is partly one of the rationales why Nigerian Muslim like their counterparts globally loathed interest-yielding investment, financial securities and banking; they preferred instead non-interest banking and finance.
We state without apology to any group that Islam abhors interest-based banking and transactions because it is antithetical to the theological foundation of the religion. The Qur’an is the source of divine guidance, which Muslims must follow both in their private and public life, without deviation. With reference to interest, Allah says:

Those who eat interest (Riba) will not stand on the Day of Resurrection) except like the standing of a person beaten by devil leading him to insanity. That is because they say: "Trading is only like interest,'' whereas Allah has permitted trading and forbidden interest. Allah will destroy interest and will give increase for charity. And Allah likes not the disbelievers, sinners.
Qur’an 2: 275-276

The above injunction explains why Islamic banking, economics and finance are permitted in nations like Malaysia, Sudan, Europe, America and other advanced democracies. Islamic banking is taught in first-class universities across the globe and it is a feasible banking model practiced in over 71 countries, even where the Muslim population ratio is small like Britain compared to Nigeria with large number of Muslims. Why then should a tiny group, because its media visibility and mastery of blackmail denies Nigerian Muslims their rights? How is the Islamic banking system a threat to the Nigerian secular status or Christian interest? Are they aware that the regulatory framework for non-interest banking was conceived and initiated by Professor Charles Soludo, former Central Bank Governor because of his exposure and knowledge about Islamic Finance as a veritable alternative to conventional banking model. It was a project inherited and continued by the current CBN Governor, Sanusi Lamido.

Furthermore, it should be emphasized that the Muslims are not alone in their rejection of interest-based banking and all usurious economic activities; it has being an historical issue in most societies and civilisations. The History and Ethics of Interest by A. Birnie reported that ancient philosophers such as Plato, Aristotle, Cato, Cicero, Seneca and Plutarch detested and condemned interest and usurious transactions in strong terms during their days. Evidences of these sentiments can be found during the Republican Rome era, 340 BC, when interest-based transactions were outlawed altogether. Nevertheless, in practice, clever ways of evading legislation against usury were devised by mischievous elements, a situation which lasted till the collapse of the Republic.

To curb interest-based transactions during the period under discussion, the Democrats in Rome rededicated themselves to the cause of the poor masses suffering under the burden of debt cause by excruciating interest rates. Consequently, under the banner of Julius Caesar, a ceiling on interest rates of 12% was set, and later under Justinian interest rate was lowered further to between 4% and 8%. These laudable steps left fertile ground for the organised assault on interest by the Orthodox Church following the Christianisation of the Roman Empire later on. We wonder if the Nigerian Clergymen are familiar with their religious history with regard to fight again interest and usurious dealings. With specific reference to Christianity and Judaism, there are several Biblical injunctions which prohibit the act of giving and collection of interest. God instructed the Jews and Christians thus:
"Thou shall not lend to thy brother money to usury, nor corn, nor any other thing, but to the stranger. To thy brother thou shall lend that which he wanted, without usury: that the Lord thy God may bless thee in all thy works in the land, which thou shall go into posses. (Deut23:19-20).

“Take not usury of him nor more than thou gavest. Fear thy God that thy brother may live with thee. Thou shall not give money upon usury, nor exact of him any increase of fruits (Levit 25: 36-37).”


“If thou lend money to any of my people that is poor, that dwelleth with thee: thou shall not be hard upon them as an extortioner, nor oppress them with usuries. (Exodus 25: 25).”


"And if you lend to them of whom you hope to receive, what thanks are that to you? For the sinners also lend to sinners, for to receive as much… Love ye your enemies: do good, and lend, hoping for nothing thereby: and your reward shall be great, and you shall be the sons of the Highest…" (Luke 6: 34-35)


Building on the authority of the scriptural texts, the Roman Catholic Church had by the fourth century AD prohibited the taking of interest by the clergy; a rule which they extended in the fifth century to cover other Christians. In the eighth century under Charlemagne, they pressed further and declared usury to be a general criminal offence. This anti-usury movement continued and gained momentum during the early middle Ages and reached its zenith in 1311 when Pope Clement V made the ban on usury absolute and declared all secular legislation in its favour, null and void. Unfortunately, the rise of Protestantism and its neo-liberal tendencies subtly and diplomatically encouraged this condemnable phenomenon. This pro-interest position has remained pervasive in the ethics of investment and banking among the Christians until today. The fact is that all the three acclaimed regions-Islam, Christianity and Judaism have undiluted, unambiguous and uncompromising theological foundations that prohibit interest and usurious dealings.

If other religionists wish to bargain their hereafter for worldly gains, the Millions of Nigerian Muslims are eager to do otherwise and therefore seek to put their money in ethical finance acceptable by Islamic standards. The present situation whereby there is no single Islamic bank constitutes a breach of their fundamental human rights as Nigerians. It stands in contradiction to the spirit of Section 38 of the 1999 Constitution, which guarantees freedom of religion and liberty to manifest one’s conscience within the ambit of the laws. Saving in halal (lawful) banks is part of Islamic beliefs and acts of worship.
Based on the forgoing points, The Muslim Congress enjoins Nigerian Christians to be tolerant and objective in their reaction to Islamic norms and ideals. The Muslims in Nigeria genuinely need Islamic banks to purify their wealth, investment outlets and safeguard their hereafter. The fact that others do not need non-interest banking does not mean that they should stand in the way of the Muslims. People read religion into everything but claim that it is not religion when they wish to do mischief.
We describe the statement credited to the Anglican Bishops as insincere, rebellious, ungodly and self-seeking. The threat to go on demonstration if their position is ignored is an indication that they are idle and have abdicated their divine responsibilities of winning souls for God, enjoining what is godly and guiding humanity aright. An idle hand they say is the devil’s workshop.


We therefore call on the Federal Government, ably led by President Goodluck Jonathan to ignore the lobby, ranting and mischievous campaigns of the Christian groups, the prejudiced Guardian Newspaper editorial and threat of idle Bishops and allow CBN to face its statutory responsibilities. We advise that any attempt to deny the Muslims in Nigeria the planned Islamic banking would portray Mr. President as ungrateful to the massive votes given to him by cross-section of Muslims in Nigeria, thus tantamount to biting the fingers that fed him. We also caution the National Assembly, as the representatives of the people, not to allow the voice of some few Islamophobic elements to becloud their reasoning thereby making foil the planned introduction of Islamic Banking in Nigeria. The security agencies must also pay attention to the threat of these elements to go on demonstration as their interest is not at risk. The international community also needs to pay special attention to this ugly development at this auspicious moment when the world is clamouring for peace and mutual respect. What the Muslims are asking for is not a favour but Allah-given right, which is also constitutionally guaranteed and is also in tandem with the United Nations human rights principles of which Nigeria is a strong advocate.
Long live Nigeria Media and Federal Republic of Nigeria!

SIGNED

Luqman AbdurRaheem, MNIM, AMIMC, AMIOE
Amir, The Muslim Congress
[quote][/quote]

To the poster above me! It's like you still haven't understood the state of your country!

To the commenter above me. May be you don't know the direction of the 21st century world economy in this dreaded Global Meltdown. Not all is about religion.

sleekfella:

I wonder why educated peoole should respond like this. 'Being educated is the ability to listen and gather info on a subject before making unresonable statement. The problem most Nigerians found about this system is the name islamic banking, but they have not gone ahead to research about it. To me its a fine system that will benefit the masses aswell and not just the banks. people should research to know about things before they react, not everything is religious.

That is the problem. They just have certificate, no education. A simple matter, that needs rationale and intelligent dialogue or discussion, but 'No' they would rather tow "anti-religious" line. Even at the worst case, of the bank being designed entirely to suit the interest of Muslims, so what the heck is anybody's problem with that. You still have your Zenith, GTB, FirstBank, ETB etc to bank with, why must one Islamic bank be a big headache for you. Nobody is going to force anybody to bank with a shariah bank, it is a matter for choice.

We have Islamic Bank in Britain, USA and many other european countries not to talk of Dubai. No one has raised an eyebrow in Britain or USA, but the reverse is the case in Nigeria!. Sanusi bring it on. There are also catholic operated banks in the south-east, at least we banked with one in Enugu some 3 years ago. It is owned by the Catholic church, and it is operated by the catholic church. So much for tolerance!

Why cant we think as a nation on why we should move forward,we only parade religious zealots in d private and public sector,d purpoted move by dis imam we call Sanusi will ruined the hard earn peace of dis country.D guy is up again to push a Banking system dat will solely finance Terrorist.

When is this man due to leave the CBN? The problem with Nigerians is that they speak, yell, and shout but don't do anything. At the end of the day, he will implement it and there's nothing opponents will do. If opponents act viciously to this none sense of his ideas, I'm sure someone within the Executive and Legislative branch will call him to order.


Everyone saying it's available in the U.S., well I don't recall the fed reserve chairman pushing it and making it " Sharia Compliant". Anyone who has an otherwise opinion should please let me know. Besides, what banks in the U.S. have Islamic banking? I really like to know what banks are these.


I'm not against the concept of "No interest or low interest banking", the term Islamic does nothing but cause chaos. I hope Mr. President is watching as chaos is about to unfold in Nigeria because a man is bent on introducing something the people are not happy with.

because of the word; Islamic, dey dont want it, NOW I KNOW WHERE THE TRUTH IS

if there is Islamic banking and the christian has Christianic banking. will Sanusi kick against it? if YES we dont want it,if NO, bring it on.


All evidence of kicking against Islamic banking hav not been proove to me. we all saying wat is not relevant to the topic thereby diverting the country on religious issue. there is law dat guide dis. i tink we should look into dis in the court of law.

To the commenter above me. May be you don't know the direction of the 21st century world economy in this dreaded Global Meltdown. Not all is about religion

What's the direction of 21st century that favour non profit making bank. Islam is becoming synanimous with terrorism in Nigeria. If you have travel over the shores of Nigeria you will understand what this is constituting for a nation like Nigeria. It's easy to dismiss things like this based on what you think is rational. May there the 21st century don't operate like that.

Remii: that is the plain truth, some people dont care to find fact relevant to anything, they are just tribal or religious blind. some would not even touch bible written in arabic, yet they blame the almajiris.
Imagine people who have PhDs from good universities but are unable to discuss issues without dogma?

You will be the first to cut off such christians heads,just like how you did to Gidieon in kano,and innocent Malaysian christians simply because they call GOD allah.
Yes if the banking system may have great advantage,but watch out,THERE IS A DANGEROUS HIDDEN AGENDA BENEATH. Religiouswise the country is not stable,so why bringing up such issue now.

It will be very civilized to indict this CBN governor!

Now d profe C 4 d division of naija is @ hand
oh yes i c it hapunin
2015 ha ha ha ha

Islamic banking, no interest banking. Hmnn.  Na wa o   I expressed shock because some people are using religion to exploit others here. How can you establish a biz and you say "No interest biz"? Then why is it a biz? . From what source will the workers be paid? What about the building and furnishing and other administrative and logistic aspects? Some people are definitely exploiting some people's religious naivety here.

But if I may ask, where will the money to be invested in the bank (without interest) come from? Without thinking far,  the money being invested in the no interest bank came from an interest biz (buying and selling with interest or services with interest). Is this not hypocrisy of the highest order?  How can you drink dog pepper soup and still say you don't eat dog meat?

Okay,since it is a sin for a muslim to collect interest on money deposited in a bank, it is also a sin for a mallam suya to buy a cow, make suya from it and sell the suya to make gain(interest). Furthermore, the mallam suya should not deposit the money in the bank because it came from a transaction with interest. Chikenan  . So, for those who love suya, I permit you to go to the nearest suya spot and buy suya at no interest. If the mallam talk, just tell him you are doing no interest trade. Period.

From my heart of heart, I am convinced that some people are looking for money to do biz and they don't want to pay interest to those they collected money from. This is stealing by trick in the name of religion! . This is monkey and baboon biz. Nigerians should shine their eyes.

Y has some pple developed thick skin to issues when it borders on religion, is it d religion u hate or the programmes that emmanates from such religion.
Most of my xtian bro & sis. never keep an open mind when it is islam. How can any one ever make a meaningful argument for or against something u no nothing abt. Most pple do not realise that there is good in knowing something abt everything. The crux of islamic banking is simply saying dat go borrow money to start sumpn and do not be worried abt interest payment. Borrow money at no interest at all. Hmm, my pple may u not be enemies of progress.

From my observation and understanding of the two religion, it seems dat islam accomodates more of xtianity than xtianity accomodates islam

Y has some pple developed thick skin to issues when it borders on religion, is it d religion u hate or the programmes that emmanates from such religion.
Most of my xtian  bro & sis. never keep an open mind when it is islam. How can any one ever make a meaningful argument for or against something u no nothing abt. Most pple do not realise that there is good in knowing something abt everything. The crux of islamic banking is simply saying dat go borrow money to start sumpn and do not be worried abt interest payment. Borrow money at no interest at all. Hmm, my pple may u not be enemies of progress.

From my  observation and understanding of the two religion, it seems dat  islam accomodates more of xtianity than xtianity accomodates islam

Are you sure the highlighted is the crux of the matter? What of the aspect that says that a real muslim is not supposed to collect interest on money deposited in the bank, that that is ursury and is a "sin"? Okay, why not just call ethical fund and make a branch/department of an already existing bank? Why tag it Islamic banking if you don't want any body to look at it from the religious angle?

all the big big grammar is to justify Sanusi's Religiously motivated banking system right? mschew, he have over stayed his welcome and should be shown the way out of CBN gate , kagani.

Rgp92:

WTF is this bullsh,it list ?? You dont know what you're talking about :/

w what is ur own he has proved where muslims in the world has help. Us and Uk are using Islamic banking now so what is our problem? Think M U M U

I wonder why on earth some Nigerians are trying to point out loopholes in Sanusi's Islamic banking system. First and foremost let them stop being prejudiced. instead, let them try to observe the facts on ground. I believe that's the ethic that goes with anyone who called himself educated and civilized. If we all read, listen and watch the media, we should know about the economic down turn now going on in the western world and some other countries across the globe, which led to the collapse of so many interest-operated banks. But surprisingly, the Islamic banks in Malaysia were not affected-can somebody tell the reason why? More so, just recently the Vatican called on the European countries to emulate the banking system mode of operation as practiced in Malaysia-that's the Islamic banking system!, and here in Nigeria some ignorant Christians are trying criticize its institution blindfolded. Read and make researches before making a fool of yourselves, please.

Why all the noise bout Islamic Banking?The matter on ground is a thing of choice.It's either You bank with it or you go the conventional way.Islamic Banking does not mean the dearth of the conventional ones(it may if they don't put a stop to their sharp practices).I'll advice the noise makers and intolerant religious bigots,to really educate themselves how the system operates before spewing diahorea from their mouths.If it's Islam,then these Idiots believe it's wrong,even a whole cardinal,who knows the inherent benefits of the system,condemned it vehemently,because it has a religious affiliation.
Islamic Banking has been whole heartedly embraced in Britain,and is being embraced by our christian brethren.Ask HSBC and the likes

Tell HSBC we don't want it in Nigeria! Stop insinuating what you don't have ideal off. Islamic Banking is a Sharia banking system period!