I see you're hell bent on holding to your opinion irrespective of a superior argument so i'll just let you alone.FYI,I did not vote anyone in if that's where you're driving at

Jonathan wi are waitin 4 ur ÂCTIOÑ

I'd strongly urge you to restrain yourself & stop making 'brainless' comments.You sit in your little corner halfway round the globe & pontificate on issues you know next to nothing about.All these arm chair professors sef.If you've ever lost a loved one or had your house razed to the ground or that beautiful Range you worked so hard to buy set ablaze with you only managing to escape by the skin of your teeth you'd have a different impression when anything with the Islam appendage is mentioned.

So Automatically All Muslims are now terrorist,what would you have called Christian during time,people were killed under the crime of "Blasphemy." i think you are narrow minded,texazpete is right,no one here has provided a logical reason why Islamic Banking shouldn't be allowed other than the fact it has Islam Appended to it. I support Islam Banking and i don't approve of Boko Haram and Religious Killings,If you think Islam is the religion that has killed in God's Name maybe you should re-research your Religion,cuz Chirstains(Catholic and Protestants have sheded lots of blood).so should i now kick against the idea of Christian Banking.

NOTE: i am a Christian,

Young man i'm not interested in your history lesson.I'm talking about the now not some 16th century hogwash you're trying to introduce into the discourse

Young man i'm not interested in your history lesson.I'm talking about the now not some 16th century hogwash you're trying to introduce into the discourse

Let's make a clear distinction,BOKO HARAM is a terrorist group which happen to be sect of Muslims,so it doesn't brand all Muslims as the Enemies,we should focus on anger on Boko Haram not Islam. i understand you would be angry with anything Islam after losing such properties or loved ones.

"Uneasy lies the head that wears a crown." - Shakespeare's Henry IV. Part II, 1597

i tink we as a nation our view matters most, concerning this issue of islamic banking we should not be indefferent cos over 70 countries are currently runing this system. tanx to God some totable Nigerians like Wela OK this system,so why don't we put sentiment aside and be focos on the trend for development,if the Name slamici s the problem, i tnk if there's a room for Christain banking Alhaji Sanusi give to them for peace.

Does anybody wonder why all the fuss about islamic/sharia banking when it has been on the book even during the Soludo years, and for the past one of Sanusi's tenure?
The reason is simply: Mallam Sanusi is promoting it against other regular types of banking most of which he has repeatedly attacked from ethical, social, and religious perspective from day one.
Once again, do we really expect any better from a CBN governor whose only postgraduate education was in Islamic studies

cold:

I see you're hell bent on holding to your opinion irrespective of a superior argument so i'll just let you alone.FYI,I did not vote anyone in if that's where you're driving at

What 'superior argument'? If you call that a 'superior argument' then i'm genuinely sorry for you.

naijaking1:

Once again, do we really expect any better from a CBN governor whose only postgraduate education was in Islamic studies

Would it have made you happier if he had his degree in Bible studies?

texazzpete:

What 'superior argument'? If you call that a 'superior argument' then i'm genuinely sorry for you.

Would it have made you happier if he had his degree in Bible studies?

If our chief economist had his degree in some advanced economic topic such as Industrial, agricultural, microeconomics, or even international economics, we wouldn't be chasing him around from one religious issue to another-------can't you see the difference here
CBN governors are usually academic, cerebral, and quite informed. You can't say that for our barely-educated-local-market-performer of a governor.
Just look around you and stop being biased, which other CBN governor ever see himself as part social reformer, commentator, and religious leader

texazzpete:

What 'superior argument'? If you call that a 'superior argument' then i'm genuinely sorry for you.

Sigh!Once again let me reiterate unequivocally & categorically just in any event it flew over your head the first time.I have absolutely no qualms with Islamic banking or non-interest banking whatever pseudonym they choose to call it after all it is supposed to bring in much needed investment into the country.The scepticism a lot of people have with this project is based on fear as a result of deeply entrenched acrimony following years of religious strife which has seen some of the most brutal & gruesome murders known to man committed for the sake of religion.Thus anything with a religious tag is viewed with suspicion.
If this is too difficult for you to grasp,i'm sorry I can't help you

With keen interest, I've discovered that Islamic system/structure is good within its borders! But once it goes beyond its borders, it becomes violent and intolerable!
Islamic banks will definitely ask non-muslims in naija to convert to muslim before getting loan. So I'm against it.

mkpologwu:

With keen interest, I've discovered that Islamic system/structure is good within its borders! But once it goes beyond its borders, it becomes violent and intolerable!
Islamic banks will definitely ask non-muslims in naija to convert to muslim before getting loan. So I'm against it.

The worst fear is that these banks will be run to the ground and bailed out every year with tax payers fund and possibly by other "profit-making" banks.
The same way sharia states reject alcohol on one hand and with the other hand take their share of revenue from alcohol profits. Inconsistent religion I would say yes, and YES

Nigeria is a very sensitive society and volatile when it comes to the issues of religion. We have had enough of religious turbulent in this country, many lives have been lost, many maimed for life, and the issues of Boko Haram are there unresolved.
Sanusi as Chief boss of CBN can institute banking policy for Interest-Free loan just as micro finance banking; must it be Islamize for heaven sake before it works in Nigeria?
We need peace in this country and any thing that will heat the policy must be avoided, this is the wisdom GEJ is trying to display.

mkpologwu:

With keen interest, I've discovered that Islamic system/structure is good within its borders! But once it goes beyond its borders, it becomes violent and intolerable!
Islamic banks will definitely ask non-muslims in naija to convert to muslim before getting loan. So I'm against it.

I'm yet to see where exactly it says that all Nigerians are being forced to take loans from Islamic banks. If the conditions to getting a loan are too steep for you, they may be favourable for others. So do us a favor and keep quiet so the others who would like it will enjoy the benefits.

cold:

Sigh!Once again let me reiterate unequivocally & categorically just in any event it flew over your head the first time.I have absolutely no qualms with Islamic banking or non-interest banking whatever pseudonym they choose to call it after all it is supposed to bring in much needed investment into the country.The scepticism a lot of people have with this project is based on fear as a result of deeply entrenched acrimony following years of religious strife which has seen some of the most brutal & gruesome murders known to man committed for the sake of religion.Thus anything with a religious tag is viewed with suspicion.
If this is too difficult for you to grasp,i'm sorry I can't help you

Perhaps we should just ban all religions and abolish all ethnic groups in Nigeria. That's the surefire way to avoid strife. Agreed?

naijaking1:

The worst fear is that these banks will be run to the ground and bailed out every year with tax payers fund and possibly by other "profit-making" banks.

Whenever some of us angrily lambast GEJ for using our tax money to sponsor and pamper groups of criminals all in the name of Amnesty, i've never seen you in our ranks. Now all of a sudden you're concerned with misuse of taxpayers funds?

Sanusi has thrown down the gauntlet- go to court if you think Islamic banking is illegal. That is what aggrieved groups should be doing instead beating a dead wood.

For those blaming GEJ, what do you want him to do? It is not GEJ job to stop it so long as it is not causing any problem for the country. It is a legal matter. Go to court for interpretation of the legality of the bank if you are not sure.

Dear compatriots,
Lets clear some very important misinformation on this thread:

1. Professor Soludo was the Governor of CBN who gave ISLAMIC BANKING LICENCE to Jaiz International Bank not Sanusi.

2. Associating Islam as violent is TERRORISM and ISLAMOPHOBIC; and so, dangerous. This actually lead to the pogrom on JEWS in EUROPE in the first halve of this year.

3. If you insist on associating Islam with Violence, then based on available facts, Christianity (The Religion of Paul) is the most violent religion known to man from its inception. In fact Christians have been responsible for killing more people of the world in the last 50 years than Muslims in multiple of hundreds. If you are in doubt, consider REWANDA (N1million), Iraq (1million) and Afghanistan/Pakistan (Over 100,000). Bush, a strong Christian, was quoted several times that he had Godly/divine task of eliminating Evil before lying to kill people in Iraq.

4. I believe this world is big enough for us to respect one another and live peacefully without little prejudice. Hatred and Prejudice breeds suspicion and bad blood. Live and Lets live!

5. Lets debate ISLAMIC BANKING ON ITS ON MERIT.

6. Whether we like Islam or not, it would outlive all of us.

What is Islamic banking?

Scholars have seen Islamic economies as part of dynamic and universal ways of life that promotes social interaction at the highest possible level. It says that wealth must be distributed in ways that earn pleasure of the one who provides it and prohibits earnings like return of interest or sale of immoral products and services.

Islamic or non-interest finance focuses on the existence of a real and tangible asset. The rental of money (interest), the trade of currency for anything except at par, is not permissible as it is seen as exploitation to some of the parties in the transaction.

Features of Islamic Banking

The philosophy of the Islamic financial institution is based on religious injunctions preached by all monotheist religions including Hinduism, Christianity and Islam. It prohibits usury, gambling, cheating, among others.

1. Prohibits predetermined payment over and above the actual amount of principal.

The concept allows only one kind of loan whereby the lender does not charge any interest or additional amount over the money lent. This prohibition applies to any advantage or benefits that the lender might secure out of the loan. It emphasises that associated or indirect benefits are prohibited.

2. The lender shares in the profits or losses

It encourages Muslims and other people to invest their money and to become partners in order to share profits and risks in the business instead of becoming creditors. Islamic finance is based on the belief that the provider of capital and the user of capital should equally share the risk of business ventures, whether those are industries, farms, service companies or simple trade deals.

3. Making money from money is not acceptable

Islamic financing sees money as only a medium of exchange, a way of defining the value of a thing; it has no value in itself, and therefore should not be allowed to give rise to more money, via fixed interest payments, simply by being put in a bank or lent to someone else.

The human effort, initiative, and risk involved in a productive venture are more important than the money used to finance it.

4. Uncertainty, Risk or Speculation are prohibited

Any transaction entered into should be free from uncertainty, risk and speculation. Contracting parties should have perfect knowledge of the counter values intended to be exchanged as a result of their transactions.

Also, parties cannot predetermine a guaranteed profit. This is based on the principle of ‘uncertain gains’ which, on a strict interpretation, does not even allow an undertaking from the customer to repay the borrowed principal plus an amount to take into account inflation. The rationale behind the prohibition is the wish to protect the weak from exploitation.

5. Investments should only support practices or products that are not forbidden

Trade in alcohol, for example would not be financed by an Islamic bank; a real-estate loan could not be made for the construction of a casino; and the bank could not lend money to other banks at interest.

Advantages of Islamic banking

Islamic finance forges a closer link between real economic activity that creates value and financial activity that facilitates it.

Islamic finance does not allow creating new risks to profit thereby.

Islamic finance is global and cosmopolitan.

Islamic finance is open to any innovations that are in congruence with its fundamentals.

It is not a closed system. It has no regional, ethnic or class affiliations.

Islamic banking and the finance industry is growing at an annual rate of 20 percent. Many international as well as local institutions have stepped into this multi-billion dollar booming industry by establishing its Islamic wings and units.

The underlying principle of Islamic banks is the principle of justice which is an essential requirement for all kinds of Islamic financing.

In contrast with conventional finance methods, Islamic financing is not centered only on credit worthiness and ability to repay the loans and interest; instead the worthiness and profitability of a project are the most important criteria of Islamic financing while the ability to repay the loan is sub-segmented under profitability.

One of the unique and salient characteristics of Islamic banks is the integration of ethical and moral values with its banking operation.

We dont need Islamic banking at this time.

Please let read by it and stop saying what you d not know.whether we like it or not we have good ideal on our table. Read this from Germany


German Bank Offers ‘Islam-Compliant’ Investment

John Rosenthal
February 7, 2012 1:44 PM

Last month, German bank WestLB rolled out a new “Islam-compliant” investment product named the Islamic Strategy Index Certificate. The value of the certificate is based on the value of the WestLB Islamic Deutschland Index, consisting of shares of ten German firms “whose business activities are consistent with the ethical rules of Islam.” The WestLB product prospectus explains that the Islamic Strategy Index Certificates “are certified by the Central Council of Muslims in Germany as Islam-compliant [Islam konformes] investment.” The Central Council of Muslims in Germany is an umbrella group of twenty-two Muslim organizations.

The prospectus goes on to explain that “for the selection [of stocks] it is in principle not permitted that the business activity of the chosen firms involve interest-bearing financial services or derivatives, insurance, alcohol, tobacco, pork, armaments, gambling, gold and silver hedging transactions, or the entertainment industry.” The firms making up the Islamic Deutschland Index are some of the biggest names in German industry, including the sporting goods manufacturer Adidas, the engineering group Siemens, the software maker SAP, the chemical giant BASF, the pharmaceutical company Bayer, and the energy companies E.ON and RWE. Deutsche Post, of which the German state remains the principal shareholder, also forms part of the index. In addition to providing postal services in Germany, Deutsche Post is the parent company of the international package sender DHL.

According to Frank Haak, WestLB’s managing director for equity markets, three scholars undertook the certification of the product on behalf of the Central Council of Muslims in Germany. Germany’s Islamische Zeitung – “The Islamic Paper” – names the three scholars as Mufti Abdul Kadir Barkatullah, imam of the Finchley Mosque in London, Sheik Haytham Tamim of the Utrujj Foundation in London, and Michael Saleh Gassner, an Islamic Finance expert from Zürich. Regarding one of the firms in the index, the Islamische Zeitung ironically remarks, “it must have escaped the attention of the financial scholars that ThyssenKrupp, by virtue of its participation in…ThyssenKrupp Marine Systems, counts as one of the most up-to-date producers of maritime military technology.”

The investment also involves a charitable component: whereas 95 percent of yearly dividends are to be reinvested, five percent are to be donated by WestLB to a charitable organization. According to the Islamische Zeitung, citing WestLB’s Haak, the beneficiary is to be chosen by the Central Council of Muslims in Germany.

John Rosenthal writes on European politics and transatlantic security issues. You can follow his work at www.trans-int.com or on Facebook.

This is to tell you that its a good ideal