Kx:

A good product sells itself.

Why is Sanusi fighting so hard to justify his bokobanking, islamic banking??

Because bigots like you are associating the word 'Islam' with boko haram and destruction.
There are many Muslims that have abused their religion and distorted it to give credence to their violent ways. There are also many others that will not countenance violence.

rhymz:

If I were you, I will do a thorough research before jumping on the non-interest islamic banking poo. First, nobody, group or region is against islamic banking or whatever the name they call it. The problem is the unconstitutional manner our bigoted CBN governor is going about it.
1. Nigeria is a secular state governed by a secular constitution which is supreme to any other laws ob the land.

rhymz:

3. With the above said, why the need to set rules and regulations for the operations of islamic banking- one of the models of non-interest banking-different from the already existing laws that guards all forms of non-interest banking.
4. The Practise of Islamic banking can only be possible in Nigeria after the NA must have rectified it that it should have rules and regulations different from what is already existing-trust me bro, that aint never going to happen as it will contravene certain provisions of the constitution that excludes the participation of any religio in state matters plus the implication of allowing such will be dentrimental to the unity of this country.

rhymz:

5. Islamic banking operates under the principles of sharia which our constitution does not recognize in this regard. Besides these laws are very discriminatory, for example each of this banks will have an islamic council who will be responsible for decisions taken by the banks and only muslims with islamic banking expertise will be on this council, what about Nigerians who are not muslims but wants to participate?
6. There is also the issue of moral rectitude and equality, if only muslims will be allowed on the council or management board of these islamic banks, will it be fair for a nuslim to be on the management board of conventional banks who collect the forbidden riba that is the reason for the islamic banking in the first place? Why will you discriminate  against me from participating on the management of your banks only to be in the mangement of the banks you claim collect riba and commit sins? Is that not double dealing?

rhymz:

  Do you even understand how this claims of non-profit collecting works? The only difference I see is what they choose to call it, while conventional banks will say interest, islamic banks will collect marked up commissions may small though.

rhymz:

 Finally, do you know the security risks of letting these kinds of banks to start shop in Nigeria? Do you know that the sharia laws under which its operations are anchored does not allow disclosure of account holders information to authorites? Imagine, in these days of terrorism and bokoharam in the north. God forbid that kind thing for here abeg!

Moral issues have no say here. This should not be turned into an 'us against them' issue. Wetin concern me if white man no dey board of Ebony, BET and FUBU? Grin. The core benefit is bringing islamic compliant banking to the 'unbanked', which is bound to be positive for our economy. I am not an economics genius and so i remain bitterly dissapointed in most of you NL commentators that leave any economic +ves and -ves and jump straight into bigoted and intolerant views about Islam.

Any lingering moral issues or doubts are what I expect the leadership of CAN or any other aggrieved body to thrash out in discussions with Sanusi instead of this cheap battle on Newspaper pages.

sirjec:

Whatever it is that is called islamic banking should go to hell. I do not believe in Islam, so why should I belive in Islamic banking. If as a Christian I use islamic bank then what are we saying? Look Muslims would not have allowed this. Why did the muslims protest during 2007 census that the religio shouldnot be included? Because they know the Christians are more than the muslims. Why do the muslim states not allow churches to be inside the gates? Now they want to enact such law here. England and Malaysia is not Nigeria. We are religious here and we are ready to fight for our religion. The law should ot establish anything islamic bank unless they are doing it for muslims alone. We Christians don't want to use a bank called Islamic bank. Is this Sanusi dumb? If he wants non interest banking, Must the name be Islamic Bank? I once said that even Christian religion recognises non interest form of banking, so why can't the name be something different in Nigeria even if it is called Islamic banking in other parts of the world? We should respect everybody's feelings and religion.

Fulanee:

Leviticus 25:35-37: "If one of your brethren becomes poor, and falls into poverty among you, then you shall help him, like a stranger or a sojourner, that he may live with you. Take no usury or interest from him; but fear your God, that your brother may live with you. You shall not lend him your money for usury, nor lend him your food for profit." I believe we share the same belief on interest then.

Fulanee:

Leviticus 25:35-37: "If one of your brethren becomes poor, and falls into poverty among you, then you shall help him, like a stranger or a sojourner, that he may live with you. Take no usury or interest from him; but fear your God, that your brother may live with you. You shall not lend him your money for usury, nor lend him your food for profit." I believe we share the same belief on interest then.

Abeg,leave this Sanusi alone, The CAN should sit down and study how they can start there own Christian banking too, They shouldnt be jealous of Islam.What do they do with the Monthly 10% tithe they collect from their congregation, ? No be to buy Private Jet and luxury houses abroad, Who is Fooling who? enough is enough JARE

The 'Tittle' alone disgusts me, Why not 'Non Interest Bnk Nig Plc' or something else other than this Islamic ish, The motives are right but it does not in anyway conform with our national or religious unity with that kinda of segregral name.

trimwis:

Nice post help me tell them. The moslem are coming together to help themselves why we christian are beefing around town!! lets pressurize our PFN, CAN,BISHOP AND PASTORS to do the same so we can have our own bank.

your problem is just the word islamic banknking, guys wake and lets face fact we need interest free loan

SANUSI WE DID NOT ONLY NEED ISLAMIC BANKING WE ALSO NEED ISLAMIC ELECTRICITY

Bokoharam spy on Nairaland!!! Why dint he call it something else with a country like ours? Must it be Islamic Banking, The reasons are enormous and it must conform with out national unity. Let it be named after its pupose. 'Non interest Bank of Nig or something, Stop the religious ish and be subjective here.


I heard Bokobrutalanimals are deeply rooted everywhere but leme sound this as a warning to you. If you a spy because Seun cant be intimidated by you guyz and all nairalanders wont fall for your antics.

Bokoharam spy on Nairaland!!! Grin Grin Grin  Why dint he call it something else with a country like ours? Must it be Islamic Banking,  The reasons are enormous and it must conform with out national unity. Let it be named after its pupose. 'Non interest Bank of Nig or something,  Stop the religious ish and be subjective here.


I heard Bokobrutalanimals are deeply rooted everywhere but leme sound this as a warning to you. If you a spy because Seun cant be intimidated by you guyz and all nairalanders wont fall for your antics.

hello all,
i work within the financial sector of the economy and i am a christian.
sentiments aside; the non - interest banking has some good points - charges would still be collected but its a good way of promoting small businesses if properly done.
however, running a nation is not only on the basis of economics.
as the cbn gov; he is doing his job by promoting what he thinks is best for the economy. i don't agree with him; i believe he is too confrontational and ought to be an adviser to the cbn gov and not the cbn gov himself.
however, i still maintain he is doing his job; me thinks the job of deciding whether this country needs this now at this time is for the executives. surprisingly; for a policy that could split this nation; the govt seems to be silent - which i think signifies ignorance or pure fear.
Nigeria as we are - if we are to be sincere with ourself - cannot implement non interest banking now. we are too divided along religious lines. the countries where this is being practised are either core Islamic states or developed states that the fear of religious war is not as high as Nigeria. when these Islamic banks open; i fear a lot of Muslims would suddenly feel its a sin to bank with the conventional ones in place now; either for fear of boko haram or being labelled infidels. when zamfara started sharia law years ago; many other states rushed to join, not because they support sharia really - 100% but because the leaders realised that this is the best way to win the heart of their people. this country still has a lot of way to go. there are so many policies and programs this cbn gov is bringing. some quite good; but are the structures in place. i don't think so and the executives who could have called him and silently asked him to take it easy are busy doing what??. it shall be well with us in this country. nice day

You are an incoherent lunatic, Who jumbles his words in a desperate attempt to seem intelligent. If you weren't such a simpleton You would know that both your spellings and my spellings where correct! Ever heard about American and British spellings? As for none-interest and non-interest tell me you haven't made a typographical error b4 and then, I would know you are not an imbecilic slowpoke or probably a human with the brain of a zygote s.perm cell ! I cant believe people as dumb as you still exist.

I think the word 'Islamic" just puts a lot of people off so they fail to see the other side of the argument. This is basically interest-free banking. The CBN act provides for it so I wonder why even learned people are throwing stones at Sanusi (I agree though that Sanusi is a very sturborn guy- he shoudl simply stop reffering to it as islamic)


Non interest banking is for everyone, especially the low income bracket- I'm fully and proudly Christian but I wouldnt hesitate to take advantage of it when it comes- another thing is its fully OPTIONAL. So u can still choose to use our 'darling' cmmercial banks who give loans at over 50% interest (you heard me right- OVER 50%. unfortunately most of us dont see the hidden charges)

Commercial banking in Nigeria has FAILED. Period! banks are meant to grow the economy but our banks just create large livestyles for a few indivuduals at the expense of the rest- how else do a explain banks carrying toxic assets in $Billions while even SMEs cant get financing?HuhHuhHuhHuh?

texazzpete:

See these attached files? HSBC has no qualms in using the terms 'Islamic Banking' and 'Shariah compliant' to describe their islamic banking services.

So apparently Nigeria is a more secular nation than the UK.

Another point often raised is that Nigeria is too deeply divided along religious lines. Well, the UK had the underground bombings by Al Qaeda, no less, with many Al Qaeda affiliated cells in hiding around the country. Yet Islamic banking goes on as planned.

HSBC is not a country, they are a purely profit driven enterprise. If Islamic banking was not a success for them, would they still be running with it?