ss007, so Islam support suicide bombing, dsrupting the nation, mass killing and ultimately violence and war? what does ur religion preach?

"the guidelines issued by the CBN for the operation of Islamic banking stipulated that no form of discrimination would be allowed in terms of employment, structure and transaction"

So yes, Christians can seek employment in Islamic banks or banks that operate Islamic finance divisions. Also Christians can obtain loans and financing from Islamic banks  

When is Nigeria organized to that extent? It is as if you are talking to non- Nigerians.

I can see the problems which will arise from this Banking system:

1. Over-subscribing to loan - it might run out of fund.

2. Estremists probably will kill non-Muslim for this in the North(terming as infidel taking loan from Islamic Banking - more or less like blaspheming).

3. The Sharia laws are to be followed, which is against other people religion in a country like Nigeria with different religions and very sensitive to how they are observed .

4. How the banking system can survive in an economy and system like Nigeria has not be explained to the people only the benefits that come with it have be well talked about.

5. Is the term used, Islamic Banking, in the developed countries they operate because I haven't seen that yet. HSBC only use the system and term in Islamic countries.

6. The reason why the Bank can not be termed Interest-free Banking is biased with religion tune.

7. There is no benefit of doubt this  Banking system will make Nigeria to be a developed nation.

8. The bank can easily be used by Boko Haram to exploit avenue to ferment religion troubles. Widrawing 150 thousand Naira by 20 estremist members(2.5million Naira) can pay for a single suicide bomber. It might not be tantamount to ordinary man observation but it is very potent observation.

9. Why is Sanusi so much forcing the idea into Nigeria when we all know that is like drop in the ocean when it comes to development of the economy. 150 thousand naira will not purchase anything for the ordinary man to work with. Excepting if you want every poor Nigerians to become hawkers on the street and contributing nothing tangible to the macro economy.

10. Don't be fooled by the Banks are in the developed countries but forget  to know that they are not implemented into their banking system.

11. Many people will borrow the loans to buy home appliances which will yield no profits or even pay bills with them thereby creating controversy for prosecutions  and extra troubles for banks and the borrowers.

Let me stop there because the disadvantages and the controversy from the term are endless.

Let us grow up in dis country. Indeed, with dis trend of hyprocrisy, I pray Nigeria develops. It is only pple dat are deeply wrap in sentiment dat will say SLS did nt raise objective issues on the floor of the NAS yesterde. The only disagreement I have was the ruling of the deputy speaker dat chaired the plenary session which prevented question.
Indeed, fielding questions from the representatives would have opened up other issues and the session would ve been more robust. Having said that , let us concentrate on issues raised which are not new in the Nigeria financial market. For NLs that are bankers , you'll agree with dat most Nigerian banks have been making efforts to tap into d  funds of some sections of the society dat are unbanked because of interest, hence d development of various products e.g IFSA by IBPLC.
Let us consider the infrastrural deficits dat we are facing presently in Nigeria, I believe dat non-interest banking is d vehicle dat can provide d required funds for d develoment of our power sector, because, it allows for the development of d project without unneccesary interest burden of the conventional banking.
A striking revealation dat he made was d recent sukuk(govt bond)  raised by the Malaysian authorities dat was oversubscribed by over $7B(The authority wanted to raise $2b).
While we cud raise critique of policies, let us nt loose sight of inherent benefits. Please, let us face issues and drop sentiments, facts abound dat there are lots of funds lying idle in d middle east because of interest. If we are sincere abt FDI, this a great opportunity to create jobs for our teeming unemployed youths.
LET REASON PREVAIL OVER SENTIMENT, NOBODY CAN ISLAMISE NIGERIA!

Just like they siddon look while the north clamored for sharia laws, so they also siddon while sanusi lectured them on islamic banking.
Today we all can see the fall out of sharia,- boko etc.
With time we ll c what will fall out of islamic banking.

<Quote>Let us consider the infrastrural deficits dat we are facing presently in Nigeria, I believe dat non-interest banking is d vehicle dat can provide d required funds for d develoment of our power sector, because, it allows for the development of d project without unneccesary interest burden of the conventional banking.</quote>

Wooo, hold on bro!

Why is govt going to Islamic bank or a non-interest bank for loans to fund projects?

Slow down, You got it upside down!!

I'm highly disappointed in the house of reps. bleh

^^^^Elhef
Are you actually following what have been posted on newspapers about the banking system in Nigeria?

When is the subscription in the tune of billions of dollars in the case of Nigeria? I thought they said it will only affect the poor not the rich?
So, what are you trying to point out with oversubscribed in Malaysia will be its tenets here? Jeez! I read 150 thousand naira will be the maximum for any individual and if you are going to take more than that you have to provide collateral security - jeez! collateral security! Why not say that is our profit!


Nigeria govt borrowing to forestall the power problem is like saying take the money and put it into another bank. 16 billion dollars awarded to contract during Obasanjo regime has gone into oblivion till today. Is it borrowing the problem with Nigerian power sector? or just corruption and incompetence , like Sanusi is exhibiting in CBN?

Let me put it this way there are lot of countries who international debts are forgiven which did not really developed those countries( just pointing to something with relation to interest-free ideas).  The impact of this Islamic Banking in Nigeria is avenue for troubles. Ask yourself if it will augur well in a country like Nigeria that has experienced a lot of killings in the name of religion?

Just the way the Muslims here  trying to exercise their freedom to prove their religion is superior(Dubbed religion indeed) so are others who believe and don't believe in any religion.


Stir clear from putting the country into religious circle, it belongs to all sundries - being those of faith and non of faith alike.

I'm highly disappointed in the house of reps. bleh

what do you expect 4rm school dropouts? More surprises are on the way.

all4naija:

When is Nigeria organized to that extent? It is as if you are talking to non- Nigerians.

Are you saying you haven't seen Muslims working in organisations owned by Christians? Ok, that purported Northern bank, Unity Bank, are there no Christains working there?
For your information, see this link for the Board of an Islamic Bank in UK. http://www.blme.com/aboutboard.php

all4naija:

1. Over-subscribing to loan - it might run out of fund.

How is this a problem? No funds, no loan. There would only be a problem if the loans are not being paid back.

all4naija:

2. Estremists probably will kill non-Muslim for this in the North(terming as infidel taking loan from Islamic Banking - more or less like blaspheming).

So you would go shouting it or writing it down on the company wall that you took loans from an Islamic Bank?  

all4naija:

3. The Sharia laws are to be followed, which is against other people religion in a country like Nigeria with different religions and very sensitive to how they are observed.

The Sharia injunction that you cannot do alcohol, prostitution and other vices would be followed. No one would be forced to recite an Hadith before he obtains the loan. By the way, if you do not want to use the Islamic Banks, FirstBank, UBA, GTB, Zenith, Fidelity are not about closing shop soon, or are they?

all4naija:

4. How the banking system can survive in an economy and system like Nigeria has not be explained to the people only the benefits that come with it have be well talked about.

Such ignorance! The banking sector is not limited to only Islamic Banking, or how do you think the entire banking sector would collapse because of a single product.  

all4naija:

5. Is the term used, Islamic Banking, in the developed countries they operate because I haven't seen that yet. HSBC only use the system and term in Islamic countries.

If you haven't seen it, then use google, it is there and popular for a reason. And yes, it is called Islamic Bank in other climes, you can do a search for UK ones on google for a start.

all4naija:

6. The reason why the Bank can not be termed Interest-free Banking is biased with religion tune.

Does calling it a weekend because it is based on christain teachings makes it a religious bias? It is called Islamic Banking because it is a system of lending that is based on Islamic injunctions.

all4naija:

7. There is no benefit of doubt this  Banking system will make Nigeria to be a developed nation.

If there is no doubt that it would make us developed, what then is the issue?  

all4naija:

8. The bank can easily be used by Boko Haram to exploit avenue to ferment religion troubles. Widrawing 150 thousand Naira by 20 estremist members(2.5million Naira) can pay for a single suicide bomber. It might not be tantamount to ordinary man observation but it is very potent observation.

And since Boko Haram is existing now, and has been since 2006, when there is no Islamic Banking, would you say they should scrap all existing banks since Boko haram as been taking loans from then? or are they not wihdrawing money from the present banks to buy arms and bombs?

all4naija:

9. Why is Sanusi so much forcing the idea into Nigeria when we all know that is like drop in the ocean when it comes to development of the economy. 150 million naira will not purchase anything for the ordinary man to work with. Excepting if you want every poor Nigerians to become hawkers on the street and contributing nothing tangible to the macro economy.

Now tell me what would you rather every poor Nigerian do? Sit on their bums and wait for armageddon? 150M giving and utilised for the people would turn more than a few people onto the path of greatness.

all4naija:

10. Don't be fooled by the Banks are in the developed countries but forget  to know that they are not implemented into their banking system.

So how are they working in the developed countries when they are not integrated into their banking system?   You really must be drinking some stuff.

all4naija:

11. Many people will borrow the loans to buy home appliances which will yield no profits or even pay bills with them thereby creating controversy for prosecutions  and extra troubles for banks and the borrowers.

People already do that now, even with interest based loans. Note that no one told you that ALL loans to an Islamic bank would be approved.

all4naija:

Let me stop there because the disadvantages and the controversy from the term are endless.  

Thankfully! Because the misconception and going off the handles that you are engaged in would have rendered you a specimen of illogical reasoning if you had continued. Please read up, since you can type this I believe you have access to internet, please use google, the address is www.google.com

I guess terrorists can now have effective access to interest free finance to secure loans for their weaponry

Cheap capital is what these terrorists want to be able to finance their jihad, people like mutallabs father will readily foot the bill cos he know since no interest he can repay back prinicpal with ease, o di egwu

^^^^Akainzo

Northern bank, Unity Bank

When have those banks being Islamic banks( We are talking of a system bro). You are missing the whole thing up here.

How is this a problem? No funds, no loan. There would only be a problem if the loans are not being paid back.

Thanks for seeing that in bold.

So you would go shouting it or writing it down on the company wall that you took loans from an Islamic Bank?   

How the random attacked on Christians and non -Christians carried out in the North, You have forgotten that Islamic individuals in positions give out information about non muslims to be executed. Who are you trying to fool here?

The Sharia injunction that you cannot do alcohol, prostitution and other vices would be followed. No one would be forced to recite an Hadith before he obtains the loan. By the way, if you do not want to use the Islamic Banks, FirstBank, UBA, GTB, Zenith, Fidelity are not about closing shop soon, or are they?

Shut up! We don't want Islamic Banking- Nigeria is a free society. You can't just bring it into the country without me agreeing to it. Nigeria doesn't belong to Muslims alone.

Such ignorance! The banking sector is not limited to only Islamic Banking, or how do you think the entire banking sector would collapse because of a single product. 

You are the ignorant one. Why hammering on the non-interest side of it when you know that it has other sectors? So, you are the one with the problem of not being able to express yourself well. You called in non-interest bank (Islamic Banking) .This prove your religion hypocrisy.

If you haven't seen it, then use google, it is there and popular for a reason. And yes, it is called Islamic Bank in other climes, you can do a search for UK ones on google for a start.

This is where you are wrong. Some foreign banks are operating it doesn't mean it is signed into law. It is just that some of the operations of these banks are in accordance with the USA system and to serve the Islamic part of the society they allowed it. For your information, I haven't seen where USA society is so religious to the extent of resorting to killing citizenry for petty issue. Northerners are religious. What do you say about Sharia? It was said it will serve the North well.

People already do that now, even with interest based loans. Note that no one told you that[b] ALL loans to an Islamic bank would be approved[/b]

. So, what is the Islamic epiphany that you guys lambasting about?

After seeing all your simplistic responses  I decided not to answer you for the basic reason you are not seeing the problems. You can not see the problems because you are seeing things from a religious perspective.

Thank youy akainzo for such detailed refutes to such childish allegations.

BTW lets start a trend! state your dicipline/field at the end of ur post please. this will enable the learned ones here to respond adequately and will also let us know if u r ignorant, sincerely concerned, or just a jaundiced bigot

I dey laff o

Nigerians will never learn,now terrorists from all over the world will come get loans for missiles,bombs and AK47s,the Islamic Caliphate will start from Naija now,those who dont learn from history are doomed to repeat it.This is a Trojan horse of mass destruction

It would be interesting to watch how interest-charging conventional banks would survive in Nigeria when the so-called Islamic Banks come in their hordes.

It is not only Islam that recognizes the need for non-interest banking.

Posted by: kabukabu
Insert Quote
Nigerians will never learn,now terrorists from all over the world will come get loans for missiles,bombs and AK47s,the Islamic Caliphate will start from Naija now,those who dont learn from history are doomed to repeat it.This is a Trojan horse of mass destruction

Its hard to disagree with you.

Thank youy akainzo for such detailed refutes to such childish allegations.

BTW lets start a trend! state your dicipline/field at the end of your post please. this will enable the learned ones here to respond adequately and will also let us know if u r ignorant, sincerely concerned, or just a jaundiced bigot

Why won't you thank him for showing you what you want to see?(it is rhetorical question).

, Lmao@discipline/field! How do you verify I'm truthful if I say I'm president of Islamic bank in Morocco?

all4naija, pls u need a seventh sense, lol


Many hypocrites here i see. When Muslims come out to condemn boko haram nd their likes, dey do not cease calling them Islamic but now that something good, that they want to benefit from is coming out of Islam, they suddenly become cynical of the name,

and how about thinking of what a great alternative this is for muslims, afterall we'v bn choicelessly making use of the conventional banking system.

Islamic banking has come to stay, no going back InshaAllah

Ibos are the first set of people that support Islamic banking owing to their greed for money. Sell out! they sold again!!

whatever, you are not bin forced to bank with them, keep banking with those dirty selfish banks,

I fear for this nation with this islamic banking.

A lot of Ignorance on here which does not really surprise me.

Alot of these House of reps members are highly educated, a great number of them have studied abroad as well. If you were in the same position as they are are you really sure you can do better? I can assure you that being highly educated is one thing and applying your knowledge is another thing especially in a country like Nigeria.

The Sharia compliance aspect of Islamic banking means that loans will not be given to people who want to finance gambling, alcohol, pornography and prostitution just to name a few. Hence the term Islamic banking based on that principles.

Islamic banking is a product of banking system such as commercial or micro finance.

The term Islamic Banking is used in other countries, like Sanusi pointed out, on Edgeware road in London, UK you will see one there.

Banks like GT, Zenith or First Bank can offer Islamic banking for its customers. I bank with Lloyds TSB bank which offers Islamic banking in UK. Some of the staff who handle that aspect of the banking systems are Christians.

With regards to the withdrawal limit, he stated that withdraws below 150,000 does not attract any charges, besides how many Nigerians withdraw up to 150,000 daily? Abroad, most transactions are done online or using cash, don't you want the same to happen in Nigeria?

Why queue up for up to an hour for funds transfer when it can be easily done online?

Why didn't sanusi do this when yaradua was d presdo? He wouldn't like 2 raise tension. Why didn't d NUC register catholic university when it was tried 2 b registered?religion. If a supposed unbiased cbn campaigned 4 d est.of islamic banking,will he champion d establishment of xtian banking?can 9ja afford this type of mess? Lets think well.

The reason that the Speaker was not present is because he went to attend the burial of the Charmian of the National Assembly Service Commission who passed away. The Deputy Speaker pointed out that due to this sudden death, they had already planned to cancel sittings at the House for the day. However, since the CBN Governor has already been invited, it was only right to go ahead with the proceedings.

He also said that there will be no questions due to time constraints because of  death of the National Assembly Service Commission Chairman.

People should research first before they post

1) A good number of those against islamic banking are not ignorant, they r just hypocrites.

2) Many NLers just type rubbish replies to threads without reading the initial replies, in this case, the article about islamic banking written by a xtian i believe, on the first page.

3) The Nler who implied that Okonjo Iweala may not support islamic banking obviously hasnt read/listened to what the lady said at the senate during her screenin. I believe she used d word ''naive'' when describing those who said the introduction of islamic banking is a way of islamising Nigeria

4) Many NLers against islamic banking are pretendin not to know (or actually dont know) that Soludo granted the first islamic bank licence during his tenure. yes, ISLAMIC bank, not non-interest bank.

5) Many xtians r actually very very intolerant. As an example, does Convenant univ recognize muslim holidays? or r they not aware that some of their students r muslims? So, for this, has heaven fallen? *whereas, if this was a vice versa situatn, as in the uni was owned by a muslim, heaven wuldv fallen*.

6) Malaysia's economic success today is in small way a result of the islamic financial system they employ.

7) For God's sake, the religious leaders crying foul should assemble their economists and pastors, draft a proposal for ''Christian banking'', and submit it to CBN. If its not considered based on its merits, they can cry foul.

Sanusi invited the xtian leaders to a summit at Abuja to enlighten them on the issue, and allow them express their misgivings,so he culd explain thins, they didnt show up. now people here are makin noise that questions were not asked at d house of reps. Well, i believe more sensitizatn campaigns will be made.

9) Ordinarily, this shouldnt be an issue at all. Christians pioneered and still dominate private universities ownership, even down to microfinance banks i hear, yet no muslim has said its an attempt to christianise Nigeria.

10) Christians against islamic banking, open ur minds, & please, use ur brains.

salamsm:

A lot of Ignorance on here which does not really surprise me.

Alot of these House of reps members are highly educated, a great number of them have studied abroad as well. If you were in the same position as they are are you really sure you can do better? I can assure you that being highly educated is one thing and applying your knowledge is another thing especially in a country like Nigeria.

The Sharia compliance aspect of Islamic banking means that loans will not be given to people who want to finance gambling, alcohol, Indecency and prostitution just to name a few. Hence the term Islamic banking based on that principles.

Islamic banking is a product of banking system such as commercial or micro finance.

The term Islamic Banking is used in other countries, like Sanusi pointed out, on Edgeware road in London, UK you will see one there.

Banks like GT, Zenith or First Bank can offer Islamic banking for its customers. I bank with Lloyds TSB bank which offers Islamic banking in UK. Some of the staff who handle that aspect of the banking systems are Christians.

With regards to the withdrawal limit, he stated that withdraws below 150,000 does not attract any charges, besides how many Nigerians withdraw up to 150,000 daily? Abroad, most transactions are done online or using cash, don't you want the same to happen in Nigeria?

Why queue up for up to an hour for funds transfer when it can be easily done online?

You Muslims are the problem we have in Nigeria.

You don't want to give loans to finance gambling, alcohol, Indecency and prostitution .

Yet you collect TAX from  gambling, alcohol, Indecency and prostitution.

HYPOCRITES.

Now the Islamic Movements in Nigeria are jubilating because Sanusi is using his position to push their agenda.

emmatok, who collects taxes from gambling, alcohol, Indecency and prostitution? Give me examples and evidence rather than speaking out rashly.

Many hypocrites here i see. When Muslims come out to condemn boko haram nd their likes, dey do not cease calling them Islamic but now that something good, that they want to benefit from is coming out of Islam, they suddenly become cynical of the name  

Come on! I think you can do better than that. Are you insinuating nothing good has not been coming out of Islam?

Meanwhile,you know our society so well it is religiously inclined and the rights of the people based on the constitution of Nigeria has never be taken seriously.  If this is how Muslims thought in this present generation of Nigeria they are really setting the nation back from progress than contributing to progress.


So, you are telling me to just accept Islamic Banking into the country without questioning it - Jeez! These people are so pathetic that they think fanaticism is the solution. Look I am 21st century guy -" you can't just knock in my door and and expect me not asking you your name" (go and figure that out).


We are the future generation! And, I hate the way they are running this country.

emmatok, who collects taxes from gambling, alcohol, Indecency and prostitution? Give me examples and evidence rather than speaking out rashly.

It seems there are no hotels in the North. The allocation coming from oil belongs to infidels(hehehe). The hypocrisy of Muslims is appalling. Sorry I hate Islam just the way I hate Christianity - both religions are the greatest societal problems we have.

Islamic Banking has to come to stay
If you dont like, dont use it simple as short
no one is actually forcing you to bank with them