"The council said, “Jaiz bank has come to be and there is nothing they (Christian leaders) can do about it and if we have to go to war on this, we’ll go to war." ---Supreme Council for Sharia in Nigeria

Threatening to go to war over the issue of "Islamic" banking? Do we wonder that there is so much violence in the north when those who ought to be leaders use such intemperate language over a matter that requires nothing but communication and dialogue.
I am beginning to agree with those who have hitherto insisted that there more to this issue than meets the eye.

I have watched with total amusement the dialogue of the deaf going on between the pro and anti-Islamic banking recently operationalized by the Central Bank of Nigeria (CBN). I asked myself whether the debate has been about rocket science or breakthrough in modern medicine. It is a shame that a significant fraction of our national discourse has been wasted on an issue that should have been thrashed at policy level. I have maintained that it is only leaders suffering from acute poverty of ideas that resort to religion and ethnic pandering as an escape route in public debates. What is non-interest banking? What is Islamic banking? What are the effects of both on our economy and to a large extent polity? What is the interest of CAN in opposing Islamic banking? Is CAN a subterfuge for anti-Sanusi elements? Unbiased answers to these questions will help us in relocating the debate from the pedestrian level we have been pushed into by men who are looking for a minute opportunity to exhibit their infantile political libidos.



What is Non-Interest Banking (NIB)? As the name implies, this is a form of banking that the borrower attracts zero interest from the lending bank. The subscriber to a non interest loan requires no collateral to access the facility. All the beneficiary need to do is the provision of a viable business proposal to the bank for approval. The bank enters into profit sharing agreement with the beneficiary, and the profits made from such ventures are used in running the banks. Bank charges are also deducted through this process. Because the bank carries the entire risk, monitoring and strict disbursement conditions are the hallmark of non-interest banking. The bank bears 100% loss in the event of business failure.



What is Islamic Banking? The 1991 financial services decree(BOFIA) is the law that laid the foundation for the operation of Islamic Banking, which is a subset of non-interest banking. The Central bank of Nigeria under the leadership of Prof. Charles Soludo (A distinguished scholar and arguably the best CBN governor of all time) developed the framework for the take off the NIB. The Islamic banking model is one of the three subsets of NIB that the apex bank approved for this facility. The Islamic bank is designed around the Islamic ‘sukuk’ system which has similarities with ‘bonos’ of the capitalist system. The difference is that ‘sukuk’ money is invested in concrete projects and profit share is distributed among clients (http://www.worldbulletin.net/index.php?aType=haberArchive&ArticleID=37814). I do not think that a devout catholic like Prof. Soludo with his first class mind will do anything against his faith. A man who consolidated the banking industry and shielded our financial sector from the recent world economic meltdown will always think in the interest of the country. This consolidation of the banking sector is what Mallam Sanusi Lamido is currently adding value to by weeding out “the rogue bankers” from the system. As a risk management expert, SLS is better placed to know the pros and cons of Islamic banking.



What are the effects of both on our economy and the polity? The first license for an Islamic banking model was issued to Jaiz International Bank. People have asked why the Islamic banking window first? The answer is simple: Jaiz International applied for this model and was dully licensed after meeting the CBN regulations. It is also public knowledge that IBTC has been granted provisional license to operate an Islamic banking window. Is Atedo Peterside a Muslim? The introduction of this banking model will harness the creativeness of young Nigerians who are unable to access loans from the conventional banks. Imagine what this opportunity will do to a university graduate who desires to be self-employed? The major beneficiaries will be the small scale industries that are perpetually hampered by absence of collateral in accessing bank loans. Our productivity will grow in leaps and bounds, unemployment will be reduced, agriculture will be boosted and crime rate will be lowered. It is amazing that people want us to throw these benefits away because of the name “Islamic banking.” I beg to differ. These benefits will in turn ensure a stable political environment devoid of the present rancours. We shall have a better political climate when the politician has no youth to use for his devilish tendencies.



The hypocrisy of the Christian Association of Nigeria (CAN), led by Pastor Ayo Oritsejafor though baffling, is not unexpected. The noise about using the Islamic bank as a tool of Islamizing Nigeria is a red herring to divert questions from discerning Christians. I am a thoroughbred Anglican and I wonder how I am going to be Islamized by a bank I have a choice not to patronize. We have been fed with beer parlour tales of how Islamic principles will be applied in disbursement of the loans which in the mind of the talebearers amounts to Islamizing Nigeria. Haba! What these “merchants of the Gospel” failed to educate their followers is that there are investors who would not want their funds invested in the manufacture of alcoholic beverages, casinos, cigarettes and prostitution enhancement ventures. These individuals will not channel their funds to the normal Non-Interest banks, but to an Islamic bank window that will ensure strict adherence to these principles. The CAN president and his co-travelers should please answer the questions below:



1.Has the holiday on Sundays evangelized non-Christians?



2.Has the cross symbol in public health institutions evangelized non-Christians?



3.Has insurance companies owed by churches evangelized the entire country?



4.Is he aware that the Christian universities are operating in strict adherence to the teachings of their respective ministries?



5.Is he aware that himself and other multi-billionaire pastors are in a position to help Christians by establishing a Non-Interest bank that will practice in total adherence to the teachings of our Lord Jesus Christ.?



6.Is he and other church leaders worried that their congregants will start asking essential questions on the lifestyles of “men of God?”



7.When will they pause to imagine what our society could have been if the early churches in Nigeria spent tithes and offerings in exotic lifestyles instead of investing in extremely affordable schools and hospitals?



I will admonish CAN and its leadership to heed to the declaration of Osaro Eghobamien, a senior advocate of Nigeria and a Christian that “objections to Islamic banking in Nigeria is a result more from a lack of understanding of what the banking products are really about and how the system works. “You see, all the leading banks in the world provide Islamic banking desk. There is absolutely nothing wrong with it. But maybe we need education. I have heard some inflammatory comments from very senior leaders in Nigeria. It just demonstrated ignorance because they need to ask what it entails. It is only a product that is being delivered by a bank and you have a choice.”



It was remarkable that Mallam Sanusi Lamido Sanusi declared on the floor of the House of Representatives that the second highest shareholder of Jaiz International Bank is an Igbo man. He also stated that about 60% of the shareholders are Igbos. The point he was making must have been lost on linear thinkers without deep analysis. It is a fact that the Ndigbo is the most homogenous ethnic group in terms of religion in this country. Sanusi’s point was clear: THE IGBO MAN IS A BUSINESS MINDED INDIVIDUAL THAT TAKES ECONOMIC DECISIONS WITHOUT SENTIMENTS. YOU CAN GIVE HIM THE WHOLE WORLD, BUT HE CAN NEVER BATTER HIS BELOVED CHRISTIANITY FOR ANYTHING.



Finally, is CAN involved in shadow boxing on behalf of anti Sanusi elements? CAN is knowingly or unknowingly fighting the battle of discredited bank chiefs and their collaborators. What was the position of CAN president when Erastus Akingbola and Cecelia Ibru, both high profile Christians milked the deposits of fellow Christians? Akingbola in particular was a senior church elder at the time and introduced morning Christian fellowships in all branches of the bank. All these notwithstanding, the bank was looted by this man and CAN was mute. That is not the way to lead the flock. My last question is why didn’t the CAN leadership demand for audience with the CBN governor instead of playing to the gallery?

Reasons, the usual gimmick.I hate your religion in a friendly way

Imagine a serving female senator, live on nta opened her dirty mouth saying her only problem with Islamic banking is the word ISLAMIC that is associated with the system. I initially never give a fuk if jaiz bank start operation, but with this kataka about Islamic banking from CAN nd other Christian leaders I will be the first person to open an account with them.

There is nothing we can do about it because God's word must come to pass. It was predicted that the Antichrist will come and people will have to worship him to survive.

Christianity is not a religion but a relationship and it is not forceful but convincing. Even if you are not a Christian, you are not forced into being one to get benefits but you are encouraged. But there is a lot of force in Islam which is one of the attributes of the Antichrist.

Look, I know you will not believe but a lot of people will be forced to change to Islam to become beneficiaries and by then, other banks would have been forced to metamorphose into islamic bank or fold up. Them people will have no choice but to join or suffer and die.

This is the coming of the antichrist

If we can have Islamic banking in Nigeria then what is wrong with declaring sharia in the 36 states of the federation.

sirjec:

There is nothing we can do about it because God's word must come to pass. It was predicted that the Antichrist will come and people will have to worship him to survive.

Christianity is not a religion but a relationship and it is not forceful but convincing. Even if you are not a Christian, you are not forced into being one to get benefits but you are encouraged. But there is a lot of force in Islam which is one of the attributes of the Antichrist.

Look, I know you will not believe but a lot of people will be forced to change to Islam to become beneficiaries and by then, other banks would have been forced to metamorphose into islamic bank or fold up. Them people will have no choice but to join or suffer and die.

This is the coming of the antichrist

SO Sanusi/Non-interst/islamic bank is now an antichrist. HABA!!!
I can't bliv anyone can still reason like this after reading such an intellectual right-up. It really shows how shallow/linear some people think. The question I'll like to ask you is how many people have been forced to convert in Nigeria or in any of the countries where Non-interest banking is operational.

Maybe you should read it again especially the one below.

zipper003:

I am a thoroughbred Anglican and I wonder how I am going to be Islamized by a bank I have a choice not to patronize. We have been fed with beer parlour tales of how Islamic principles will be applied in disbursement of the loans which in the mind of the talebearers amounts to Islamizing Nigeria. Haba! What these “merchants of the Gospel” failed to educate their followers is that there are investors who would not want their funds invested in the manufacture of alcoholic beverages, casinos, cigarettes and prostitution enhancement ventures. These individuals will not channel their funds to the normal Non-Interest banks, but to an Islamic bank window that will ensure strict adherence to these principles.

Must we always throw away anything that will do us good just because of our hatred for its source?

sirjec:

There is nothing we can do about it because God's word must come to pass. It was predicted that the Antichrist will come and people will have to worship him to survive.

Christianity is not a religion but a relationship and it is not forceful but convincing. Even if you are not a Christian, you are not forced into being one to get benefits but you are encouraged. But there is a lot of force in Islam which is one of the attributes of the Antichrist.

Look, I know you will not believe but a lot of people will be forced to change to Islam to become beneficiaries and by then, other banks would have been forced to metamorphose into islamic bank or fold up. Them people will have no choice but to join or suffer and die.

This is the coming of the antichrist

pathetic. really pitiable.

gists:

SO Sanusi/Non-interst/islamic bank is now an antichrist. HABA!!!
I can't bliv anyone can still reason like this after reading such an intellectual right-up. It really shows how shallow/linear some people think. The question I'll like to ask you is how many people have been forced to convert in Nigeria or in any of the countries where Non-interest banking is operational.

Maybe you should read it again especially the one below.

Must we always throw away anything that will do us good just because of our hatred for its source?

Even when Noah alarted people of impending dangers, they used education to dismiss it till it happened.

You might have your explanations but try and reason deeper

sirjec:

There is nothing we can do about it because God's word must come to pass. It was predicted that the Antichrist will come and people will have to worship him to survive.

Christianity is not a religion but a relationship and it is not forceful but convincing. Even if you are not a Christian, you are not forced into being one to get benefits but you are encouraged. But there is a lot of force in Islam which is one of the attributes of the Antichrist.

Look, I know you will not believe but a lot of people will be forced to change to Islam to become beneficiaries and by then, other banks would have been forced to metamorphose into islamic bank or fold up. Them people will have no choice but to join or suffer and die.

This is the coming of the antichrist

I concluded long ago that the black man is mentaly lazy.
So its only in Nigeria that anti christ is coming. When the missionaries brought free education, why didn't a section of the country reject it afterall, they 'would have christianized' Nigeria? Today our churches have turned to business organisations, building schools that only the rich can afford, feeding fat on the sweat of the masses. Now someone decides to ease the pain and we are screaming our lungs out! If we had taken the initiative, and used the money we collect from tithes and offering to set up non-interest banks and free schools for our congregation, would we be in the situation where we are now? No wonder Christ warned us that judgement will start from the church.

And by the way, YES, I am a christian!

sirjec:

Even when Noah alarted people of impending dangers, they used education to dismiss it till it happened.

You might as well become a member of boko haram and reject education so that the education will not be used to dismiss "impeding danger" (just that the impending danger in this case acording to you and your hatred consumed folks is a banking system that refuses to fund business that has anything to do alcoholic beverages, casinos, cigarettes and prostitution enhancement ventures etc. A system that make bank carries the entire risk and bearing 100% loss in the event of business failure. A banking system that only ask you for your business plan as against unrealistic collateral in order to get a loan without interest.)

sirjec:

You might have your explanations but try and reason deeper

Nigeria would have been a better place if only people like you will reason half as deep as your other christians with clear, unbiased and informed minds like the op and proudly9ja