I just went to the site for ISLAMIC banking in the UK.

Criteria to open a personal account :

Personal Banking
Principles, transparency and choice

We believe firmly that our products and services will appeal to anyone – Muslim or non-Muslim – who is interested in holding an account with a bank with our exacting ethical standards. Unlike many High Street banks, we refuse to invest your money to finance armaments, alcohol, tobacco or drugs companies.Our personal products are all approved by our Sharia Supervisory Committee, which means that as well as being in accordance with Sharia Principles, they offer transparency: we aim to pre-agree at the outset all charges and profit sharing arrangements.

They shld try and curtail the excess poverty in that region with this bank. When 55% of Nigerian population are Muslim, yet in that 55% more than 40% are extremely poor and critically illiterate.

Well it will not be a surprise if terrorist boko haram funding comes from there.

One thing which is strange is that they offer no overdraft


2.1 We do not permit overdrafts, so you must not allow your account to become overdrawn.

Alhamdulillah.the haters should jump into the lagoon from third mainland bridge.the fanatics and arrogant pastors (so called men of God) turning themselves into billionaires embezzling people's money are the ones opposing the concept of non-interest Islamic baniking.have you ever asked yourself why?

Nigeria is for all Nigerians.if you dont want to bank with an islamic bank,no one is forcing you.if you want to continue paying usury or accepting,good for you.if you are jealous it is called "ISLAMIC BANK",open your christian bank if christianity has any economic teaching or legislation about banking and finance as Islam has and promotes legislation in all aspects of the human life.it is indeed biting the fanatics because we keep telling you ISLAM is a COMPLETE RELIGION AND WAY OF LIFE.you dont believe us.you keep wanting to drag us into wars and conflicts to tarnish our reputation.i call on all MUSLIMS to wake up and actualize the teachings of ISLAM in the most peaceful way.let all Muslims study the teachings of Islam,understand the teachings well and appreacite its greatness.Muslims should drop their guns and bombs and pick up pens.our Prophet (sa) told us:[b]"the pen is mightier than the sword" [/b]and he also said:[b]"the ink of the scholar is more sacred than the blood of the martyr".[/b]this is why in Islam the meaning of jihad is broad.jihad is not only when you pick up arms to fight.it is also when you strive to feed your children and wife.  the beauty of this religion will put to shame the haters and attract those in doubt.they want to keep telling us and using propaganda that we are all terrorists.but we are not.Allah will perfect His light even though the unbelievers dislike it.those working to divide this country on religious hatred will fail.no one here is forcing you to bank with JAIZ ISLAMIC BANK.dont also infringe on the freedom of others to bank with whom ever they want.dont force us to bank with usury banks.

in fact,i am appealing to JAIZ BANK to speed up the process of opening branches in Lagos.i am willing to invest at least half of my cash (millions) in JAIZ ISLAMIC BANK.i will quickly open more than just one account and save my money there.i dont want interest and i dont want them to give me interest.i just want my money to be safe and avoid all the high charges of the usury banks.

i sense business is shaky for the billionaire pastors.all the tithes they are deceiving people to collect will go to usury banks that are going to lose customers and pay them less interest.anyone who thinks these rich pastors like Orisejafor opposing Islamic banking is for supporting christianity,they are mistaken.i dont think christianity supports usury banking when Jesus himself overturned the tables of the money collectors in the temple.aside from fanaticism,these pastors are opposing Islamic banking to safeguard their monetary interests in the usury banks.

UP UP ISLAMIC BANKING!!!!!

frosbel:


Islam is the least of my daily problems,

fanatic frosbel,follower of lucifer and mega pastors.

you are lying.Islam puts you online on nairaland for most hours of your day.the many copy-paste articles from anti-islamic hate-mongering websites you start threads with doesn't show Islam is the least of your problems.

if it is,then mind your business.Islamic banking is not by force.if you dont like it,keep your lying mouth shut and save the public from tension and the menace of deception and lies.

Good news, I can't wait for this bank to start it's operation in Lagos. Biko lagos d economics power house of Nigeria is expecting you.

Frosbel, evidently as I said earlier on anything relating to "ISLAM" irks you and many of your ilks. What's wrong with a "muslim": wanting to dress and eat according to the "dictates" of "his" religion? You see, it isn't about a group not having time for it as you say; but it's about a group wanting it and not imposing it on you! Simples

solihu:

Frosbel, evidently as I said earlier on anything relating to "ISLAM" irks you and many of your ilks. What's wrong with a "muslim": wanting to dress and eat according to the "dictates" of "his" religion? You see, it isn't about a group not having time for it as you say; but it's about a group wanting it and not imposing it on you! Simples

Nothing , but impose it on yourselves, not on the rest of us , we aint interested

LagosShia:

fanatic frosbel,follower of lucifer and mega pastors.

you are lying.Islam puts you online on nairaland for most hours of your day.the many copy-paste articles from anti-islamic hate-mongering websites you start threads with doesn't show Islam is the least of your problems.

if it is,then mind your business.Islamic banking is not by force.if you dont like it,keep your lying mouth shut and save the public from tension and the menace of deception and lies.

Good afternoon my brother.

How now !

Am michael seun. I need sugar mummy. Call 08028595097

Trust some Nigerians running riots now, but when the Bank comes to the South and they see the benefits everyone of these critics will be running wild to open an account. I for one will patronize the bank once i know more about the benefits

Has any been forced to bank with Jaiz Islamic bank? Why are you having shaky legs then?

What is shariah?

Understanding Shariah law is integral to understanding the dangers of Shariah-compliant finance. Shariah law is Islamic law dating back to the 7th century and is today the law of the land in Saudi Arabia, Iran, Sudan and the law under which the Taliban operates.

Shariah law authorities, some of whom are now being paid handsomely by Barclays, Dow Jones, Standard & Poors, HSBC, Citibank, Merrill Lynch, Deutschebank, Goldman Sachs, Morgan Stanley, UBS, Credit Suisse and others have the power to dictate Shariah compliance as deemed by “scholarly consensus” on matters of finance, family, penal law, apostasy, and war. Examples of authoritarian Shariah law include: requirement of women to obtain permission from husbands for daily freedoms; beating of disobedient woman and girls; execution of homosexuals; engagement of polygamy and forced child marriages; the testimony of four male witnesses to prove rape; honor killings of those, principally women, who have dishonored the family; death to apostate Muslims who chose to leave Islam; inferior status of non-Muslims, and capital punishment for those who “slander Islam.”

What are some of the risks of shariah-compliant finance?

National Security and Financial Risks: Islamists are attempting to impose Shariah Compliant Finance (SCF) on Western institutions to use our own financial strengths against us. The most serious problem with SCF is that it legitimates and institutionalizes Shariah law (i.e., Islamic law), a theo-political- legal doctrine violently opposed to Western values. With $1 -$2 trillion petrodollars annually looking for an investment home, blind exuberance is driving financial institutions to adopt SCF, without even a minimal baseline for legal compliance. This willful blindness, and lack of both transparency and due diligence may cause SCF to be the next sub-prime crisis, but this time with deadly consequences.

Legal Risks: Western financial institutions which adopt SCF may have criminal and civil exposure to claims of aiding and abetting sedition and the material support of terrorism, securities fraud, consumer fraud, racketeering, and antitrust violations, as well as exposure to tort claims for sedition and terrorism, and for the violation of internationally recognized norms of the law of nations.

Terror Financing Mechanism: SCF as monitored by paid Shariah law advisors to U.S. banking institutions must “purify” certain return on investment (ROI) dollars that do not meet Shariah law standards. This money must be donated to Islamic charities – including some that promote Jihad and support suicide bombing. Investment disclosures state that these profits can be as high as 6% of profits of investments. With $800 billion already in SCF assets, the potential for billions of dollars to be siphoned off for terrorism is real. This would be a serious criminal violation of U.S. law.

Consider this example: Shariah Mutual Funds promote themselves as “ethical funds.” To be Shariah-compliant, they donate “tainted” revenues to Shariah-compliant “charities.” A post 9-11 U.S. investor in a Shariah-compliant “ethical investment” is not told that Shariah law also requires imposing Shariah as U.S. law, execution of gays and female apartheid. Is he a victim of consumer fraud? Is this same post 9-11 investor unwittingly funding terror? The government has shut down the three largest Shariah-compliant charities in the U.S. – the Holy Land Foundation, Benevolence International Foundation, and the Global Relief Foundation – after proving they funded terrorist organizations.The American taxpayer deserves answers to these questions. The Center for Security Policy (CSP) is meeting directly with members of Congress, U.S. regulatory agencies and Wall Street financial institutions in order to ensure the enforcement of existing U.S. laws on sedition, disclosure, material support of terrorism, and money-laundering. CSP is committed to revealing the civil liability and criminal exposure of Shariah law and Shariah-compliant finance.


How is shariah related to jihad?

The mu’amalat part of shariah mandates as a religious obligation, conducting violent jihad against non-Muslims to establish Islam’s rule worldwide in a form known as the caliphate.

How does shariah finance relate to shariah itself?

Shariah finance is indistinguishable from shariah itself, since its followers consider shariah immutable, indivisible, and mandatory for Muslims to follow in all aspects of life. Muslims are not allowed to pick and choose different aspects of shariah to follow. Anyone that infers that shariah finance is something apart from shariah is simply being dishonest. In fact, the main purpose of shariah finance is to promote shariah.

Where is shariah-compliant finance most prominent?

According to the November 2007 edition of The Banker, Iran dominates the world of shariah-compliant finance. Three of the five largest shariah-compliant financial institutions in the world—including the top two—are Iranian. The amount of shariah-compliant financial assets in institutions in Iran is over twice as large as the amount in financial institutions in the world’s second largest shariah-compliant country, Saudi Arabia.

How does shariah finance threaten Americans?

Shariah finance is a threat to Western values, human rights and US national security. Shariah finance has a political objective: to legitimize shariah in the West. Evidence indicates that shariah-compliant finance provides financial support to extremism and terrorism. Shariah-compliant financial institutions employ shariah scholars, many of whom have been shown to be extremists, even to the point of advocating suicide bombing and jihad against America. Among the decisions these scholars make is the donation of 2.5% or more of annual earnings to Muslim charities. Similar to zakat, earnings from investments that are judged to have been unislamic must be purified through donations to charities as well. Given the extremist tendencies of these scholars and the fact that no fewer than 27 charities have been designated as funding terrorism by the US Treasury Department, this presents a hazard which could obviously threaten US national security.

In sum, shariah finance represents a number of potential threats to the US, including possible financing of terrorism and extremist Islamist organizations and movements, infiltrating our financial markets and legitimizing shariah.

Have shariah-compliant financial institutions been tied to terrorism?

There are a number of well-documented cases in which shariah-compliant financial institutions have participated in the financial support of terrorism. For instance, two shariah-compliant banks registered in the Bahamas, Bank Al-Taqwa and Akida Bank, were, according to the US Treasury Department, shell companies actually run out of Italy and Switzerland, whose only real business was laundering money to terrorists. From 1988 until November 2001 when it was designated a terrorist entity by the US government and the UN, Bank Al-Taqwa transferred tens of millions of dollars to HAMAS, Al Qaeda, the PLO, Algerian Armed Islamic Group (GIA), the Taliban, Egyptian Gama’a al Islamiya and the Tunisian An-Nahda.

In another case, prominent members of the Saudi royal family were co-investors with Osama Bin Laden in the Sudanese Shamal Islamic Bank while several designated terrorists maintained accounts there.

How have shariah-compliant financial institutions used charities to fund terrorist groups?

Generally, shariah-compliant financial institutions have provided funds to terrorist and extremist groups through Islamic “charities.” The financial institutions donate the money to the charities which then steer the funds to terrorist groups. For example, both Bank Al-Taqwa and Akida Bank used charities in Europe, the Middle East and the US to funnel money to terrorist groups.

Have shariah-compliant financial institutions in the US been tied to terrorism?

Yes. Bait u Mal al Islami (BMI), a shariah-compliant investment company based in Seacaucus, NJ, which promoted itself as an Islamic alternative to conventional investments and solicited funds for real estate development, was called by US federal prosecutors as the “US banker for the Muslim Brotherhood.” In testimony before a US Senate committee, former White House counterterrorism advisor Richard Clarke said that BMI’s financial services were little more than a cover “to conceal terrorist support,” and that its investor list “read like a who’s who of designated terrorists and Islamic extremists.”

BMI worked closely with the Bank Al-Taqwa/Akida Bank network in transferring millions of dollars to terrorist groups through them, while receiving large amounts from well-known donors suspected of funding terrorism. These included the Hamas top leader, Mousa Abu Marzouk, who made a number of investments with BMI. Tellingly, BMI continued to work with Marzouk even after the latter was declared an internationally designated terrorist by the United States government in 1995.

How widespread is the use of Islamic charities to fund terror?

No one in the West knows for sure how widespread the use of Muslim charities for terrorism funding actually is, however, the US Treasury Department has so far designated no fewer than 27 Muslim charities in the US and worldwide as terrorism entities due to their funding of terrorist groups like Al Qaeda, HAMAS and others.

We know that there is state sponsorship of terrorism. Is there state sponsorship of shariah finance?

State sponsorship of shariah finance has been ongoing since its inception with the founding of the first shariah-compliant bank in 1975, Islamic Development Bank (IDB). In Iran, which has more shariah-compliant institutions than any other nations, all of the banks are in fact state-run.

Have shariah-compliant financial institutions been tied to weapons of mass destruction?

Yes. Iran’s largest bank, Bank Melli, which was named in the November 2007 edition of The Banker as the largest shariah-compliant bank in the world, has been put under sanctions by both the US government and the European Union for its role in financing Iran’s nuclear and ballistic missile programs.

How does shariah finance threaten freedom-loving Muslims in the West?

The effect of legitimizing and promoting sharia in the West can already be seen in Western Europe. Promoting shariah incapsulates Muslim communities from mainstream society and even creates enclaves controlled by shariah. Shariah-compliant finance plays a particular role in this because, a devout Muslim living in a Western country in which there are no shariah-compliant banks are allowed to use conventional “infidel” institutions under the sharia doctrine of “extreme necessity.” However, once shariah-compliant institutions do exist, they are religiously obligated to patronize them exclusively. Thus, by allowing the spread of shariah finance in the West and the US, we are pushing Muslims toward shariah.

What can our government do to protect our markets from shariah finance?

There is much that the government can and should do to regulate sharia finance to ensure that it does not result in the promotion of sharia in the US and the financing of terrorism.

Visit the Shariah Finance Watch blog for the latest news on SFC

I see this your copy and paste isn't even helping your "smear Islam" mission at all. If it is about that, you need more hands on the job!

solihu:

Has any been forced to bank with Jaiz Islamic bank? Why are you having shaky legs then?

the tin tire me ohhhhhh, as if na by force

no one forces any one so what the scoffs about, you want to patronize?you do it

Meanwhile, frosbel if the aim of that your lengthy copy and paste is to hasten my usage of eye glasses, here is a hilarious borrowing from "your religion". BACK TO SENDER!

This is a good idea in banking and should be emulated to teach lesson to those greedy bankers that increases customers interests without notice.

-Alhaji Umar Mutallab-   first what a bad name to head an already bombing company

-Muslims make up 55 percent of the population, Christians 40 percent and five percent atheists. -- National Population commission 2012 report sir

-Alhamdulillah! The Islamic banking is here: our religion mandates it; we fought for it; and with the Mercies of Allah, now we’ve got it,” Kamor said.

-“Finally, Allah loathes riba (interest), Jaiz Bank affords us the chance to please Him, the merits of the banking system are conspicuous and the time to support it is now!”  Liar from the pit of hell.   Now how does your islamic banking pay their staff if they dont invest the deposits to make profit.

It is indeed a dream come true. Together we must support this initiative in order to shout down those who are always against Islam.  We already know by the time a christain becomes CBN Governor ur boko haram sponsor bank license wd be revoked.

we are also getting ready for the full muslim north and Christian South, i tot your brother Baba na you put gida said there is nothing like that.

Deceivers!

When the true agenda of this bank begins to unfold, the critics would simply say "we told you so".

JFKLondon:

This is a good idea in banking and should be emulated to teach lesson to those greedy bankers that increases customers interests without notice.

they don't take interest, but there is a profit sharing ratio on the proceeds of the business that the loan is taken for

Stanbic Ibtc is one of the banks to offer islamic banking. Check their forms now, you are required to state your religion. Never have I filled a form to open an account in any bank and my religion was required.

I smell some hidden agenda. Islam has no soft spot for ''kaferi'' meaning unbelievers. They are trying so hard to get converts as majority, especially the poor can do anything even converting to islam to get interest free money. Everything has been packaged by the muslim leaders all over the world to islamise Nigeria. Our northern leaders are all aware of this. The planning started with the full conivance of MKO, Babangida, etc and the arab world long time ago. I challenge Babangida to refute this. Top xtian leaders all are aware of this fact. We are only witnessing what looks like the manifestation of their wicked plans. God foiled their plans earlier and He will again foil this new plan of theirs.

Babangida refused to allow MKO to rule, but Nigerians are mad with him; he himself has not been able to tell the world his reasons simply because HE DOES NOT KNOW WHY.  God just did His strange thing to foil their plans then. MKO was chosen by the arab world leaders to be the one to do the dirty job of islamising 9ja. No sentiments, but this is true. We cant all keep quiet; time to speak up.

Nigerians, this is a spiritual war and I am confident that GOD WILL DO IT again. I am not asking anyone to believe but pray and watch to see what God is going to do in Nigeria to prove to the whole world that He rules also in the affairs of men.

Islamizing Nigeria with God's manifested sons living and walking with HIM is an affront. I Know my God; He is a coup planner. He is watching them and laughing and will put them to shame soon. I repeat, HE did it before and HE will do it again.  I am so excited and unshaken because I know His plans for me, thouhgts of good not bad to give me an expected end.

They can try everything, a lot of motion, but no movement; they cannot berth their evil plans successfully.
It will all come to bite them in Jesus name. They failed b4 they will fail again.

Christians, stop complaining, get real close to God NOW. He is very available and easy to relate with by talking with him always. He will order your steps and give you understanding of all that is happening. He is so so simple. DESIRE to hear Him talk with you. He promised He will not leave us in darkness.

The devil is simply fighting hard to stop God's plan. Who fights God and win. God is the Master Planner.

this statement from the write up is baseless. on what grounds did they get atheist 5%? cheap propaganda to convince who wants to be deceived. a ground that will surely bring down dat bank down.

"Nigeria, one of the world's most
religiously committed nations, is
divided between a Muslim north and
a Christian south.
Muslims make up 55 percent of the
population, Christians 40 percent
and five percent atheists."

This isn't a warfare, well for the jittery ones fair play if you guys are going to resort to "spiritual" warfare. You're so free to do so. Remember to keep your voice low (how you are aware that law in lagos), prohibiting such. Wow! I trip for una kind of propapanda, LMAO.

Alhamdulillah inshaa'Allah it has come to stay forever

bank, aboki, boko, bomb, ram, haram, imam, mallam, etc

Old trick: marry their women; New trick: Introduce islamic banking, which is part of Sharia Law, and win them to islam. I am above such cheap temptation,

If you accept sharia law by way of islamic banking, what stops you from embracing sharia in its totality?
afterall, boko haram says it is their principal objective to have sharia law practised in Nigeria. The CBN governor and all our northern and arab leaders have all this worked out. Na today, i don tey. Boko haram, Islamic Banking are tied together. It is a battle of religious supremacy.

The arab world (MUSLIMS) want Nigeria and God wants Nigeria.  Waoh, what a battle that we already know the winner.
It has always been a battle between illegitimate son Ishmael (Muslims) and legitimate son (Isaac) Xtians;
or better still, between the devil and God. I dey laugh o. I keep saying that I have ''dined'' with the two and can confidently beat my chest and say that God, legitimate son or Isaac group smell good thru and thru.  JESUS is LORD.  Die if you like.

Oh well, in as long as SLS would impose the same rules and regulations like he did other banks, making sure that their books are thoroughly audited so there can't be a trace of terror financing, they should go on with their banking. I, for one is not about to patronize them. As long as they aren't engaged in any form of terror financing directly or indirectly, whether secret or open, they should carry on.

Well, I know of two Igbo's who coverted to Islam. One of which we attended thesame university, so many years ago. You won't believe the depth of his knowledge of the religion, his mersmirizing recitation would lull a baby to sleep. The other in Agege was recently poisened by his folks (less than 3weeks). So, who are the saints? They were never coerced to convert, a million lies don't make a single truth. But you know what ignorance and hate makes you?

@ Solihu, your biggest problem is that you lack knowlege of the allah you have as god. When last did he talk to you, and if he did what did he say to you?. Correct me if I am wrong, the last time he talked it was to ''prophet mohammed'', I think.  You have never touched a koran I am sure, how much more read one.
You are just a blind follower that happened to find himself in islam by birth.  

Next time, please let us into your experience with allah and if you have none, go get one and come back and open that mouth. That will be more interesting.

God punish the bastard that said Muslims make up 55% of the population