Islamic Banking Is Illegal - Court - Politics (5) - Nairaland
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| Re: Islamic Banking Is Illegal - Court by GAR3TH(m): 8:55pm On Jun 16, 2012 |
Can someone explain to me how Islamic banking works? I understand that it is interest free but aren't these banks taking out loans from the central bank of nigeria like other banks do? Or are the Islamic banks taking out "special" interest free loans from the CBN? If they do take out special loans from the CBN does that make it fair to the other banks who have to pay interest? So in that chase how does the CBN cope with a bank who cant pay back interest to the Central bank of Nigeria? Does this mean the CBN will just give out money without any form of growth? thats not sustainable and is Thats just odd. |
| Re: Islamic Banking Is Illegal - Court by Ganys: 8:58pm On Jun 16, 2012 |
ceejay80s: Terrorist funding bankThen you can start your own Tithe Collection Bank with your 419 Criminal G.O. as the Chairman |
| Re: Islamic Banking Is Illegal - Court by Kobojunkie: 9:00pm On Jun 16, 2012 |
Ganys: Or we can simply DO AWAY WITH ALL THE LAW BREAKING ENTITIES COMPLETELY!  |
| Re: Islamic Banking Is Illegal - Court by amosy007: 9:02pm On Jun 16, 2012 |
adaybayor: Who is dis dumb imbec'ile ?  do u want me to take u to school on how sanusi used public fund to sensitize people about islamist bank? |
| Re: Islamic Banking Is Illegal - Court by adaybayor(m): 9:20pm On Jun 16, 2012 |
amosy007: You suffer from hereditary f.o.o.lishness, support your claims with facts |
| Re: Islamic Banking Is Illegal - Court by manny4life(m): 10:02pm On Jun 16, 2012 |
GAR3TH: Can someone explain to me how Islamic banking works? I understand that it is interest free but aren't these banks taking out loans from the central bank of nigeria like other banks do? Or are the Islamic banks taking out "special" interest free loans from the CBN? If they do take out special loans from the CBN does that make it fair to the other banks who have to pay interest? So in that chase how does the CBN cope with a bank who cant pay back interest to the Central bank of Nigeria? Does this mean the CBN will just give out money without any form of growth? thats not sustainable and is Thats just odd. That has been my own issue, in as long as CBN doesn't give interest free loans to them, they can setup thousands of the banks, as they wish. Like I said, most will be DEAD, even before they started. |
| Re: Islamic Banking Is Illegal - Court by rhymz(m): 6:31am On Jun 17, 2012 |
adaybayor:you have got $hits for brains. . . . If I were you(thank God I am not) I will blow my brains off. . What a person!! Your I.Q is in the minus. Stop quoting ppl as if you have got the brain power to debate the issue, you 4ucking lambrain. 1 Like |
| Re: Islamic Banking Is Illegal - Court by Godjone(m): 8:02am On Jun 17, 2012 |
BetaThings:. Hav u eva c a xtain pushing 4 anytin lyk dat b4? U guys brot sharia, trying 2 inlcude 9jiria as a member of O.I.C and dis failed atempt u term islamic banking, all in a bid 2 islamiz d con3, but dat canot be posible. Am sory dude if u r angry abt d development |
| Re: Islamic Banking Is Illegal - Court by Godjone(m): 8:08am On Jun 17, 2012 |
adaybayor:. Sharaap dat ur stinking tin u cal maut... Wat do u knw abt hypocricy? Eiiijiet daybayor |
| Re: Islamic Banking Is Illegal - Court by ikooko(m): 9:40am On Jun 17, 2012 |
Has anyone in this forum been able to secure loan from the islamic bank. pls share your experience as a testimony to their operations. |
| Re: Islamic Banking Is Illegal - Court by Remii(m): 10:15am On Jun 17, 2012 |
Sometimes I wonder who is actually intolerant of the other between Xtians and Muslims. Why must Xtians take posture of fighting anything Islamic to stand still? Nigeria would not be the first place to have Islamic bank, why must these so called elite refuse to get over bigotory when it comes to religion 1 Like |
| Re: Islamic Banking Is Illegal - Court by adaybayor(m): 1:19pm On Jun 17, 2012 |
rhymz: you have got $hits for brains. . . . If I were you(thank God I am not) I will blow my brains off. . What a person!! Your I.Q is in the minus. Stop quoting ppl as if you have got the brain power to debate the issue, you 4ucking lambrain. Go hang yourself, IDGAF!!! |
| Re: Islamic Banking Is Illegal - Court by adaybayor(m): 1:22pm On Jun 17, 2012 |
Godjone: . Sharaap dat ur stinking tin u cal maut... Wat do u knw abt hypocricy? Eiiijiet daybayor Go check you dico, if you at least have đ lowest of brains you will understand...remain đ I.đ.iot you are. |
| Re: Islamic Banking Is Illegal - Court by rhymz(m): 1:59pm On Jun 17, 2012 |
Remii: Sometimes I wonder who is actually intolerant of the other between Xtians and Muslims. Why must Xtians take posture of fighting anything Islamic to stand still? Nigeria would not be the first place to have Islamic bank, why must these so called elite refuse to get over bigotory when it comes to religionSeriously eh, many of you, especially the muslims that like to see oppositions from none-muslims as a christian attack need to first understand the issues being discussed before yelling out utter ignorance and painting the wrong picture. Whether you like it or not, Nigeria's constitution is secular and has the contributions of muslims, christians, atheist and so on. Muslims are not the only ones with rights as Nigerians just as every non-muslim is not a christian. Even amongst Islamic scholars and student, one can sense that laziness and dishonesty in the way they argue about the implementation of Islamic banking. Need I remind most of you that Soludo started the process of initiating Islamic banking based on the the laws guiding non-interest banking which Islamic banking claims to be one of. Soludo granted licence in principle to Jaiz Bank using thesame guidelines that regulates every non-interest banking operation in the country. He did not create laws different from what the constitution allows for non- interest banking. Sanusi on the other hand, first separated Islamic banking from the conventional non-interest banking and unilaterally created new guide lines that enables the establishment of full fledged islamic banking. These new guidelines now give the CBN the power to licence full-fledged Islamic banks, full-fledged Islamic merchant banks, full-fledged Islamic Microfinance banks, Islamic development banks, Islamic primary mortgage banks and Islamic finance corporations. The guidelines also replaced the Sharia Advisory Councils with Advisory Council of Experts to work with the Institutions Offering Islamic Financial Services while the CBN will have its own Advisory Council of Experts but is, however, silent on the roles and modes of appointment of members. Islamic banking operates under the principles of sharia laws 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 advisory council who will give advice, see to it that the banks operate strictly by the laws of sharia and be responsible for decisions taken by the banks. Only muslims with islamic banking expertise will be on this council, what about Nigerians who are not muslims but want to participate? I have read many literature and article on the usefulness of this sharia-compliant banks that claim to operate with charging profits. Like seriously, do they have a different definition of what an INTEREST is? The basic and foremost characteristic of Islamic financing is that, instead of a fixed rate of interest, it is based on profit and loss sharing and marked up commissions”. For instance you want to buy a car worth N 1,000,000.00, the bank buys the car in its name and resells the same to you at N 1,200,000.00 and you pay N 100,000.00 per month for 12 months. Till you pay 20% extra. Unless the issue here is about semantics and connotations, the 20% charge is an interest and makes mockery of the whole claims of non-interest which is actually the most prominent feature claims of islamic financing. I can go on and on about the impractibility of the claims of Islamic financing, little wonder their effects have only been in nominal terms and nothing tangible and serious. Let no man decieve you all, islamic banking and financing as practised today accept charges through all kinds of guises and names. 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 muslim 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? |
| Re: Islamic Banking Is Illegal - Court by cheikh: 3:25pm On Jun 17, 2012 |
@Op Thanks to AjanleKoko, Onyocha, Wallie, Violent and ndu_chucks for enlightening me(us) on the fundamentals-"locus standi" and the so called legal implications for our quasi constitution/CBN without sentiments. Much appreciated my brothers/sisters. Anyway, the struggle for accountability/clarity of our constitution by our corrupt law makers continues  . You kept the explanations simple and concise. I am not against any kind of banking. It's the law and constitution that is the issue. |
| Re: Islamic Banking Is Illegal - Court by musty1987(m): 8:35pm On Jun 17, 2012 |
ckkris: National Assembly will never be able to pass a law to islamise Nigeria. If they try, they will discover the limits of Southern Nigeria subsidising the North since 1914. But the North has effectively been integrating with the South, but not as fast as Northern masses (talakawa), and the Southerners, generally desire to see. People like Sanusi will always use the instruments of The State to delay such massive integration, in order retain whatever remains of their previously absolute control of Northern peoples. r U sure abt that.  |
| Re: Islamic Banking Is Illegal - Court by page9(m): 9:19pm On Jun 17, 2012 |
Reading through all the posts, Three things stands out. It is glaring that the love, unity and religious tolerant among nigerians is at best artificial in nature. There are people who will argue that they are not bothered about the islamic banking issue but its constitutionality. Yet hiding their real hatred under the ''illegality''. A discerning mind can read in between the lines. With myriad of problems in the country, it is surprising that only on islamic banking that some people suddenly become constitutional lawyers! While there are some ignorant and uninformed posts here, others are pre-occupied with sentiments and biased commentaries. Some others like rhymez have mixed up the true picture of what islamic banking entails. Aside from the constitutionality of it which anyone or institutions with ''locus standi'', Why are some people afraid of muslims having a bank that conforms with their faith? Should muslims rise against the use of sundays as a work-free days or the declaration of both Fridays and Sundays as work-free days how would the xtians feel? Apart from Sentiments, nobody's right has been violated by the establishment of islamic banking. Rather, muslims now have their right recognized. If we find it difficult to tolerate each other like our forefathers did, then i am afraid for the future of this entity called ''Nigeria'' Or ar they saying we do not have the right to exist and practice our faith in our country? Islamic banking is guided by islamic laws and therefore can not be a mere non-interest banking as some people will prefer. Businesses that are not islamic compliant will not be undertaken Interest are not given on nomal deposits and the amount remains constant, In other instances, certain deposits are used for investment of course with the permission of depositors. In such case, depositors can either expect profits in addition to the deposits or loss (in extremely rare case) depending on the outcome of the business Islamic banking thrive largely on profit and loss sharing. That is why their conditions are bit stringent. If the business prospect is not good enough, you may not get through. Where in you have a convincing business idea, then finance will not be a challenge anymore. No one will ask you for collateral. It will certainly help those who can think outside the box but do not have money to finance their project. Islamic banking license has been given in principles to Stanbicibtc and Standard Chartered banks. Atedo Peterside of StanbicIbtc is obviously not a muslim, what most uninformed nigerians do not know is that there are lots of Xtians both in and outside nigeria who are well-grounded in islamic finance. I urge interested and unbiased members of this forum to google info on islamic finance or banking and then form your opinion. The problem is that we politicise every issue along tribal or religious lines to our collective detri however noble the issue may be. I'm told that there are about four deputies to Sanusi Lamido who are devoted christians. Okonjo Iweala endorsed Islamic Banking openly. GEJ could stop Sanusi if need be but because all these people mentioned above know better. People should really convince themselves that sentiment is not at the heart of their argument. What i see here is 90% Sentiment, 10% ignorance Period! |
| Re: Islamic Banking Is Illegal - Court by page9(m): 9:20pm On Jun 17, 2012 |
Reading through all the posts, Three things stands out. It is glaring that the love, unity and religious tolerant among nigerians is at best artificial in nature. There are people who will argue that they are not bothered about the islamic banking issue but its constitutionality. Yet hiding their real hatred under the ''illegality''. A discerning mind can read in between the lines. With myriad of problems in the country, it is surprising that only on islamic banking that some people suddenly become constitutional lawyers! While there are some ignorant and uninformed posts here, others are pre-occupied with sentiments and biased commentaries. Some others like rhymez have mixed up the true picture of what islamic banking entails. Aside from the constitutionality of it which anyone or institutions with ''locus standi'', Why are some people afraid of muslims having a bank that conforms with their faith? Should muslims rise against the use of sundays as a work-free days or the declaration of both Fridays and Sundays as work-free days how would the xtians feel? Apart from Sentiments, nobody's right has been violated by the establishment of islamic banking. Rather, muslims now have their right recognized. If we find it difficult to tolerate each other like our forefathers did, then i am afraid for the future of this entity called ''Nigeria'' Or ar they saying we do not have the right to exist and practice our faith in our country? Islamic banking is guided by islamic laws and therefore can not be a mere non-interest banking as some people will prefer. Businesses that are not islamic compliant will not be undertaken Interest are not given on nomal deposits and the amount remains constant, In other instances, certain deposits are used for investment of course with the permission of depositors. In such case, depositors can either expect profits in addition to the deposits or loss (in extremely rare case) depending on the outcome of the business Islamic banking thrive largely on profit and loss sharing. That is why their conditions are bit stringent. If the business prospect is not good enough, you may not get through. Where in you have a convincing business idea, then finance will not be a challenge anymore. No one will ask you for collateral. It will certainly help those who can think outside the box but do not have money to finance their project. Islamic banking license has been given in principles to Stanbicibtc and Standard Chartered banks. Atedo Peterside of StanbicIbtc is obviously not a muslim, what most uninformed nigerians do not know is that there are lots of Xtians both in and outside nigeria who are well-grounded in islamic finance. I urge interested and unbiased members of this forum to google info on islamic finance or banking and then form your opinion. The problem is that we politicise every issue along tribal or religious lines to our collective detri however noble the issue may be. I'm told that there are about four deputies to Sanusi Lamido who are devoted christians. Okonjo Iweala endorsed Islamic Banking openly. GEJ could stop Sanusi if need be but because all these people mentioned above know better. People should really convince themselves that sentiment is not at the heart of their argument. What i see here is 90% Sentiment, 10% ignorance Period! |
| Re: Islamic Banking Is Illegal - Court by eedriyz(m): 12:47am On Jun 18, 2012 |
GAR3TH: Can someone explain to me how Islamic banking works? I understand that it is interest free but aren't these banks taking out loans from the central bank of nigeria like other banks do? Or are the Islamic banks taking out "special" interest free loans from the CBN? If they do take out special loans from the CBN does that make it fair to the other banks who have to pay interest? So in that chase how does the CBN cope with a bank who cant pay back interest to the Central bank of Nigeria? Does this mean the CBN will just give out money without any form of growth? thats not sustainable and is Thats just odd.http://en.wikipedia.org/wiki/Islamic_banking |
| Re: Islamic Banking Is Illegal - Court by Nobody: 9:58am On Jun 18, 2012 |
Niralanders fail to distinguish between what constitutes a Judgement and a mere opinion of a Judge. He didn't even cite any authority to support the fallacy he posits. The Judge must have foreseen that his sentimental assertion will get no where in the appelate without being quashed. For that I think he decided to seek the aid of 'Locus standi'in sheilding his unlearned mess. Islamic Banking has come and stay in Nigeria and nothing can be done to that. A system that is successfully practiced and appreciated in even Christian dominated countries. Nigerians are dying daily mainly because we are not ready to overlook our ethnic and relegious differences and see the good in the other. I cry for our unintelligence. |
| Re: Islamic Banking Is Illegal - Court by 68solo: 12:35pm On Jun 18, 2012 |
What amaze me most in our all functions and sundry in this country noting but disability to see and action on issues that can causes problem for us tomorrow it is when the problem now bombshell us we will be running,grammaticallity,setting up committe etc. On same issue. Islamic banking where there is already lot of issues attached to religious. Nigerians pls let think now. War loom ahead of us if we fail to see well now. I pray that GOD ALMIGHTY take over the realm of this nation. amen |
| Re: Islamic Banking Is Illegal - Court by Nobody: 4:59pm On Jun 18, 2012 |
Law prince: Niralanders fail to distinguish between what constitutes a Judgement and a mere opinion of a Judge.You are the one that is not looking. We are on about rule of law rather than mere good. If Islamic banking is to be established in the country the rules which guide the banking system and nation regarding banking system that require near-no interest should be followed , not because it is practice in Christian dominated countries.You are very myopic and playing a religion card in the whole of your assertion. Please, spare us the goodness in Islamic banking and let's follow what the laws of the country say. With that the nation can gradually get organized. Seeing good in other, is that what the Nigerian Muslims are trying to prove with Islamic banking? Please, it is silly to say the least. |
| Re: Islamic Banking Is Illegal - Court by Nobody: 7:01am On Oct 29, 2012 |
all4naija: You are the one that is not looking. We are on about rule of law rather than mere good. If Islamic banking is to be established in the country the rules which guide the banking system and nation regarding banking system that require near-no interest should be followed , not because it is practice in Christian dominated countries.You are very myopic and playing a religion card in the whole of your assertion. This comment still reflects your improper understanding of the Islamic Banking concept. It is different from a mere non-interest Banking because it also carries so many other conditions you have faild to study. In respect of its legality, there can be no sound legal authority to illegitimise the Banking system. Even the Judge that spoke provided no legal authority for his assertion, and his statement was only a mere obiter that carries no weight. An opinion that goes no where. Even if any existing Law may go against the Islamic Banking, Such a Law is bound to be void to the extent of its inconsistency, on the basis of its direct inconsistence with the constitution, which the legality of all other Laws are taken from. The constitution guarantees the freedom of manifestation of religion. The government as such is infact bound to assist the citizens in making sure that fundermental right is upheld and enforced, by creating platforms that will encourage them to fulfill their religious obligations and abstain from religious aborminations. The dominant banking system is an almost total contravention of the Islamic doctrine, which leaves Muslims in an unavoidable sinful situation. |
| Re: Islamic Banking Is Illegal - Court by Andyforte: 9:46pm On Mar 19, 2013 |
gidiMonsta: Islamic banking again? I tire for this islamophobists oo. I have come to know Islam to be very controlling and imposing. I expect clerics to manipulate the existence of Islamic banking to frustrate non Muslims and see it as a license to evade other forms of Nigerian life and infringe on people' s rights. |
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