₦airaland Forum

The Glossary of Terms of the CBN’s NIFI Framework states that:
Shariah Principles refer to “the divine guidance as given by the Holy Qur’an and the Sunnah of the Holy Prophet and embodies all aspects of the Islamic faith, including beliefs and practices”.

NON-PERMISSIBLE TRANSACTIONS:
Interest;
Uncertainty or ambiguity relating to the subject matter, terms or conditions;
Gambling;
Speculation;
Unjust enrichment;
Exploitation/unfair trade practices;
Dealings in pork, alcohol, arms & ammunition, indecency and;
Other transactions, products, goods or services, which are not compliant with Shariah rules and principles.

Nothing illegal about Islamic banking, Sanusi insists http://234next.com/csp/cms/sites/Next/Money/5704980-147/nothing_illegal_about_islamic_banking_sanusi.csp
By Bassey Udo
May 26, 2011 01:31AM

Central Bank of Nigeria (CBN) governor, Sanusi Lamido Sanusi, insists the controversy that has continued to trail the proposed introduction of Islamic banking in the country was unnecessary, as the apex banking is doing nothing that is illegal.

Mr Sanusi, who was answering reporters' questions in Abuja, said Islamic banking has nothing to do with promoting religion or any belief, but another financial product or on-interest banking designed to diversify and broaden the scope of banking service to customers.

"There is nothing called Sharia banking. There is non-interest banking or Islamic banking, which is a financial product all over the world. This is the only country in the world that I know that Islamic banking is being seen as a religious issue. But this view is being held by the minority. There is nothing illegal about it. The BOFIA (Banks and Other Financial Institutions Act) law was amended specifically to allow for it," he said.

The governor was reacting to allegations that a section of the banking industry are against the proposed policy on grounds that it is illegal, as it not only violates the provisions of the law requiring those interested in establishing such a bank to be Sharia compliant, but also undermines the secular nature of the country.

No complicity

Tracing the history of the policy to the administration of his predecessor, Chukwuma Soludo, in March 2009, Mr Sanusi exonerated himself of any complicity to Islamise the country's banking system through the policy, arguing that if there was any plan to do so, he should not be held responsible, as he merely inherited it.

"The circular requiring anyone interested in setting up an Islamic Bank was first issued in March 2009, by the present deputy governor, Tunde Lemo, a reverend; and the (CBN) governor then was called Professor Charles Chukwuma Soludo.

" At the time I became governor, that circular was already out there collating inputs from the general public, and was finally put together by the director, financial policy and regulation, whose name is Christian Chukwu. So, if there is a grand process for Islamisation of the banking sector, then it started with Professor Charles Soludo, Reverend Tunde Lemo, and Mr Christian Chukwu.

"Islamic banking is a financial product. If one goes to England, one would see the Islamic Bank of Britain out there on the streets. Citi Bank, Standard Chartered and HSBC all sell Islamic Banking. HSBC even has an Islamic banking called Amana. It is a product all over the world. South Africa has Islamic Bank," Mr Sanusi further said.

According to the governor, the section in BOFIA that people misunderstand has to do with the requirement for a written approval of the CBN governor for anyone interested in setting up one's bank using Islam or Sharia in the bank's name, pointing out that the CBN has no doubt that it is doing the right thing, as it is "diversifying the economy and broadening the reach of product offering to customers in the country."

Since the announcement of the proposal, critics have continued to condemn it, claiming the introduction of the policy is not only unconstitutional and capable of causing religious acrimony in the country, but also potentially harmful to the country's economy.

Legislative backing

One of such critics, who is the group managing director, Pharez Nigeria Limited, Eghes Eyieyien, recently said "it is rather inauspicious and even insensitive for the CBN to deem the introduction of Shariah banking a priority at this time, especially when the constitutional and legislative footing for it is non-existent."

According to Mr Eyieyien, "Nigeria does not have to implement the model of non-Interest banking being practised in Islamic countries and by Muslims in the West," pointing out that the CBN should rather apply itself innovatively to develop the business and enact regulations and prudential guidelines that are not religion-specific.

He described Islamic banking in Nigeria as a worrisome development since BOFIA 1991 (as amended) has already made provisions for non-interest banking in the country, and not as "Shariah-compliant" banking.

He said there is no provision in the BOFIA that approves Sharia banking, as it stipulates that: "Except with the written consent of the Governor (a) no bank shall, as from the commencement of this Decree, be registered or incorporated with a name, which includes the words "Central" "Federal," "Federation," "National", "Nigeria", "Reserve", "State", Christian", "Islamic", "Moslem", "Quaranic", "Biblical".

Law prince:
I pray many Nigerians gets delivered from their beastly method of ignorantly debating issues.
The Islamic Banking is basically a Non-Interest banking system which has it's authority and source derived from the Islamic legislation.
I'm well aware of the fact that the actual mechanism behind the springing up of negative reactions as per the system is the tag 'Islam' it has.
And if I may ask, WHAT THE HELL IS WRONG WITH THAT?. You call things what they are. You simply don't find another name for a 'Drink' just because of it's bitterness.
That system of Islamic banking solely has it's stipulated theories in the scriptures of Islam.
Enough of the archaic western style of converting (stealing) the works of non-wests, and presenting it to the ignoramus world as their ideologies. They infact, name the works western.
Islam has therefore suffered so much from such smart crimes. And here comes some species from the dark wanting to modify the perfected and standardised theory of Islam.
I speculate that the cause of this kind of Islamophobia is because the critics doesn't have such a well defined economical concept, theory and principle in their various religions.
But I do advice that we stop being Nigerish (Jealous), for many foreign non-Muslim experts have regarded the Islamic system of banking as unmatched and the best in terms of economical advancement.
And there couldn't have been any world economic crush if the world had followed the divine laid down principle.
And besides, the Constitution guarantees freedom of religion, and specifically, Islamic personal laws.
It should also be brought to your knowledge that Muslims in Nigeria have for long suffered from the injustice of being subjected to a banking system that is not only regarded as a sin, but cursed. (Qur'an: al-Baqarah 2-279)
Nothing therefore compels a non-Muslim to adhere to the strict rulings of the system. Why then the wahala

maclatunji:
You just admitted it in your posts (inadvertently) that it is jealousy and kenimani that is disturbing you. So you think because I agree with ekt bear that government expenses on pilgrimage is wasteful, he has one on me (laughing). You see that is not what I wanted to achieve when I introduced that argument, I anticipated that he or someone else would go there (I read my opponents moves before they make them). I just wanted to establish that it is envy that motivates you folks and maybe fear. Another case-in-point is the demand by CAN for the removal of Arabic from 20, 10 and 5 Naira notes. Don't deny it, admit it and we will take you as you are.

@bolded, when it comes to Muslims, whatever we achieve is not so great, but if it is the West and maybe Christians for some people, it is the next best thing after the discovery of the wheel. @2nd bolded, you think that you disagree with bogus claims and half-truths all the time but in truth, you do not always do so particularly when it means putting your religion and beliefs you grew-up with in bad light (I know, you disagree with me).

One thing you have to understand is that the average Muslim born and bred in Lagos or other parts of the south of Nigeria has in all likelihood been fed with the same dogma that you Christians were fed with from childhood, thanks to our teachers in Primary and secondary school who saw in us an opportunity to evangelize and spread the gospel. We in essence know what you know. However, you know next to nothing about Islamic doctrines, history and culture other than the propaganda that you have been fed with from the west and your not-so-knowledgeable teachers and pastors. Have you ever considered this:

Why do Catholic Popes keep-on looking for ways to engage with Islamic Scholars and leaders? Let me guess, you think it is because they are Holy men of God spreading the sweet love of Jesus to "heathens"? That is a big fallacy, they do so because they know the truth of Islam as the true religion having interacted with Muslims for over 1300 years. However, they are not ready to loose their power and prestige over people like you. They will renounce Islam in public whilst studying and learning from it in private. I know, you disagree but I tell you:

The key is inside you to open your mind
The truth is out there, your heart can't be blind
Open your eyes and open your mind
Open your thoughts
Don't stay behind

***Many thanks to Nescafe for providing the inspiration***

High_Chief:
Corrrupt nation, begets corrupt leaders

By Adesoji Adeniyi, Osogbo47 minutes ago

Governor Rauf Aregbesola yesterday narrated his ordeal in the hands of his predecessor, Prince Olagunsoye Oyinlola, at the public sitting of the Osun State Truth and Reconcilation Commission.

Chairman of the eight-man panel Justice Samson Uwaifo chided Oyinlola for refusing to appear before the commission to testify on series of allegations bordering on human right abuses against him.

Aregbesola accused former President Olusegun Obasanjo of imposing his "agents on the Southwest through do or die politics."

Describing Obasanjo as "irresponsible, reckless and intolerant," Aregbesola said: "it is madness for any political leader to sponsor or engineer violence of any kind against the people."

He said Oyinlola lacks respect for humanity and is intolerant of opposition, which is lawful in a democracy and should be allowed.

Aregbesola narrated his travails from the moment he began consulting leaders across the 30 local governments in 2005 on his plan to contest the 2007 Governorship Election.

He said series of coordinated and state-sponsored attacks were launched against him and his supporters.

Aregbesola said: "My movement became a subject of intensive surveillance, while unfriendly attacks were launched at my person physically, psychologically and verbally. They include the following:

"April 16, 2005: The failed attempt to abort the launch of Oranmiyan, our campaign organisation in Osogbo, the state capital. The venue was fixed for Osogbo Township Stadium, but as soon as our programmes were put in place, the Oyinlola government deployed brute force, through the police, to stop the event from taking place.

"Many of our supporters were prevented from entering Osogbo. As the news spread rapidly, more people amassed for the programme and a major confrontation almost ensued.

"As the leader of the movement, I was to be prevented from entering Osogbo. But for a smart decoy, the police, acting on Oyinlola’s orders, would have arrested me as soon as I entered Osogbo. The Oyinlola-led administration undeservedly aborted our rally. Were it not for sheer determination, our democratic rights would have been curtailed under the guise of state security."

Aregbesola also testified that opposition members were verbal assaulted during Oyinlola’s administration, saying: "it is important to call your attention to the undignified use of language by Oyinlola since he became Governor in 2003. His conduct and utterances can easily provoke even the docile to anger and revolt.

"Take for example our campaign organisation, Oranmiyan, which means ‘I am triumphant’ in english. Oyinlola, on the State Broadcasting Corporation (OSBC) network, referred to us as ‘Oranmiran,’ meaning ‘another calamity.’

"While you may want to consider this as a simple inter-play of politics and sarcasm, it was an unrefined use of an unbecoming one-liner laced with crude abuse of the cultural heritage of our people by a man, who was supposed to be the epitome of cultural strength of the people of Osun State.

"Oyinlola’s attempt to vulgarise it was an attempt in self-immolation. The Ooni of Ife, Oba Okunade Sijuwade II, chided him for that.

"Oyinlola also punned the name of the Alliance for Democracy (AD) candidate in the rigged 2004 local government election in Iwo, Alhaji Razaak Salinsile, as ‘Sanasile,’ meaning ‘set the house on fire,’ a coinage that gave an entirely different meaning to the cherished Yoruba name.

"There are several instances showing that Oyinlola had no respect for other people, or in any case, not sensitive enough to their feelings. "Oyinlola was clearly intolerant of the opposition, which in a democracy is lawfully nurtured and allowed to fledge in the overall interest of the governed."

Aregbesola mentioned the assassination of Sulaimon Hassan-Olakojo, on May 16, 2005, a major financier of his campaign. He also spoke on the first attempt on his life on May 25, 2005, when his friends organised a birthday rally at an open ground opposite International Breweries, Ilesa, to commemorate his 48th birthday.

Aregbesola said: "As we were going to the venue in a convoy, Wale Oni, a well known rough neck on Oyinlola’s pay roll and ex-Deputy Governor Erelu Olusola Obada led a gang of dare-devil men, wielding guns, pick axes and other deadly weapons and attacked our convoy.

"Using the axes, the thugs ripped off a section of my campaign bus at the exact side I used to sit. The clear intention of the murderous gang was to scythe me to death.

"When they discovered I was not on the bus, the thugs went berserk and pounced on occupants of the vehicle.

"The leader of the gang, Oni, was arrested and handed over to the police. He was released shortly after on the order of Erelu Obada. Needless to say Oni has since then become the ‘Lord of the Manor’ at his Irojo Quarters residence in Ilesa. He is untouchable, feared, loathed, ruthless and above the law. Not a whimper of this dastardly act was heard again."

On Oroki Day, 2006, Aregbesola testified that another attempt was made to assassinate him.

He said: "The Osogbo Progressive Union (OPU), under the leadership of Alhaji Adekilekun Badmus, invited me as a Special Guest of Honour to the 2006 edition of Osogbo Oroki Day. Oyinlola’s security details prevented me from taking my seat. I decided to leave, but on my way to my car, the security details opened fire on me. My Mercedes Benz jeep was hit with several bullets, fired by professionally trained snipers.

"Miraculously, I managed to escape, but my supporters were not so lucky as they were stripped unclothed, badly assaulted and attacked by thugs under the notorious banner of "14 MOPOL," trained and led by Liadi Gbadamosi, known to be close to Oyinlola.

"Within hours of the incident, Police Commissioner Sulaimon Fakai appended his signature to a full page advert sponsored by Oyinlola and published in all national newspapers the following day, accusing me of sponsoring the attack. The Police poured unmerited and unprofessional invectives on me as he heaped all blames on me for the attack which I suffered.

"We have indestructible video evidence to tell the story as it was. From the running of events under Oyinlola’s scheme, the stage was set to confine me, my campaign organisation and my party into the dungeon.

"His utterances and barefaced lies after the botched assassination attempt fell flat at the production of the video recording of the event. Oyinlola watched how his snipers rained bullets on my car, while Peoples Democratic Party (PDP) thugs descend heavily on branded Oranmiyan vehicles.

"They yanked off doors, smashing glasses and windscreens, during the Oroki Day crisis. As if that was not enough, Oyinlola sent a falsely grounded petition to the Police, which served as the basis for my arrest and incarceration for three weeks by men of the Lagos State Police Command.

"Freedom did not come my way until I approached a Lagos High Court, which ruled in my favour and awarded a N5 million cost against the police for illegal arrest and detention. It is instructive to note that in flagrant disregard for the Rule of Law, the cost has not been paid till now."

Aregbesola spoke about the vandalisation of his campaign billboards since 2006 and the attack on his father’s house in Ilesa on March 26, 2007.

He narrated how his octogenarian mother was forced to leave Ilesa for Lagos.

Aregbesola said: "Oyinlola and the PDP were unrelenting in their onslaught against me and members of my family. My mother is a kola nut trader at the popular but ancient Atakunmosa market. Prior to this time, the old woman had spent her entire adult life in Ilesa, never residing outside the ancient city. The story changed when I decided to engage in a lawful democratic contest for the governorship seat.

"Realising that her life was under threat, my mother had to forcefully run for her dear life by relocating to Lagos."

Oyinlola,Acting PDP State Chairman Sunday Ojo-Williams and former Registrar of the Osun State High Court, now Judge, Mrs. Olamide Oloyede, failed to apply before the panel.

A mild drama played out when Oyinlola’s chief driver, Rasaq Oyetunji, was confronted with the video clip of the attack on Aregbesola during the Oroki Day celebration.

Oyetunji denied involvement in the attack, saying: "I was never a thug, and if there is any video clip that shows where I stoned Aregbesola during Oroki Day celebration, bring it out."

People started laughing when they sighted Oyetunji in the 30 minutes video clip stoning Aregbesola’s convoy and instigating people to attack his supporters.

In another petition, Oyetunji, Yaya Muthairu and others were accused of burning Owonikoko House in Oba- Ile.

The petitioner, Hon. Kadri Owoniko, alleged that Oyetunji led thugs to burn his 18-room bungalow in Oba-Ile on September 11, 2007.

Owonikoko said after his house was burnt, the Officer in Charge of the Special Anti Robbery Squad, simply identified as Jude, threatened to kill him if he did not leave the town.

He said he was later arrested on Oyetunji’s order and remanded in prison custody for two months along with the Secretary to the State Government, Alhaji Moshood Adeoti; Alhaji Sule Aderemi; among others.

Owonikokok said he was forced to leave Osogbo in 2007 and only returned when Aregbesola was declared Governor last year November.

The petitioner’s counsel, Yinka Okedara, tendered the photographs and the video clip of the burnt house, which was shown publicly.

Wife of the petitioner, Mrs. Sherifat Owoniko, testified that she saw Oyetunji, Muthairu and others burning the house and reported them to the police, who arrested some of them. But she said they were later released.

Tuesday, 24 May 2011 00:00 Horatius Egua, Abuja

Plans new tariff structure to boost economy

Determined to raise the bar in the nation’s economic profile, President Goodluck Jonathan yesterday said he would henceforth lead the economic team after the inauguration of his new cabinet on May 29.

The leadership of the economic team has always been led by the minister of finance.

Speaking at the opening ceremony of the presidential interactive session with the business community in Lagos, ahead of his inauguration on May 29, Jonathan said government would push strongly for the upward review of tariffs on commodities that can be produced or manufactured in the country such as rice and sugar.

The president said the review becomes necessary following the adverse effects it has on the nation’s foreign reserves.

He noted that subsidies, special waivers and concessions considerations, henceforth, will only be granted to businesses that are developing value chains and building the needed infrastructure, expanding domestic production and creating jobs.

The president stressed that the essence of the interactive session “is to seek agents and organisations that are willing and are able to partner with government in transforming production and diversifying export base.” He noted that “such agents must be prepared to play by high standards of efficiency, creativity and innovations.”

Jonathan who observed that “one of the medium to create jobs was to strongly discourage the importation of products that are being produced or can be produced within,” maintained that there was no basis for Nigeria to continue to import primary products like oil, food and non factor services like shipping after 50 years of independence.

He argued that the nation cannot be a leading global economy without developing its value chains in agriculture, oil and gas and solid minerals.
According to him, “The constitution might be amended with laws enacted to pursue a sound economic drive in the next four years.”

Jeff Sachs, special adviser to Ban Ki-moon, United Nation’s (UN) secretary general, who also addressed the session called for increase in the development of infrastructure in the country, especially power and rail.

He noted that the development of infrastructure as well as access to clean water and sanitation were cardinal to speedy economic growth and the development of Nigeria.

Sachs warned against treating climate change and other environment issues with levity, insisting that it forms the basis for projecting agricultural growth and economic enhancement.

maclatunji: See, the fact that I am not around does not mean you should put words in my mouth (or hands as the case may be). I never backtracked on calling Christians jealous for wanting to go to Jerusalem, I only said it is not economical on the nation's finances and that making the country prosperous economically would make more sense so that each individual can decide to visit wherever he chooses. Obasanjo, a Christian former President told the whole world on National Television that there is nothing like Christian Pilgrimage in your religion- if you are angry with that point visit the man at Ota and have a frank discussion, you can post the video for us here.

I will say this again, it is the Kenimani syndrome that is disturbing folks like you!

Regarding the current "state of affairs" I typed in my earlier posts. I meant that Islam has given a lot to the world in terms of knowledge, culture and development. The fact that we are even debating this topic shows the failure of some Muslim leaders in the past to solidify its principles in terms of politics and economics especially when they were in positions of great wealth and power.

Sharia-compliance does not require you to be a Muslim, but you would be subject to Islamic legislation. The 2 are different things. Once again, lobby for your own Non-Interest Charging Financial Institutions instead of crying wolf over an already established Islamic banking institutional framework.

maclatunji: @bolded, so because the English Common law is one of the major sources of Nigerian law, I am now an Englishman without a shadow of a doubt, abi? It is reasoning like yours that makes our politicians take all of us for granted. Some of us simply cannot make meaning out of anything. Anyway, the keyword here is that you are ignorant and that is the truth.

ziccoit:
Sorry for coming very late. I was held incommunicado by PHCN power supply that is as epileptic as ever. Going straight to the business at hand, the first and the second lines in your comment above didn't go at pal with my thought. There is nowhere a non-Muslim would be discriminated against if he/she is ready to abide by the principles of the system. What is more, all the rules and regulations are what a straight thinker, a gentleman, a clean businessman will quickly embrace because, they don't interfere with the bases of your faiths.

NIFI; is just one aspect of Islamic banking, it is just a branch. Nobody wants to care how you spend your money.

Islamic Banking- Is a system that goes beyond non-interest, you borrow money at non-interest, you involve the bank in every step of your business and the money will be used for what it is borrowed. You can't transact in some businesses which are termed unlawful in Islamic contest eg borrow to lend people at interest, prostitution, hurdling of goods and services, over profiting, liquors etc. There is a lot to it more than presented here.

Is not a religious based system as it is opened to everybody no matter the faith and beliefs.You only abide by the rules that don't remove the very reasons of you being a non-Muslim.

ndu_chucks:
The globally accepted instrument of Islamic Banking whose framework was established by Soludo and now being implemented by Sanusi, is nothing to be afraid of, for only the ignorant will be afraid of it.

I started to take your post seriously until I read this statement from you Nothing in the law or its implementation should carry any religious undertones or obligation. Since it appears that Nigerians are incapable of understanding that simple point, we need to do away with the "Islamic Banking" name and the "Sharia-Compliance" clause and any other religious undertones being built into the system altogether.

How dare you conclude that Nigerians are incapable of understanding anything for that matter. Your pompous and i.diotic pronouncement  has simply indicated that you are not to be taken seriously. Apparently, you are the only bright Nigerian who can understand that Islamic Banking does not carry an extremist religious undertone. Olodo

~Bluetooth:
I have always known that democracy is not meant for Nigeria.These guys are milking us dry and they are still trying to justify their stealing ? The country is doomed cuz I really pity the poor nigerians who are at the receiving end of all these madness.mschew

ekt_bear:
There is nothing idiotic about the decision, if he focuses on raising Nigeria's competitiveness.

For example, supposedly it is cheaper for a farmer in Thailand to grow a unit of rice and export it to Nigeria than for that that same unit of rice to be produced locally.

Can you imagine that it is cheaper for a man in say Lagos to buy rice imported several thousand miles away, all the way from Thailand (which means that Thai rice has shipping costs, import duties, etc tacked on top of it), than from a farmer under 100 miles away somewhere in Ogun State?

This should be enough to tell you that something is very wrong with rice farming in Nigeria.

Now, suppose that GEJ fixes this particular problem. Farm loans, co-operative programs, make it easier to access tractors, fertilizer, etc. If he does that, the end result will be that is cheaper to grow that unit of rice in Nigeria than to import from Thailand. Which means nobody will bother importing anymore.

Otoh, GEJ could take the easy way out, by just banning imports. Or raising import duties a lot. Neither of these two things fixes the lack of competitiveness of the Nigerian farmer, though.

Seun:
An extremely idiotic decision, but one that most governments even in the developed world can't resist.

ziccoit: If you are against what this gentleman in CBN is doing you are a religion bigot. Some people are talking of two issues while some three
1. Conventional banking system

2. Non-interest financial institutions

3. Islamic banking system

A NIFI is not necessarily an Islamic banking system while Islamic banking system is basically NIFI. An islamic banking system has to be shariah compliance without which it ceases to be one. Who will run this system if not those who are knowledgeable about its working mechanism. Had it been Sanusi chose to call this a Herbalist banking system which must be herbalist compliance, no one will talk. The name Islam/Muslim is what is given the bigots heart attack.

If you are not comfortable with why Islam should have a system of banking, request for a system to be started according to what you believe in. Nothing bad in having a Christian, Jew, Buddhist, Sango, etc banking system. Sit down and formulate the financial principles as entrenched in your faith instead of playing bigotry. At least, we are in democracy.

Besides, Sanusi is only implementing what his predecessor who happened to be a Christian planned. And for those of you who are calling for his resignation, that wont cure your headaches and hatreds. If he doesn't, someone else is coming to finish what he has started.

ekt_bear:
^-- No worries.

Just contribute N100 so that I may finally complete my pilgrimage to the following location:

https://www.astronomy-pictures.net/picture-of-the-moon.jpg

I've already got the Nigerian FG (and thus Nigerians in general) to contribute $10 million towards my trip.

Unfortunately, it costs on the order of $100 million to sent me there. . . so I've still got a long way to go 

ndu_chucks:
I'm sorry to say that many of you who are calling for Sanusi's removal, because of his implementation of this globally accepted Islamic Banking instrument,  are simply bigoted, intellectually lazy, ignorant, or all of the above.

It might interest you to note that draft framework Section 9 of the draft regulatory framework released under Professor  Soludo’s CBN provides that: “There shall be an advisory committee on non-interest banking within the CBN to be called the CBN Shariah Council (CSC), which will be outsourced. The CSC shall advise the CBN on Islamic laws and principles for the purposes of regulating non-interest banking business.” Also, the first paragraph of the document describes a non-interest bank as “a bank which transacts banking business, engages in trading, investments and commercial activities, as well as the provision of financial products and services in accordance with the principles and rules of Islamic commercial jurisprudence.”

The CBN under Professor Soludo went further to cite, as the basis for the regulatory framework, the enabling legislation as “Section 28 (1)(b) of the CBN Act 2007 and the following provisions of BOFIA 1991 (as amended): Sections 55(2); 52; 59(1)(a); 32(1); 61; 23(1).”

It is evident that a painstaking effort has been made to offer an insight into the background of Islamic Banking in Nigeria to ensure that it is understood.

Sanusi is simply implementing a framework established by Soludo - a framework for a globally accepted banking model.   Where were you people when Soludo made his announcements and made the draft framework available to the public? awon olodo.

ekt_bear:
Anyway, I guess it is now becoming clear why certain parts of Nigeria are so backwards.

Can you imagine a government, rather than spending money on education, healthcare, etc, spending its money sending people abroad on expensive trips to the middle east?

Is that really the best use of public funds?

Maybe I should convert to Mormonism, then get the FG to fly me on pilgrimmage to Utah.

Or start my own religion. . Lunarism. Instead of spending cash on healthcare/roads/education, FG should pay for me to take a trip to visit my religion's Holy Land. . . the moon 

maclatunji:
They were secure in the knowledge that he is a Christian. Muslim, Alfa-looking Sanusi just triggers alarm bells in some of my fellow Nigerians. Even The Vatican which is the greatest Christian establishment in the world take-it or leave-it will not argue against it because they learnt accounting practices from the Arab Muslims.

I no blame una, na the laziness of Muslim leaders in the past that led to this current state of affairs. As the mother of the last Moorish ruler in Spain (Emir Muhammad XII) is reported to have told her son: "Weep as a woman for what you could not defend as a man."

Monday, 23 May 2011 00:00 Segun Adeleye Hits: 5 .

A MAJOR legal battle in the banking sector is on the way, no thanks to the new guideline on Non-Interest Financial Institutions (NIFI) by the Central Bank of Nigeria (CBN).

The guideline, which became operational on January 13, 2011, and signed by the Acting Director, Financial Policy and Regulation Department of the apex bank, Chris.O. Chukwu, introduced religion into Nigerian banking, contrary to the Banks and Other Financial Institutions Act 1991 (as amended).

Already, four Senior Advocates of Nigeria (SAN) have been engaged by some Nigerians to fight the new guideline at the Federal High Court, Abuja.

One of the SANs, who disclosed that the matter would be filed “any moment from now”, said: “We know that it is the right of the CBN to regulate the banking sector, but with this new guideline, what they have simply done is to shut out Buddhists, Animists, Atheists, Christians and others from Non-Interest Financial Institution business by saying you must be Sharia-compliant before you can engage in this type of business or to get licence.

“Nobody is against Islamic Banking or Muslims but what we are saying is that you can’t tell me to be Sharia-compliant to engage in this business in a secular state. There is Islamic banking in Europe and other places, but you can’t find it in their laws that you must be Sharia-compliant”.

Chukwu’s letter reads: “Further to our circular reference No. BSD/Dir/Gen/NIB/01/008 dated March 4, 2009 on the above subject and following extensive consultation and receipt of comments/inputs by stakeholders, the Central Bank of Nigeria hereby releases the Framework for the Regulation and Supervision of Institutions Offering Non-Interest Financial Services in Nigeria, as well as the following supporting guidelines:

•Guidelines on Shariah Governance for Non-Interest Financial Institutions in Nigeria; and

•Guidelines on Non-Interest Window and Branch Operations of Conventional Banks and Other Financial Institutions

“All enquiries should be forwarded to the Ag. Director, Financial Policy and

Regulation Department, Central Bank of Nigeria, Central Business District, Abuja.”

To opponents of this guideline, Section 61 of the Banks and Other Financial Institutions Act (BOFIA) of 1991 (BOFIA) has already defined a Non-Interest Bank in Nigeria as a “Profit and Loss Sharing Bank”. That is, “a bank which transacts investment or commercial banking business and maintains profit and loss sharing accounts”.

So, the CBN has, through the framework, ‘illegally’ re-defined a Non-Interest Financial Institution as a bank or Other Financial Institution, which transacts banking business “in accordance with Shariah principles and rules of Islamic commercial jurisprudence”.

The stakeholders, in a letter circulated at the weekend, said that the new guidelines “also introduced religion into the Nigerian banking, contrary to the spirit and letter of BOFIA.

Section 39 (1) of the BOFIA stipulates that “Except with the written consent of the Governor (a) no bank shall, as from the commencement of this Decree, be registered or incorporated with a name, which includes the words “Central” “Federal,” “Federation,” “National”, “Nigeria”, “Reserve”, “State”, Christian”, “Islamic”, “Moslem”, “Quaranic”, “Biblical”.

They added: “Unconstitutional exclusion of non-Muslims from non-interest banking by insisting that Non-Interest Banking products must be Shariah compliant, the CBN has unjustly excluded non-Muslim Nigerians from the emerging Non-Interest Banking business sub-sector, contrary to Section 16 1(d) of the 1999 Constitution (as amended), which states that “without prejudice to the right of any person to participate in areas of the economy within the major sector of the economy, protect the right of every citizen to engage in any economic activities outside the major sectors of the economy.

“By the proposed plan to establish the CBN Shariah Council, which would obviously comprise only Muslims, the CBN would be contravening the Federal Character Principle entrenched in Section 14(3), which states that ‘The composition of the Government of the Federation or any of its agencies and the conduct of its affairs shall be carried out in such a manner as to reflect the federal character of Nigeria and the need to promote national unity, and also to command national loyalty, thereby ensuring that there shall be no predominance of persons from a few states or from a few ethnic or other sectional groups in that government or in any of its agencies’.

“Contravening the secularity of Nigeria enshrined in Section 10 of the Constitution of the Federal Republic of Nigeria, which states that ‘The Government of the Federation or of a State shall not adopt any religion as State Religion’; Contravening the constitutionally-guaranteed freedom of religion as stated in Section 38 (1) that “every person shall be entitled to freedom of thought, conscience and religion’.

Below are the highlights of CBN’s framework for Non-Interest Financial Institutions:

DEFINITION OF NIFI: “A Non-Interest Financial Institution (NIFI) means a bank or Other Financial Institution (OFI) under the purview of the Central Bank of Nigeria (CBN), which transacts banking business, engages in trading, investment and commercial activities as well as the provision of financial products and services in accordance with Shariah principles and rules of Islamic commercial jurisprudence.”

The Glossary of Terms of the CBN’s NIFI Framework states that:

Shariah Principles refer to “the divine guidance as given by the Holy Qur’an and the Sunnah of the Holy Prophet and embodies all aspects of the Islamic faith, including beliefs and practices”.

NON-PERMISSIBLE TRANSACTIONS:

Interest;

•Uncertainty or ambiguity relating to the subject matter, terms or conditions;

•Gambling;

•Speculation;

•Unjust enrichment;

•Exploitation/unfair trade practices;

•Dealings in pork, alcohol, arms & ammunition, indecency and;

•Other transactions, products, goods or services, which are not compliant with Shariah rules and principles.

•LICENSING PRE-CONDITIONS:

•Evidence of a technical agreement executed by the promoters of the NIFI with an “established and reputable non-interest bank or financial institution”. This, in practical terms, implies compulsory partnership with an existing Islamic bank.

•NIFI’s Memorandum and Articles of Association (MEMART) to state that its business operations will be conducted in accordance with Shariah principles and practices.

•ELIGIBLE TRANSACTIONS:

•Murabahah: Sale of an asset by the financial institution to a customer at cost plus a profit margin.

•Mudarabah: A profit sharing contract where one party contributes his entrepreneurial efforts, while the other provides capital.

•Musharakah: A partnership contract between two or more parties, each contributing capital.

•Ijarah: Lease transaction.

•Salam: Forward sale contract.

•Istisna: Manufacture/construction order contract for manufacture of goods and commodities allowing cash payment in advance and future delivery according to specifications given in the contract agreement.

•Wadia: An amount deposited whereby the depositor is guaranteed his/her fund in full.

•Wakalah: Agency agreement assigning management of funds to a manager for fees.

•Sukuk: Certificates of equal value representing undivided share in ownership of tangible assets.

•Any other financing mode or structure that is Shariah-compliant and approved by the CBN.

CORPORATE GOVERNANCE:

•All licensed NIFIs are to have an internal Shariah compliance review mechanism and a Shariah Advisory Committee (SAC) as part of their governance structure.

ESTABLISHMENT OF CBN SHARIAH COUNCIL:

An advisory body on non-interest banking and financial services to be established at the CBN to be called the CBN Shariah Council (CSC), which is to advise the CBN on Shariah matters for the effective regulation and supervision of NIFIs in Nigeria.

•BRANDING: NIFIs shall not include the word “Islamic” as part of their registered or licensed names. They shall, however, be recognised by a uniform symbol designed by the CBN.

•AUDIT, ACCOUNTING AND DISCLOSURE REQUIREMENTS: NIFIs are required to comply with the relevant standards on disclosure issued by standards setting organisations, including the following:

•Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI);

•Islamic Financial Services Board (IFSB); and

•Nigerian Accounting Standards Board (NASB).

All NIFIs are required to carry out an internal Shariah audit on a periodic basis to examine and evaluate the extent of compliance with Shariah rules.

•LIQUIDITY MANAGEMENT:

•Liquid assets shall be held in line with the provision of section 15 of BOFIA 1991 provided they are Shariah-compliant.

•NIFIs shall not invest their funds in interest-bearing securities or activities. They are required to invest their funds in eligible Shariah-compliant instruments for the purpose of meeting the CBN prescribed minimum liquidity ratio.

•RISK MANAGEMENT:

NIFIs are to comply with the Islamic Financial Services Board’s Guiding Principles of Risk Management for Institutions Offering Only Islamic Financial Services.

Ileke-IdI:
Is it yet 10 pm Eastern American time?
God is don cross Nigeria's part of the world, just didnt pick up anyone. Heaven is not made for the likes of OBJ

homerac7:
Yes, rapture don carry me go o!

Una still dey planet earth? Guy, na him b say all of una na modafokin bloddy sinners!

Well, me sha, i dey my palacial mansion for King David courts, off Solomon Avenue, New Jeru. In fact, as i dey type ds so, one beautiful chinko model, (wetin b her name again sef?) dey serve me fresh dog meat pepper soup wt alomo bitters + palm wine combo. Na Pope John Paul b my neighbour, him just ask me over phone wether i go like add him indian babe house help to my domestic staff. Although Abacha dey lobby me for her sha.

In short guys, una f-up by missing today rapture o. I hear say d final one wey dey come go mean gan-an o. No babes and extra benefits wey d good guys like us dey enjoy. Abeg i go relate wt una later, ds chinko babe is waiting for me by d pool side already

Christian movement preparing for End of Days

AP – Caroline Dennewith, co-owner of Dorky's Arcade in Tacoma, Wash., poses for a photo, Friday, May 20, 2011 …
.
By GARANCE BURKE, Associated Press – 31 mins ago


OAKLAND, Calif. – Some shut themselves inside to pray for mercy as they waited for the world's end.

Others met for tearful last lunches with their children, and prepared to leave behind homes and pets as they were swept up to heaven.

And across the globe, followers of a California preacher's long-publicized message that Judgment Day would arrive Saturday turned to the Bible, the book they believe predicts the beginning of Earth's destruction on May 21.

The doomsday message has been sent far and wide via broadcasts and web sites by Harold Camping, an 89-year-old retired civil engineer who has built a multi-million-dollar nonprofit ministry based on his apocalyptic prediction.

After spending months traveling the country to put up Judgment Day billboards and hand out Bible tracts, Camping follower Michael Garcia planned to spend Friday evening with his family at home in Alameda, near the Christian media empire's Oakland headquarters.

They believe it will likely start as it becomes 6 p.m. in the world's various time zones.

"We know the end will begin in New Zealand and will follow the sun and roll on from there," said Garcia, a 39-year-old father of six. "That's why God raised up all the technology and the satellites so everyone can see it happen at the same time."

The Internet was alive with reaction in the hours past 6 p.m. Saturday in New Zealand.

"Harold Camping's 21st May Doomsday prediction fails; No earthquake in New Zealand," read one posting on Twitter.

"If this whole end-of-the-world thingy is still going on ,  it's already past 6.00 in New Zealand and the world hasn't ended," said another.

Camping's radio stations, TV channels, satellite broadcasts and website are controlled from a humble building on the road to the Oakland International Airport, sandwiched between an auto shop and a palm reader. Family Radio International's message has been broadcast in 61 languages.

Camping, however, will be awaiting Jesus Christ's return for the second time. He said his earlier apocalyptic prediction in 1994 didn't come true because of a mathematical error.

"I'm not embarrassed about it. It was just the fact that it was premature," he told The Associated Press last month. But this time, he said, "there is, no possibility that it will not happen."

Skeptics are planning Rapture-themed parties to celebrate what hosts expect will be the failure of the world to come to an end.

Bars and restaurants from Melbourne, Australia to the Florida Keys advertised bashes.

In Oakland, atheists planned a gathering at a local Masonic temple to include group discussions on "The Great Success of Past Apocalypses," followed by dinner and music.

Camping and his followers believe the beginning of the end will come on May 21, exactly 7,000 years since the flood in the biblical story of Noah's Ark.

Some 200 million people will be saved, Camping preaches, and those left behind will die in earthquakes, plagues, and other calamities until Earth is consumed by a fireball on October 21.

In the Philippines, a big billboard of Family Radio ministry in Manila warned of Judgment Day. Earlier this month, group members there distributed leaflets to motorists and carried placards warning of the end of the world.

Christian leaders from across the spectrum have widely dismissed the prophecy, but one local church is concerned that Camping's followers could slip into a deep depression come Sunday.

Pastor Jacob Denys of Milpitas-based Calvary Bible Church plans to wait outside the nonprofit's headquarters on Saturday afternoon, hoping to counsel believers who may be disillusioned if the Rapture does not occur.

"The cold, hard reality is going to hit them that they did this, and it was false and they basically emptied out everything to follow a false teacher," he said. "We're not all about doom and gloom. Our message is a message of salvation and of hope."

On Friday afternoon, a small group of eccentrics, gawkers and media opportunists convened outside Family Radio's closed office building. A sign posted on the front door said "SORRY WE MISSED YOU!"

As May 21 drew nearer, followers say donations grew, allowing Family Radio to spend millions of dollars on more than 5,000 billboards and 20 RVs plastered with the doomsday message. In 2009, the nonprofit reported in IRS filings that it received $18.3 million in donations, and had assets of more than $104 million, including $34 million in stocks or other publicly traded securities.

Marie Exley, who helped put up apocalypse-themed billboards in Israel, Jordan and Lebanon, said the money helped the nonprofit save as many souls as possible.

She said she and her husband, mother and brother were glued to the television on Friday night waiting for news of an earthquake in the southern hemisphere. When that did not happen, she said fellow believers began reaching out to reassure each other of their faith in the prophecy.

"Some people were saying it was going to be an earthquake at that specific time in New Zealand and be a rolling judgment, but God is keeping us in our place and saying you may know the day but you don't know the hour," she said Saturday, speaking from Bozeman, Mont. "The day is not over, it's just the morning, and we have to endure until the end."

Camping recommended this week that followers surround themselves by their loved ones and not meet publicly, Exley said.

Some people wanted to make sure their pets receive good treatment, no matter what happens.

Sharon Moss, who founded AfterTheRapturePetCare.com to provide post-apocalypse animal care, said a new wave of customers has paid $10 to sign up in the last few weeks.

"A lot of people have said you should be out there saving souls not saving pets but my heart says `why can't you do both?'" said Moss, who identifies herself as Protestant.

Dual citizenship http://en.wikipedia.org/wiki/Citizenship_in_the_United_States
A person who is considered a citizen by more than one nation has dual citizenship. It is possible for a United States citizen to have dual citizenship, for example by birth in the United States to a parent who is a citizen of a foreign country. Anyone who becomes a naturalized U.S. citizen is required to renounce any prior citizenship during the naturalization ceremony; however, this renunciation may not necessarily be considered effective by the country of prior citizenship. United States citizens are required by federal law to identify themselves with a U.S. passport, not with any foreign passport, when entering the US. The Supreme Court case of Afroyim v. Rusk declared that a U.S. citizen did not lose his citizenship by voting in an election in a foreign country, or by acquiring foreign citizenship, if such acts did not require him to explicitly renounce his U.S. citizenship.

The concept of dual citizenship (while not unique to the U.S.) has been the subject of controversy in the U.S. Michael Barone in US News argued that "dual citizenship is a threat to the American tradition of patriotic assimilation" as well as possibly undermining American sovereignty,[20] while others have argued that the effects are less pernicious.[20] Americans who have dual citizenship do not lose their United States citizenship unless they renounce it officially.[21] When Mexico allowed people to become dual citizens, many Mexican-born American residents sought dual citizenship; in this case, dual citizenship with Mexico and the US. This dual status offers benefits such as the ability to own property anywhere in Mexico, and legal status to live and work in either country; but one drawback is that dual citizens cannot hold political office in Mexico.[21] Before 1998, many Mexicans were reluctant to become United States citizens, fearing they would lose real estate, inheritances or businesses in Mexico.[21] In 2003 in the United States, there were 32.8 million Hispanics; of these, 21.7 million were from Mexico or had Mexican heritage; of these, 7.8 million had been born in Mexico; and of these, 1.6 million had become American citizens; of these, 30,000 had become dual citizens from 2000 to 2003.[21]

ekt_bear:
For the love of God
read what I linked to.
I went through this naturalization process too some years ago and didn't lose my Nigerian citizenship (I asked them specifically about this.)
There is no point in us discussing if you won't read the info widely available.

ndu_chucks:
@ekt_bear,
Go and read the Oath of citizenship of the US.
Excerpt from oath of citizenship of the US:
I hereby declare, on oath,
•that I absolutely and entirely renounce and abjure all allegiance and fidelity to any foreign prince, potentate, state, or sovereignty of whom or which I have heretofore been a subject or citizen;
Ajimobi should be very worried.

ekt_bear:
One party states. . . not a good idea.

This is too much.

Kobojunkie:
This is in a state where the number 1 excuse for not directly and vigorously tackling basic issue is lack of funds oo.

Calculia:
ACN has no future in the south south or south-eastern zone of Nigeria. The party stinks of ethnocentric vulgar and judging by its recent electoral performance it is a yoruba tribal party. We don't want it anywhere in our backyard.

Calculia:
ACN has no future in the south south or south-eastern zone of Nigeria. The party stinks of ethnocentric vulgar and judging by its recent electoral performance it is a yoruba tribal party. We don't want it anywhere in our backyard.

EzeUche_:
Have you ever been to Akwa Ibom state?

The state is one of the most developed states in Nigeria. The infrastructure developments in the state are better than what is occurring in Lagos. He is just temperamental when it comes to politics.

Musiwa,:
the reason is because northern were in power for many years.  fashola can change it if he want, but the airport is own by the federal govt. which is one of the last properties of the federal govt in lagos.  the federal govt have sold 90% of its properties.

but the federal still own airport too in other places. many yorubas believe they should change the lagos airport from Murtala airport to Obafemi Awolowo airport.

fashola needs to build an airport, to get revenue. so that lagos can make money.

KnowAll:
this man is no democrat, more like a tyrant to me, God forbid this joke of a man come anywhere near the Presidency. 

ekt_bear:
Sounds like a true democrat, this guy.

EzeUche_:
Gov. Akpabio does not like ACN. You would think he is an Igbo man, but the man is Ibibio. 

just2nice:
The attacks on corpers serving in the North reared up its ugly head again with the attack of 3 corpers serving in Jigawa state.I lived with these 3 attacked corpers in the same lodge here in Garki(Jigawa state),and this was the account they narrated to me.
Yesterday(May 20th),3 of my fellow corpers serving in Garki,Jigawa went to Gumel,also in Jigawa, to make cash withdrawals and also grab some drinks at a local bar.On their way back,around 5 p.m, they flagged down a vechicle to take them back to Garki,where we serve. As they were going,they have barely left the Gumel local government boundary when suddenly,the driver veered off sharply into a rustic village and stopped in the village square.He alighted and started shouting in Hausa that the 3 corpers were thieves and that they wanted to steal his vechicle.
The next thing my fellow corpers knew,the people of the villagers have brought out machetes,cutlasses and axes to lynch them but luckily for the corpers,they quickly reacted and took to their heels.They ran to the highway that led from Hadeija--Kano and just when they thought they were safe,the driver who agitated the villagers carried some of the villagers armed with axes and cutlasses and started pursuing them on his vechicle.
When the corpers saw that these villagers were hell-bent on lynching them,they risked their lives and ran into the highway,flagging vechicles to help them.Fortunately,some indigenes of Garki, where we are serving,now saw the corpers and came to their rescue.They were now holed up in a vechicle on the highway for about 35 minutes while the good Samaritans held them off. Inspite of the efforts of these helpers,one of the corpers had his head cracked open by a big stone that was thrown from the back of the vechicle while another narrowly escaped being amputated by a flying axe that luckily for him,the sharp head broke off in flight and only the handle of the axe struck him hard in the back.The police later came and took them to the police station in Gumel,but not after the three boys had been beaten with sticks and planks.
There,in the police station,they were initially handcuffed and stripped to their shorts before NYSC officials in Gumel now came and rescued them.The driver of the vechicle,who started the trouble,was now feigning mental instability and the police were corrobating him that he had mental problems.
My friends finally arrived in our lodge at about 11 p.m.And to think I wanted to follow them to that Gumel town yesterday! I am a Batch 'B' corper,and I can't wait to be done with the North by June 16th when I am passing out.
I am typing this report from my mobile phone;that is why it is brief.Will provide a more detailed report later,when I get on my laptop.

J12:
IBB is right. We need zoning in Nigeria to feed our tribalististic stomachs. Why should zoning be stopped when the federal character clause is constitutional?

kasiem:
There is no way that any sane man can come out and tell us that zoning is not required in nigeria, with all the tribalistic differences attached to our natural instincts. The most credible person in nigeria can never rule this country without making his tribe or region priority, cos charity begins at home. The only truth that any pragmatic person can tell us is that any zone that gets the slot should come out with the best candidate. Why are some of us the pro-gej trying to drain the truth, cos we feel that we're on favored side? Let the truth be said! Without zoning, no southerner will ever taste that exalted seat, cos the population of the northerners will always tell.

lucabrasi:
as much as i dont like the man he is totally right on the issue of zoning,it is needed for the continued unity of nigeria at least till our democracy becomes unshakeable