Number_One:

This foolish comparison of Nigeria to the UK is myopic. Nigeria is a country struggling with religious violence and you want to introduce something called "Islamic Banking"? Does the UK have such religious tension as Nigeria.
If they did, do you think their government will allow "Islamic Banking"? The biggest problem with Nigeria is that we like to COPY FOOLISHLY. Technology should be ADAPTED not ADOPTED. We copy both the good, bad and the ugly just because it worked somewhere else doesn't mean it will work here. There is the NIGERIAN FACTOR.

Look at the MicroFinace Banks. They were copying Bangladesh model of MicroFinacance. Look at where it has brought us. Nigeria is a UNIQUE country and as such what applies else where DOES NOT have to apply here. That's why GOD gave us BRAINS to think, but unfortunately some prefer to COPY.

Why NOT just call it "Interest Free Banking" for now, must it be called "Islamic Banking"?

It seems you are more myopic than the word myopia. A fool at forty is fool for life that is a common saying in Nigeria. if i ask you can you did Nigeria formulate the conventional Banking you probably will say no. doesn't that make you extra-ordinarily foolish? what is wrong if the Bank is called Islamic banking? If you extremist Christians are to sick to the extent that the mention of the word Islam sends you into effervescent mode, then you need to see a doctor.

Currently the CBN has given license to JAIZ bank, thank GOD they did not put Islam JAIZ, if not you would probably had join the CIA and bomb the mosque sorry bank. Muslims in Nigeria are free to own banks and call them any name they want to. no be by force make you use the bank, just as it is not by force to use Unity Bank, the Nigeria youth needs to distinguish himself from Ignorant.

you talk about things not working in the country but have you use your small brain to understand why microfinace banks failed in Nigeria? you are too dumb to be an adult.

Dis whole tin is boilin down 2 religious factor. Nig is a secular state by constitution nd nt in character. This reflects in dis issue as secular banks are now tot 2 b xtian banks. It is absolutely clear SLS wants to leave an islamic legacy in d banking sector nd has set up d control room (sharia) to mak it apealing 2 muslim faithfuls. I am nt against it bt only fear 4 d deciet imbeded in it. I wnt to belive it wnt stand d test of time as it unfold. Moreova at moment we are tryin 2 put out boko haram nd there is SLS meting dier demand. GOD SAVE NIGERIA

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It still does not explain the Islmophobia a lot of Christians youths in Nogeria suffer from. Like I have reinterated Islamic banks are in places like Britain with Christian majority, it takes commonsense for the Nigeria youth to learn to see things beyond religion. it is not by force to patronise any Islamic bank, only a fool will see interest free banks and head for exhorbitant interest banking.

Joagbaje:

^^^
giving loans without any interrest may not be a the best idea. Firstly how do we sustain such institution . And secondly how can more people be helped.

Sir, I expected for the simple fact that you have connection to the internet, is enough reason that you use your God given sense to goggle Islamic banking to inform yourself better as there are lots of Islamic banks making profits. it is a matter of common sense that these people make profits

Joagbaje:

Our present banking system is terrible. The interest on the loans are so high. Interest is not wrong in itself but excessive interest is bondage. Jesus himself endorsed interest in banking.

Jesus did what? I can't believe that.

Joagbaje:

Luke 19:23
23 Then why did you not put my money in a bank, so that on my return, I might have collected it with interest?

A christian bank won't be a bad idea if the interest can be minimised. Maybe to 10% or less. But I wonder if our ores sent banks will not fight it. Banks worked with policemen to shut down some of these " quick money" banks that came up because it was affecting the big banks as customers were pulling their monies out to invest in these quick ones.

Comut for here, christian bank ko Christian bank ni.


Understanding Islamic Banking

The concept of Islamic banking is based on the fact that money by itself does not grow. it must be invested and then it generates profits.

For instance Mr. A comes to Let's help you bank. which does Islamic banking. Mr. A says I want to lend N100, 000 for my business. the bank goes on to look at his business plan and conclude that it is a terrific business opportunity.we want to invest in it. when the banks lends the money to Mr. A, two things happen in Islamic Banking;
1. the Banks takes risk with the customer, in that it stands to lose it money if the Business fails
2. Profit is shared by the end of the transaction under an agreed sharing formular after all the initial money has been paid.

hence, in Islamic bank the less priviledged have a unique opportunity of obtaining finance at less stress of loosing their money. again in Islamic bank, the form of savings account used there does not attract interest, rather it is seen as an investment account.

Fundamentals of Islamic finance

The term “Islamic banking” refers to a system of banking or banking activity that is consistent with Islamic law (Shariah) principles and guided by Islamic economics. In particular, Islamic law prohibits usury, the collection and payment of interest, also commonly called riba in Islamic discourse. In addition, Islamic law prohibits investing in businesses that are considered unlawful, or haraam (such as businesses that sell alcohol or pork, or businesses that produce media such as gossip columns or pornography, which are contrary to Islamic values).

The recent global financial crisis has also given more credence to Islamic finance. A study conducted by some IMF researchers in 2009 reveals that Islamic financial institutions have shown more resilience than their conventional counterparts (interest-based financial institutions) during the global financial crisis. According to the authors of the report, this excellent performance is attributed to the business model Islamic banks use, which ‘prohibits' them from engaging in complex derivative financial instruments and other speculative activities (which in plain language means ‘gambling with other people's money').

It is interesting to point out the case of countries which have in operation a dual banking system (i.e. both the interest-based and non-interest banking systems). Malaysia, for instance, is one such country and it has fared extremely well during the global financial-crisis, whereby the effects of the crisis on the overall economy were neutralised by the good performance of the Islamic financial institutions.
http://234next.com/csp/cms/sites/Next/Opinion/Columns/5723256-148/story.csp

and upon Aristotle, Politics, Book I, Part 10:
“There are two sorts of wealth-getting, as I have said; one is a part of household management, the other is retail trade: the former necessary and honorable, while that which consists in exchange is justly censured; for it is unnatural, and a mode by which men gain from one another. The most hated sort, and with the greatest reason, is usury, which makes a gain out of money itself, and not from the natural object of it. For money was intended to be used in exchange, but not to increase at interest. And this term interest, which means the birth of money from money, is applied to the breeding of money because the offspring resembles the parent. Wherefore of any modes of getting wealth this is the most unnatural.”

So wats d point. Dat we suscribe 2 sharia banking, Hm. Very soo we shld b expectin a sharia economy

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what was the point of the moronic ccleric claiming Islamic banking will do the nation no good? be advised that you should no the intent of a thread before rushing to post, the thread is about Islamic banking not shariah economy

Dude, Resorting to insults will NOT establish your point. How many none Muslims have been killed in Britain in religious clashes? How many in Nigeria? Get the message? Islamophobia is a global phenomenon, its NOT just restricted to Nigeria. I'm NOT against Islamic Banking, I live in Abuja and have muslim friends. Remove religious sentiments, Nigeria is NOT ready for this.

@veda, U seems not 2 knw d terrain in nigeria nd if u do. U are just being dogmatic as islam itself. When a sharia oh islamic bank so to say exist in nigeria. It is a false start 2 economic progress as it hold one religion higher than odas in a secular nation. It is against d constitution and a way to apease religious secessionist. Why islamic banking and not non-interest banking. It is nt only d quran dat is against interest bt also d bible (excessive interest). It has ben long when some religious sycophants av wanted 2 turn nig 2 an islamic state. IBB registered us with d IOC nd now SLS is propanding sharia/islamic economy via sharia/islamic banking.

^^^^^

Using your cheap argument, please go and demand the immediate closure of all christian universities since tey are promoting one religin against another in a secular state hiss. people like you are hypocritical to the core only seeing things myopically. It seems the colonial missionaries only taught foolish fundamentalism to their christian brethren.

Pls mind ur words. It is ratheq unfair of u to insult people. I wld nt blame u. Its d nature of islam. I see a man full of jealousy 4 d xtian fold nd blames d backwardnes of islam on non muslim. U talk of xtian universties are dere nt muslim universities. U are as dogded as islam

These xtians are d dumbest creatures ever known on earth. What's actually giving these flukes headache, huh?! If u are not ok with it, exclude yourself!

@alien. U seems not to b different 4rm those dumb foolish christians. We are all in 9ja. Lets watch it play, paused, forward nd 2 an abrupt stop. Wise fool

dankol:

Pls mind your words. It is ratheq unfair of u to insult people. I wld nt blame u. Its d nature of islam. I see a man full of jealousy 4 d xtian fold nd blames d backwardnes of islam on non muslim. U talk of xtian universties are dere nt muslim universities. U are as dogded as islam

Simple questions have proven too difficult for you, as i simply asked using your form of thinking, "please go and demand the immediate closure of all christian universities since tey are promoting one religin against another in a secular state", Your allegations that they are Muslim university only exposes your problem, Bigot Christian Jealousy against Muslim, the I must have whatever they have mentality, Muslims it was ordained for us to go on pilgrimage, immediately the Christians invented their own pilgrimage to compete with the muslims, in other words your problem lies wth the fact that there is no such thing as christian banking, hence you christian are at a lost on how to demand for you own, how to have whatever they have, they thousand of Business run by churches and mosques, yet you fail to make you strange argument that this businesses have turned or promoted one religion above another. I do pity people like you, who abandon reason to eat every lie he is told by his pastors.

@Number1,wat is ur prob? So u are saying that Islamic banking is bad and cannot bring any advantage to us,to tell u d fact,ISLAMIC BANKING is still d best cos it is already written in HOLY QURAN that interest is very bad(haram) check it out,d muslims dat practice dis has no prob. Are u now tellin me dat there is no muslim in U.K,u are sayin 100% nonsense,pls anybody that wants to post anything should think wisely b4 postin,about promotion of ISLAM if it is done,there is nothin like promotion of ISLAM,ISLAM is promoted by God not by human being,it should b ISLAMIC BANKING cos dis is in d HOLY QURAN,had it been bible had it in it,y is it not used in the christians country? Or u cannever follow wat ur book states? To say d fact u christians have prob. Cos i see no reason 4 u to say against us,well am not surprised cos it is written that d unbelivers will never love us that they just pretend as if,if u a not happy at ISLAMIC BANKING u beta go and commit suicide, u fools. Anytin u see in d QURAN has advantage to us cos ALLAH knows everythin in dis life