Do you Support Non-Interest (aka Islamic) Banking in Nigeria?

....since the new of Islamic banking in Nigeria, I have been wondering what the system is all about. Can someone pls enlighten me and do you support this banking system?



Below is the message from CBN Governor, Mallam Lamido Sanusi

Qoute
The Governor of the Central Bank of Nigeria, Malam Lamido Sanusi, on Monday said the apex bank was not in any way promoting or establishing an Islamic bank in Nigeria.

Sanusi made the clarification on Monday in Abuja, at a two-day International Conference on Non-Interest Islamic Banking, the News Agency of Nigeria reports.


”The Central Bank is not promoting or establishing Islamic bank, the Central Bank is simply licensing and regulating an institution that is allowed to exist under the law.


”To the extent that this bank is not allowed to deny anyone the opportunity to be a stakeholder and to the extent that they do not deny anyone to set up his own bank.


”There is absolutely no discrimination. We have to continue making that point, hopefully, people will get to understand with time,’’ he said.


He maintained that those who felt that what the apex bank was doing was illegal, should go to the court of law.


According to him, the bank will stop the establishment of non-interest Islamic banking if the court says it is illegal.


”But we don’t think the court will say so because we know we are acting within the realm of the law. But it is only the court of law that can make a pronouncement on the legality of anything.


”So if anybody says it is illegal, then he should go to the court of law and let the law pronounce the legality or illegality of it,” he added.


Sanusi said non-interest banking had been practiced in about 435 institutions and in about 75 countries in the world.


He said with the guidelines in place, Nigeria was set to join the league of other countries to benefit from the non-interest banking.

Posted: at 4-07-2011 08:02 PM (12 years ago) | Newbie

You'd be interested to know, many chinese or non-muslims prefer to invest in these kind of sharia banks in many other countries that has it.
The typical world banking system are not the best; high interests on the facilities they are giving their users, its our money they are sucking on to gain their assets with. We have to pay at least 3 times the value in return for the facility we get. This is how the rich and poor gap comes from. The haves and have nots. HIGH INTEREST.

Its an alternative system.

Posted: at 25-12-2011 03:51 PM (12 years ago) | Upcoming