By Udeme Clement
The bid by the Central Bank of
Nigeria (CBN), to introduce
Islamic banking in the country
has sparked controversy. In this
interview, the Director- General,
West African Institute for Financial
and Economic Management
(WAIFEM), owned by Central
Banks of Anglo-speaking West
African countries, Professor
Akpan Ekpo, speaks on the
banking innovation and ATM
fraud.
How far do
you think
Nigeria
would go
on Islamic
banking
system, if
CBN finally
implements
the policy?
First of all,
we need to
fully understand the meaning of
Islamic banking, how it works in
other countries and the economic
benefits, before we begin to
condemn CBN on the policy.
For instance, WAIFEM is owned by
Central Banks of Anglo-speaking
West African countries, with the
mandate to build capacity in
macro-economic management,
financial and debt management in
member countries. At present, we
have a course on the rudiments
of Islamic banking inWAIFEM.
Nigeria ’s economy should not be
in isolation from other economies.
Whether we call it Islamic or non-
interest banking, what Nigerians
should do is to look at the
product and see what it has to
offer the economy.
The policy does not prevent non-
Muslims from participating.
Islamic banking is just another
type of banking technique that
should join the existing
operations in the industry, so that
anyone interested could
participate. In other countries,
there is what is called Christian
bank and people are getting the
product to do business.  There is
the need for us to understand
what Islamic banking means, so
that we do not just criticise what
we don ’t know.
Also, a large number of Nigerians
are Muslims and if there is a type
of bank that could add to the
efficiency of banking in Nigeria,
why are people against it?  For
me, the CBN governor should not
even call it non-interest banking,
he should call it Islamic banking,
straight to the point, because that
is what it is called everywhere in
the world.
www.vanguardngr.com/2011/02/islamic-banking-’ll-benefit-nigeria’s-economy-prof-ekpo/

I think a lot of people criticising him do not know the meaning of Islamic banking. It has worked well in other climes,

So, what is islamic banking? The article says shed no light to what it is. Why call it "islamic"? Do we now shift our foreign reserve to Saudi Arabia? Islamic banking. What a daft name to give some banking system. Why don't we just call it, "Saudi banking"?

Jenwitemi:

So, what is islamic banking? The article says shed no light to what it is. Why call it "islamic"? Do we now shift our foreign reserve to Saudi Arabia? Islamic banking. What a daft name to give some banking system. Why don't we just call it, "Saudi banking"?

DAFTNESS BEGINS FROM HERE,