[size=15pt]Islamic banking: FG should curtail Sanusi’s excesses – Fawehinmi[/size]

By Bosede Olusola-Obasa

Saturday, 25 Jun 2011






The executive arm of government and the National Assembly have been called upon to supervise the Governor of the Central Bank of N igeria, Mallam Sanusi Lamido Sanusi, in view of the recent major policies being formulated by him.

A legal practitioner, Mr. Mohammed Fawehinmi, made this call in a statement on Friday, stressing that this step should be taken in the interest of the nation’s economy or it “will wreck our economy and destroy our global financial status as a rich nation.”

He said, “This man is acting ultra-vires and has arrogated too much power many powers to himself, which are not in line with the proper principles of banking. Sanusi is carrying out these powers without supervision from the executive and legislature.”

Emphasising on the issue of the non-interest banking – also called Islamic banking – Fawehinmi said he believed that the action by the CBN governor showed “incredibly bad policy formulation and unnecessary religious sentiment.”

Querying the rationale behind it, he wondered if the idea had the power to curb inflation or positively influence vital areas of the economy.

He said, “What is the relevance of non-interest banking to Nigeria now? Of what benefit is it to our economy? If the Muslims claim they are entitled to Islamic banking, the Christian lay claim to the fact that they are entitled to Christianic banking and the traditional practitioners want traditionalistic banking or Ifa banking or Okija banking, should the CBN readily agree or grant licences to such banks? I think not. The CBN governor has once again missed the goal post. This issue of Islamic banking in disguise must go through the National Assembly.

“I think it shows a lack of cognitive appreciation of the structuring and management of the Nigerian banking system on the part of the CBN governor. I’m forced to state at this juncture of his so-called reforms that he does not appreciate the problems confronting the Nigerian banking industry.

“I strongly believe he has no focus on the pattern of viable and profitable investment quotient needed, which is geared towards the enhancement and improvement of our economy through the effective strengthening of the value of our naira.”

In a statement made available to SATURDAY PUNCH on Friday, Fawehinmi raised a 15-point query.

He called on the Senate President, David Mark, and the Speaker of the House of Representatives, Aminu Tambuwal, to make sure that a bill concerning the non-interest or Islamic banking was brought up on the floor of both chambers and properly scrutinised in the progressive interest of the banking system and the benefit of the entire nation through their representatives there.


http://www.punchng.com/Articl.aspx?theartic=Art201106252373921

am happy this is coming ftlrom a soutwestner and a muslim also. can somebody stop this sanusi before he ruin our economy.
let's keep behind tribal sentiments. cbn is too big for sanusi to handle. maybe he can manage a bank but not cbn.
he has ran out of idea. there are no soludo policy to fight against and he is even using soludo policies wrongly now.

Walai. Northern muslem are a dis grace to this country. When'll sanusi tenure to expire? This man need to be sacked

sanusi must go

ekt_bear:

sanusi must go

Why? Beacause he is implementing the Islamic Banking system recognized world-wide, and was designed and customized for Nigeria by Soludo?

To be honest with you, I am not against Islamic banking if the taxes laws are change, where state collect all form of taxes. The reason is, Islamic banking is about no interest. What it means is that the govt will be making little or nothing from taxes. Which will be unfair to Christain who would be using regular banks and would have to pay taxes.

The solution is for the govt to allow all taxes , either income and and others. to be collected by the state. All federal govt  taxes are suppose to be own by state in the first place. Like in other part of the world. That way nobody feel cheated.

THe federal govt can not collect revenue from oil and also stand up to take revenue that below to state, which is taxes. Taxes are state business. and not the federal govt business. So the idea of state sharing taxes, is silly.  This is why sometime. I wonder about Ngozi Iweala if she really lived in the USA before and if she really worked for the world bank?? , she should have change all this in her first term as finance minister.

How can kano state be taken taxes from the people of lagos. It is not done anywhere in the world. New york collect it taxes. and nobody in florida have ever enjoy from the taxes collect in New york before. because they are separate state.    And state governor who feels this law should not be change, should resign as state governor, he should not be there in the first place.

soludo is an id1ot n so is sanusi

fola adeola seems to have managed GTB n his own islamic banking boutique without causing conflict- why can other do the same?
nothing wrong with islamic banking but it should be privately funded considering IT DOES GO BY SHARIA LAW.

soludo an apologist n fuul sanuasi is just stoopid sha

something is wrong with Islamic banking in Nigeria at the moment because of the way, taxes are operated. the federal govt collect all taxes. What it means is that Igbos, yoruba who are not muslim , will be paying taxes in regular banks , while hausa/fulani where Sanusi comes from ,. would not be paying taxes. that is not fair to Igbo people, yoruba or people from the south south or middle belt.

We also have to be fair to muslim, by allowing them to have banks based on their religion. The only way, we can do that and is to change the taxes law just like every country in the world. Where only state collect taxes. This way, state that want Islamic banks can have islamic bank, without cheating other nigerian, who are oppose to islamic banking.  The Igbo people yoruba and south south and middle belt are oppose to Islamic banking. So the need to change the taxes law. And get the federal govt of Nigeria out of taxes. THe federal govt should stop collecting any form of taxes. it is not their business.  You can not rob peter to pay paul.

noise noise noise hate hate hate lies lies lies and insults insults insults

could Islamic banking be related to Jihad by Stealth

Tis such a sensitive issue.

On the fence about this.

If only Nigeria  had a muslim majority

Still waiting to be taken off the OIC list

Sanusi, PFN disagree over Islamic banking

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Written by Hassan Ibrahim Sunday, 26 June 2011

The governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has said that those opposed to the introduction of Islamic banking in Nigeria are not conversant with current happenings in the world as the system is being practised in the United Kingdom and other countries of the world dominated by Christians.

He spoke on the BBC Hausa service monitored in Kaduna at the weekened, even as the Kaduna State chapter of the Pentecostal Fellowship of Nigeria (PFN) expressed concern over moves to introduce Islamic banking in the country.

The PFN while condemning the move said the action of the CBN governor at a time when Nigerians were still battling to douse the tension created by political and religious crises was unfortunate.

However, Sanusi explained that the move for the introduction of the JAIZ Bank in Nigeria had been on even before he assumed leadership in the CBN and disclosed that other superior officers in the CBN who were Christians had no problem with Islamic banking in Nigeria.

According to him, a major stakeholder in the JAIZ Bank was an Igbo businessman who saw the prospects and had since invested a lot towards the noble cause.

Nigerians, he said, should not be afraid of Islamic bank as it was going to be a non-interest banking which had been practised successfully in many parts of the world.

But the PFN in a statement by its chairman, Bishop David Bakare, said that the action of the CBN governor would further polarise the nation along religious lines as well as raise suspicions about his intention no matter how good it could be.

“Honestly if the CBN governor had embarked on this advocacy for Islamic banking as a religious leader it would have made a better sense than as a government official. Therefore, he should come out and tell the nation whose errand he is running and for whom he speaks. Is he speaking for himself, Islam, or for the government of Nigeria?

“ Sanusi should please be advised not put the nation into another avoidable distraction and dangerous crises. We call on the president not to wait until trouble begins before acting,” he said.

Bt come to tnk of t, dis culd be taken advantage of! People kikng against islamic bankng suld do t strngly and insist that the only way fo t to wok is if the tax law is changed, let fed hands off tax collection, imagine the tax collected on alcohol in Lagos, Benue, PortH etc is being used to develope Kano, which ban alcohol! Nigeria is a very funny set-up.
If this repeal of tax law is called fo, im sure states like Sokoto, Kano etc will fight tooth and nail against for they ar going to be poorer wit their islamic banking while states such as Plateau, Benue and much of south ar going to be richer.

haka_nai:

Sanusi, PFN disagree over Islamic banking

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Written by Hassan Ibrahim Sunday, 26 June 2011

According to him, a major stakeholder in the JAIZ Bank was an Igbo businessman who saw the prospects and had since invested a lot towards the noble cause.
“Honestly if the CBN governor had embarked on this advocacy for Islamic banking as a religious leader it would have made a better sense than as a government official. Therefore, he should come out and tell the nation whose errand he is running and for whom he speaks. Is he speaking for himself, Islam, or for the government of Nigeria?

“ Sanusi should please be advised not put the nation into another avoidable distraction and dangerous crises. We call on the president not to wait until trouble begins before acting,” he said.

Another Igbman being used for selfish and fundamentalist Hausa purpose

You know as well as Mallam Sanusi that he is not implementing the type of "Islamic Banking system recognized world-wide". He is following his auto-theocratic hypocrites in Iran, Saudi Arabia and the like to impose Sharia by stealth. Liars and hypocrites loading-up on the people's resources while pretentiously proclaiming religion.

They are doing injustice to your religion by linking it with this grand scheme to suck more of the oil money into their bloated cheeks

I hope GEJ will show some balls and kick his sorry a.ss to the curb very soon.

ndu_chucks:

Why? Beacause he is implementing the Islamic Banking system recognized world-wide, and was designed and customized for Nigeria by Soludo?

koruji:

You know as well as Mallam Sanusi that he is not implementing the type of "Islamic Banking system recognized world-wide". He is following his auto-theocratic hypocrites in Iran, Saudi Arabia and the like to impose Sharia by stealth. Liars and hypocrites loading-up on the people's resources while pretentiously proclaiming religion.

They are doing injustice to your religion by linking it with this grand scheme to suck more of the oil money into their bloated cheeks

I hope GEJ will show some balls and kick his sorry behind to the curb very soon.

Thank you!

To me i've not seen any notable thing that this man has done as a cbn gov'nor, he just came board as he was in quarrel with any body, started destroying all the soludo policies that stood as a bulwark against the global reccession, all this were done to taint the good records that soludo a southerner has earned. Now, for this man to formulate his own policy from the scratch, he has started divulging his clandestine motives. As a progressive what this man suppose to have done when he took over the leadership of cbn is to start from those areas that soludo never covered well, rather, he saw it as a ground to rubbish soludo, due to the venom that he harbored for southerners. Then, people were seeing as a messiah, but, thank God that his interior motives have started manifesting to show the reason behind every of his action.

Nigeria!

Islamic banking is good.

Hope Nigeria will be a rich nation by persistent steering the nation in the right direction by our leaders.

A lot of people are just plain ignorant. I think if you people (including Fawehinmi) take the time to understand what "Islamic Banking" is all about, you will be customers at the banks. Critically speaking, it is nothing more than a different range of banking products governed by a very reasonable principle, unlike some products in the conventional banking models. It is a for profit business.

ekt_bear:

sanusi must go

You're sounding like them Nigerian students in the military era.

I have yet to see good arguments formulated against this "Islamic banking" thing. All we have seen is hyperventilation from some Christian leaders and the high priests of secular pseudo-jihadism.

1. What exactly is wrong with Islamic banking?
2. How does the fact of some Islamic people carrying on Islamic banking affect the rights of Christians or other non-Moslems?