Remii:

are you sure you are speaking for the east? Sanusi already indicated  an Ibo man is a major shareholder of the proposed bank ooo.  lol.

Please the term "Igbo" is NOT a religion BUT a tribe; let's stop deceiving ourselves. The majority of the Igbo tribe are Christians, besides just like every other term, it's called investment. An igbo person invested in it doesn't rein any special attache to it like religion, unlike what he was saying, the investment is one part, but the policies and activities are a different thing. Just because Goldman Sachs invests its money in dirty laundry businesses doesn't mean when it trades on the stock exchange, people will not buy it's stock. Walmart prime example that is one of the worse companies in terms of labor, I dislike that company with a passion, yet on some occasion I still patronize them and if it their stock is up 300%, why shouldn't I patronize them? As u can see, I'm not mixing business with emotions or empathy. In this case, the Igbo man isn't mixing business with tribe or religion, that's what business is all about and Sanusi should learn from that; don't mix business with religion in this case.

fyomer:

Northerners at it again,and they are always so quick about it,so also yaradua was so quick to hand over bakassi to cameroun.Sanusi,there are other better dust to raise in your tenure than what you've been doing.looking at you closely,you are a trouble maker.IRK TEACHER.   

was bakassi not given to cameroun based on an agrement or how do some of u think

now what did northerners do ?

manny4life:


Huh?

Are u really asking these questions?

First off, the value of a currency "does not" depend on its reserves; value of a currency depends on whether people want it or not; foreign exchange 101. If people want your currency, they will demand it; currency demand particularly depends on value of currency and not reserves. However, on the other hand, the reserves depend on economic activities. For instance the Yuan is quite low, does that mean they have low reserves?


How do u mean "called by the FG"? One of the prime "responsibilities" of the CBN or federal reserve or whatever it's called in different nation is striking a balance of the nations currency using macro-economic tools, resources and policies. If the Naira is week, that is CBN job to make it strong because Naira currency and the CBN job to control foreign exchange and currency. Although, interest rate wise, I support the Naira being week than strong just that we don't have a good platform to support a weak Naira.

Sanusi does not "directly" control export nor import however, he[b] controls the foreign exchange and currency trading used in trading imports[/b] and exports. Introducing[b] safer and better macro economic policies will in have an impact on this economy[/b]. He is responsible for for stability and confidence in the economy for instance, the CBN can encourage investors by offering them discount rate for the Naira if they buy in larger volumes. The CBN can print money depending on the money circulation and supply.


For instance, you have N100 billion in supply @ 7% inflation, for every 1% of money in supply printed would cause the same amount in inflation. The CBN can print N1billion and distribute to banks, this will cause an extra 1% in inflation rate making it 8% which isn't significant, I mean it's nothing, fellow Nigerians will say oh, things are just expensive by N5, yet they won't know somehow it's printed money in circulation that causing it. If sanusi is concerned about low interest rate banking, he can push this money to 1, 5, 10 or 20 banks at say at 2% interest rate (aka loans), these banks will in turn loan these money out to for instance Agricultural producers who produce in larger quantities, after 6months when the producer sells or exports his product, that exports will increase our reserve currency, bank gets their money, and then pay back CBN the N1billion with a 2% interest rate. CBN just made N10million in 6months, increase their reserve, obviously the producers hired people to work on the farm, at one point in time, unemployment rate was reduced and yeah the cycle continues. Please tell me how the CBN isn't responsible for this?

Another scenario, I heard that Agriculture is really good, the CBN can offer really good discount rates for the investors who wants to invest in our dear country. An investor wants to invest $10million at current offer price of N150.50, the CBN can say if u have other investors willing to invest $100million in Agriculture, we would offer you @ 149.50 or a lil lesser. The investor is happy because that's more money, the CBN will take that loss on its balance sheet obviously they will make it back, but when investor arrives, jobs are created dropping unemployment rate. I mean I can continuously give u scenarios how it's the job of the CBN to balance the economy

I asked the questions and I am still asking them
Your "explanation" ignore certain facts -
1. Naira is not a convertible currency
2. A currency being weak is not an absolute but a relative term
3. Speculative attack on the Naira will increase if people believe that the reserves are not enough to support the import bill for a few months.  That is where the export/import ratio comes in
If people believe that the country has enough reserves for imports for several months and export exceed imports, it will be pointless to mount a speculative attack on it. However if reserves are low and at the same time export is less than import or barely covers it, the central bank cannot maintain the value of that currency.


Now you talk about people wanting a currency. Why would  a foreigner want the Naira? It is not needed to buy crude oil, cocoa or whatever stuff Nigeria exports. It is not convertible. But people all over the world want to hold US dollars and the Euro

When people have confidence in an  economy and its outlook, they invest in it and bring in forex. If they don't they take their investment out, depressing the reserves and the value of the currency

A weak Chinese currency is a matter of state policy. The Central Bank alone does not determine that. Can CBN devalue the currency without authorisation from President Jonathan in the present day Nigeria?
You ascribe too much powers to Central Banks! Ask Bernanke. Central Bank governor does not control macroeconomic policies. He controls only monetary policy, an aspect of macro economic policies. Fiscal and other types of macroeconomic policies that impact economy substantially are in the hands of the president.
If the government is spending billions on presidential fleet, beverages, inflated contracts to furnish guest houses etc, how can monetary policy help
There is a point at which monetary policy becomes useless

fyomer:

Northerners at it again,and they are always so quick about it,so also yaradua was so quick to hand over bakassi to cameroun.Sanusi,there are other better dust to raise in your tenure than what you've been doing.looking at you closely,you are a trouble maker.IRK TEACHER.   

Most of the problems we have were caused by ignorance. Yaradua did not hand over Bakassi to anyone. It was done and concluded by a southerner - Obasanjo, the then President.
From past experience, if Buhari had been president, Bakassi would have remained here now. Just ask the Chadians
Of course, the South South people love PDP so much and it was their preferred government that gave it away.
So what do we do about BK teachers then. They are all peace loving, I suppose

manny4life:

Please the term "Igbo" is NOT a religion BUT a tribe; let's stop deceiving ourselves. The majority of the Igbo tribe are Christians, besides just like every other term, it's called investment. An igbo person invested in it doesn't rein any special attache to it like religion, unlike what he was saying, the investment is one part, but the policies and activities are a different thing. Just because Goldman Sachs invests its money in dirty laundry businesses doesn't mean when it trades on the stock exchange, people will not buy it's stock. Walmart prime example that is one of the worse companies in terms of labor, I dislike that company with a passion, yet on some occasion I still patronize them and if it their stock is up 300%, why shouldn't I patronize them? As u can see, I'm not mixing business with emotions or empathy. In this case, the Igbo man isn't mixing business with tribe or religion, that's what business is all about and Sanusi should learn from that; don't mix business with religion in this case.

You are confusing primary market or private equity with secondary market. Or is it confusing minor/inconsequential investment with a major stake?
A man invests to help start a business or take a major stake in it because he believes in the concept and that it would thrive. And he would do everything he can to promote it
Not so your stake in Walmart which is inconsequential at this time, it cannot affect the price, volume etc and the prospects of the business

Below is CBN guildlines on Non interest banking in Nigeria . Pulled from CBN website. pdf copy attached. READ AND BE GUIDED INSTEAD OF BLIND ARGUMENT.

CENTRAL BANK OF NIGERIA
PRESS RELEASE
CBN Issues New Guidelines for Non-Interest Banking
The Central Bank of Nigeria (CBN) has issued new guidelines for the operation of Non-interest banking in Nigeria. The new guidelines are the outcome of the review of the earlier guidelines issued based on the recommendations of various stakeholders.
The new guidelines clarify the contextual definition of Non-interest banking which is not restricted to Islamic banking, but also include other form of non-interest banking not based on Islamic principle. This is in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) which clearly provide for the two variants of Non-interest banking. This ensures that discrimination on any grounds in the participation by individuals or institutions as promoters, depositors or other relevant parties in any transaction regarding a non-interest financial institutions, whether based on Islamic or other model, is strictly prohibited[b][/b].
[b]Another significant review is the removal of any reference to Sharia Council which has been changed to Advisory Council of Experts whose responsibility is to advise the CBN on the appropriateness of relevant financial products to be offered by the institutions.[/b]For the avoidance of doubt, section 23 (1) and section 66 of the BOFIA 1991, (as amended) explicitly provide for the licensing of Non-Interest Banks (NIBs). The CBN is obliged, by law, to issue licenses to appropriate entities for the establishment of NIBs provided they meet the regulatory requirements for licenses.
[b]In view of this, the CBN is open to receiving and evaluating applications for licensing of non-interest banking institutions based on other principles rather than the Islamic variant and will soon issue separate guidelines for non-interest banking under other principles.[/b]Signed
M. M. Abdullahi
Head, Corporate Communication
21st June, 2011

manny4life:


At least the person heading the Bank of England isn't Muslim or is he? Let us know ASAP.

So only a christian must head the CBN for us to have guidelines for Islamic Banking
Even if the process was started by Soludo?
Mervyn King sets banking policies and guidelines just like Sanusi is dong now

So the Ministry of Education/NUC must be headed by a muslim to be able to have a licence for Redeemers University?

BetaThings:

I asked the questions and I am still asking them
Your "explanation" ignore certain facts -
1. Naira is not a convertible currency
2. A currency being weak is not an absolute but a relative term
3. Speculative attack on the Naira will increase if people believe that the reserves are not enough to support the import bill for a few months.  That is where the export/import ratio comes in
If people believe that the country has enough reserves for imports for several months and export exceed imports, it will be pointless to mount a speculative attack on it. However if reserves are low and at the same time export is less than import or barely covers it, the central bank cannot maintain the value of that currency.


Now you talk about people wanting a currency. Why would  a foreigner want the Naira? It is not needed to buy crude oil, cocoa or whatever stuff Nigeria exports. It is not convertible. But people all over the world want to hold US dollars and the Euro

When people have confidence in an  economy and its outlook, they invest in it and bring in forex. If they don't they take their investment out, depressing the reserves and the value of the currency

A weak Chinese currency is a matter of state policy. The Central Bank alone does not determine that. Can CBN devalue the currency without authorisation from President Jonathan in the present day Nigeria?
You ascribe too much powers to Central Banks! Ask Bernanke. Central Bank governor does not control macroeconomic policies. He controls only monetary policy, an aspect of macro economic policies. Fiscal and other types of macroeconomic policies that impact economy substantially are in the hands of the president.
If the government is spending billions on presidential fleet, beverages, inflated contracts to furnish guest houses etc, how can monetary policy help
There is a point at which monetary policy becomes useless

I will answer you question one after another

1. True, Naira isn't a convertible currency, I never said it was either; however, Naira can be used to buy more favorable currency.

2. I know that a weak Naira which I'm in support of is relative term; I'm sorry but did any of my post suggest otherwise?

3. Speculation or not, Import will be import, Nigeria has a trade deficit at the moment, that won't change anything. I really not getting your point. The CBN governor isn't doing his job, because if he is, u will know very well that he supposed to let the world economies want the Naira through the banks he regulate, I can delve into this latter, I do not give power to the CBN or its boss, that is what the CBN is for and you're calling Bernake, please help me out here, what Macro economic policies are we talking about?

naijaking1:

That's what presently obtains on the ground. There are many types of non-interest, low-interest, and co-operative banking servicesall over the Third World including Nigeria, but Sanusi would not rest until he puts the big bad Islamic stamp and title on ours.
Very soon, certain forms of financing may not even be available to non-muslims who wouldn't want to patronize Islamic banks. It usually starts smal small in Nigeria, by the time you know what's going on now a great percentage of our financial houses would be federal goverment supported and of course islamic.

Who controls the banking industry today? who controls the media? who controls telecoms?
So because of Islamic banks, GTB, Access, Zenith will just shrink? Deposits there will evaporate? Loans taken by christians from these banks will just go bad
How?
Why are you opposed to Islamic banks when muslims have never opposed whatever you want. Why?

BetaThings:

You are confusing primary market or private equity with secondary market. Or is it confusing minor/inconsequential investment with a major stake?
A man invests to help start a business or take a major stake in it because he believes in the concept and that it would thrive. And he would do everything he can to promote it
Not so your stake in Walmart which is inconsequential at this time, it cannot affect the price, volume etc and the prospects of the business

Mr. Primary market or private equity or whatever term u place it is highly irrelevant. Bottom line is that money was invested, someone who owns 1% and someone who owns 50% have equal powers, my point is that all other factors are ignored.

BetaThings:

So only a christian must head the CBN for us to have guidelines for Islamic Banking
Even if the process was started by Soludo?
Mervyn King sets banking policies and guidelines just like Sanusi is dong now

So the Ministry of Education/NUC must be headed by a muslim to be able to have a licence for Redeemers University?

Who says only a christian must head CBN, no one is opposing a muslim heading the CBN

You did not see Soludo forcing islamic banking or christian banking on anyone did u, goes back to what I said, do not mix two separated classes together.  please stop bringing to separate entities together, banking has absolutely nothing to do with education. Redeemers does not report to min of education, min of edu does not impose on other universities, other universities do not acct their finances with strict audit to the min of education. Please compare apples for apples.

manny4life:

I will answer you question one after another

1. True, Naira isn't a convertible currency, I never said it was either; however, Naira can be used to buy more favorable currency.

2. I know that a weak Naira which I'm in support of is relative term; I'm sorry but did any of my post suggest otherwise?

3. Speculation or not, Import will be import, Nigeria has a trade deficit at the moment, that won't change anything. I really not getting your point. The CBN governor isn't doing his job, because if he is, u will know very well that he supposed to let the world economies want the Naira through the banks he regulate, I can delve into this latter, I do not give power to the CBN or its boss, that is what the CBN is for and you're calling Bernake, please help me out here, what Macro economic policies are we talking about?

1. Your suggestion that Naira can be used to buy a fvaourable currency begs the question: why would anyone take the "unfavourable" Naira from you. And if they would, wouldn't it be on unfavourable terms?
2. I point out the issue of being relative because people often look at absolute values. BTW the yuan has been appreciating so it not as cheap as it used to be. In addition, a weak Naira does not help exports (priced in dollars), although it may be intended to discourage imports, it will also bring inflation (consider petrol products, drugs etc)
3. The more deficit we have, no matter what CBN does, the more people will speculatively buy foreign exchange now (and drive down the value of the Naira). The CBN gov is not doing his job? Really? Again ask Bernanke how easy it is to do the central bank job as compared to pontificating from Princeton University

Please delve into how he will make people want the Naira

manny4life:


Who says only a christian must head CBN, no one is opposing a muslim heading the CBN

You did not see Soludo forcing islamic banking or christian banking on anyone did u, goes back to what I said, do not mix two separated classes together.  please stop bringing to separate entities together, banking has absolutely nothing to do with education. Redeemers does not report to min of education, min of edu does not impose on other universities, other universities do not acct their finances with strict audit to the min of education. Please compare apples for apples.

Is Sanusi forcing Islamic Banking on anyone? I she saying the present banks must take an Islamic licence?
Since Sanusi came in, he has been giving guidelines on speacliased banks - international, merchant, regional
Microfiance banks - unit, state, national
Just choose the one you like, complete the application form that shows you meet the requirements

No one, I repeat no one, can force anyone to own, run, operate or patronise Islamic Bank
You should stop insinuating what Sanusi did not do
You said Mervyn King is not a muslim. what is the import of that observation. you said you wanted an answer ASAP
The only one that is logical is that a CBN gov who is introducing Islamic banking must not be a muslim
Soludo started work on Islamic banks

BTW we are talking about licensing of institutions - banks, universities, telcos, power coys

And Min of education gives guidelines to universities
NERC licences power cos etc
CBN licenses banks
These are the similarities

manny4life:


Mr. Primary market or private equity or whatever term u place it is highly irrelevant. Bottom line is that money was invested, someone who owns 1% and someone who owns 50% have equal powers, my point is that all other factors are ignored.

So it is name calling now? I did not call you Mr Foreign Exchange when you started lecturing about forex 101, did I?
Those people are very different animals. If I own enough of a stock, I can afford not to listen to other shareholders as I can buy them out, frustrate them by not paying dividends, appoint my friends as directors and pay them huge salaries

The point remains that when you hate a company passionately like you say you do Walmart you cannot join in setting it up
You are just taking advantage of the quick opportunities in Walmart given its large size, you would not buy shares in an Islamic bank now if you are not hopeful it would do well

Well then u have to give me time them,

I did not call u names, I said Mr. should have ended that with a comma,

my bad

BetaThings:

1. Your suggestion that Naira can be used to buy a fvaourable currency begs the question: why would anyone take the "unfavourable" Naira from you. And if they would, wouldn't it be on unfavourable terms?
2. I point out the issue of being relative because people often look at absolute values. BTW the yuan has been appreciating so it not as cheap as it used to be. In addition, a weak Naira does not help exports (priced in dollars), although it may be intended to discourage imports, it will also bring inflation (consider petrol products, drugs etc)
3. The more deficit we have, no matter what CBN does, the more people will speculatively buy foreign exchange now (and drive down the value of the Naira). The CBN gov is not doing his job? Really? Again ask Bernanke how easy it is to do the central bank job as compared to pontificating from Princeton University

Please delve into how he will make people want the Naira

Question 1.

First off uRemember when I said the value of a currency highly depends on the demand of the currency. Given the right circumstances, anyone would want the naira only if there was a product to buy using the Naira. Use for instance, and hypothetically speaking, assuming Nigeria had a strong manufacturing or Agricultural base, people would want the Naira because local manufacturers can only sell goods in Naira, buyers would exchange their currency into Naira and not we accepting foreign exchange on their own terms even though people would want to trade using a favorable currency. Too note, world commodities are priced in U.S. dollars that's totally different if a buyer came to Nigeria and wants to buy in dollars, in the real world, it's a NO. He has to take his $$$ to the Bank, get an exchange and purchase his goods.

Question 2.

If u read my post very well, I said I supported a weak naira " only if " we had the infrastructure and base to build upon. On the contrary, a weak perhaps low Naira helps exports because it creates more buying power than it will if it were stronger. For instance, if a buyer wants to buy a ton of rice $500, given the current exchange rate at N154, he can buy @ N77,000 as opposed to if the Naira was stronger, with an exchange of N130, he would exchange @ N65,000, that's not enough,as a matter of fact, the buyer will need $592 just to complete a purchase; $92 more if the currency was weaker. This automatically discourages foreign exports or lowers it because the goods and services are expensive. A week Naira on the other hand does discourage imports because importers spend more money to buy $1 value of the dollar. As you can see, there are distinctive disparities between the both. On that note, unless otherwise noted by a manufacturer or supplier, the buyer will exchange currency to purchase products. Even if it was priced in dollars, the price in $$$ will compensate either way you work it.

The The Yuan in this case compared relative to other progressive economies and their GDP has a weak currency. The U.S. has accused China countless times of reducing it's currency, anyway the Yuan isn't relevant now. Whether it's week or strong, doesn't cause or bring inflation, inflation is present already, and has been accounted for as part of economic activities either way. Let's not get into factors that affect inflation, that's a whole another story altogether.

Question 3

For a second here, let's not worry about the value of Naira, the value of Naira is irrelevant because demand of a foreign currency changes daily. It's the job of someone to reconcile our trade deficits. Increasing interest rate to banks on exchange automatically discourages imports, it does not stop it but reduces it. I still maintain,he is not doing his job. Don't compare Bernanke who oversees 9 reserve banks who oversees hundred of other banks, with the worlds largest economy of more than $12trillion, controlling a debt ridden sagging economy with high rate of unemployment et al to someone who has mere 25 or less universal banks, not even managing 1/20th of the size of U.S. economy, doesn't even jump through hurdles like Bernanke does, please Bernanke has paid his debt to the U.S., all that left for him is to stabilize the economy and bring unemployment rate to it's usual 5/6% . Bernanke did a whole lot sanusi should isn't doing, I think he should emulate from him.

Remii:

are you sure you are speaking for the east? Sanusi already indicated  an Ibo man is a major shareholder of the proposed bank ooo.  lol.

Do you think, because a misguided Igbo man is supporting Islamic banking, I am suppose to be alright with that? That makes sense. . . NOT! The way some of you people think, I understand when our elders say the younger generation education is LACKING.

BetaThings:

Is Sanusi forcing Islamic Banking on anyone? I she saying the present banks must take an Islamic licence?
Since Sanusi came in, he has been giving guidelines on speacliased banks - international, merchant, regional
Microfiance banks - unit, state, national
Just choose the one you like, complete the application form that shows you meet the requirements

No one, I repeat no one, can force anyone to own, run, operate or patronise Islamic Bank
You should stop insinuating what Sanusi did not do
You said Mervyn King is not a muslim. what is the import of that observation. you said you wanted an answer ASAP
The only one that is logical is that a CBN gov who is introducing Islamic banking must not be a muslim
Soludo started work on Islamic banks

BTW we are talking about licensing of institutions - banks, universities, telcos, power coys

And Min of education gives guidelines to universities
NERC licences power cos etc
CBN licenses banks
These are the similarities

Ok let me make this very clear; Religion is a protected class. Sanusi isn't forcing it on anyone, correct but Sanusi should know that given the fact that what he's proposing is highly controversial and protected, it's not something that will be bought hook, line sinker. All those type of banking u mentioned do not associate with religion, do they? There goes everyone's point, given Sanusi is a Muslim, and he fronted it himself, the CBN is headed for a stall. If he wanted to, he could have just named it religious non-interest banking, period and everyone will be cool with it but the moment he said for u to participate in it, the bank must be "Sharia Compliant", whatever that means, it shows that someone has an ulterior motive. People have argued, how many banks in western countries are Sharia compliant as Sanusi demanded? What are the odds that the funds disbursed is used as Sharia law demands?


I said is the Bank of England governor / boss a Muslim?

Whoever is introducing it is irrelevant, won't change the mindset of people about Islam and also religion is highly protected.


There are minute similarities but the obvious ones are missing

NERC does not replace bosses at power stations, shut them down because they have power to, threaten to liquidate them because they are bankrupt, does not perform random audits on them, does not discriminate between power companies, As I have listed applies to min of edu.

If they are using their money (zero contribution from cbn) to set up their banks, I dont see why not. Everybody deserves a bank. And the term islamic banking should not be synanymous to non profit banking, because this would cause problem if another group wants to launch their not for profit bank. I dont see why muslims should not have their banks. As long as we are not paying for it, it is a non issue.

manny4life:

Well then u have to give me time them,

I did not call u names, I said Mr. should have ended that with a comma,

my bad

No problem

manny4life:



Question 1.

First off uRemember when I said the value of a currency highly depends on the demand of the currency. Given the right circumstances, anyone would want the naira only if there was a product to buy using the Naira. Use for instance, and hypothetically speaking, assuming Nigeria had a strong manufacturing or Agricultural base, people would want the Naira because local manufacturers can only sell goods in Naira, buyers would exchange their currency into Naira and not we accepting foreign exchange on their own terms even though people would want to trade using a favorable currency. Too note, world commodities are priced in U.S. dollars that's totally different if a buyer came to Nigeria and wants to buy in dollars, in the real world, it's a NO. He has to take his $$$ to the Bank, get an exchange and purchase his goods.

Question 2.

If u read my post very well, I said I supported a weak naira " only if " we had the infrastructure and base to build upon. On the contrary, a weak perhaps low Naira helps exports because it creates more buying power than it will if it were stronger. For instance, if a buyer wants to buy a ton of rice $500, given the current exchange rate at N154, he can buy @ N77,000 as opposed to if the Naira was stronger, with an exchange of N130, he would exchange @ N65,000, that's not enough,as a matter of fact, the buyer will need $592 just to complete a purchase; $92 more if the currency was weaker. This automatically discourages foreign exports or lowers it because the goods and services are expensive. A week Naira on the other hand does discourage imports because importers spend more money to buy $1 value of the dollar. As you can see, there are distinctive disparities between the both. On that note, unless otherwise noted by a manufacturer or supplier, the buyer will exchange currency to purchase products. Even if it was priced in dollars, the price in $$$ will compensate either way you work it.

The The Yuan in this case compared relative to other progressive economies and their GDP has a weak currency. The U.S. has accused China countless times of reducing it's currency, anyway the Yuan isn't relevant now. Whether it's week or strong, doesn't cause or bring inflation, inflation is present already, and has been accounted for as part of economic activities either way. Let's not get into factors that affect inflation, that's a whole another story altogether.

Question 3

For a second here, let's not worry about the value of Naira, the value of Naira is irrelevant because demand of a foreign currency changes daily. It's the job of someone to reconcile our trade deficits. Increasing interest rate to banks on exchange automatically discourages imports, it does not stop it but reduces it. I still maintain,he is not doing his job. Don't compare Bernanke who oversees 9 reserve banks who oversees hundred of other banks, with the worlds largest economy of more than $12trillion, controlling a debt ridden sagging economy with high rate of unemployment et al to someone who has mere 25 or less universal banks, not even managing 1/20th of the size of U.S. economy, doesn't even jump through hurdles like Bernanke does, please Bernanke has paid his debt to the U.S., all that left for him is to stabilize the economy and bring unemployment rate to it's usual 5/6% . Bernanke did a whole lot sanusi should isn't doing, I think he should emulate from him.

1. your argument depends on Nigeria having something to export. CBN cannot control that - we need innovation, infrastructure to be competitive
2. People who would bring $ to the country and convert are basically tourits. Most imports are done by elcee and they will be based on convertible currencies
3. The fact that inflation is there does not mean that we should allow it get out of control. Ask the Argentines
4. What do you want Sanusi to do? We always compare people working here to people working in the US. What is the assurance that Bernanke would succeed in Nigeria. Bernanke is controlling the world's largest economy with world's largest resources - technology, independence, human resources, statistical database, rule of law etc There is more interference here than in the US. A governor with the orientation of Bernanke would not succeed here. Anything that

manny4life:


Ok let me make this very clear; Religion is a protected class. Sanusi isn't forcing it on anyone, correct but Sanusi should know that given the fact that what he's proposing is highly controversial and protected, it's not something that will be bought hook, line sinker. All those type of banking u mentioned do not associate with religion, do they? There goes everyone's point, given Sanusi is a Muslim, and he fronted it himself, the CBN is headed for a stall. If he wanted to, he could have just named it religious non-interest banking, period and everyone will be cool with it but the moment he said for u to participate in it, the bank must be "Sharia Compliant", whatever that means, it shows that someone has an ulterior motive. People have argued, how many banks in western countries are Sharia compliant as Sanusi demanded? What are the odds that the funds disbursed is used as Sharia law demands?


I said is the Bank of England governor / boss a Muslim?

Whoever is introducing it is irrelevant, won't change the mindset of people about Islam and also religion is highly protected.


There are minute similarities but the obvious ones are missing

NERC does not replace bosses at power stations, shut them down because they have power to, threaten to liquidate them because they are bankrupt, does not perform random audits on them, does not discriminate between power companies, As I have listed applies to min of edu.

Tell me how an Islamic bank that is sharia compliant will hurt christians. Maybe we would share your worries if you explain that.
If the fund is not used in sharia compliant methods, the CBN and NDIC inspectors should act. It also seems that people are not worried that the existing banks may not channel their fund to legitimate ends

You were the one who asked if the head of the BoE is a muslim and you wanted an answer ASAP. you have not told us why you asked the question.

How is religion protected? By opposing what muslims want while we don't oppose what you want?
Looks like christians don't appreciate that a lot of muslims are not able to borrow from the conventional banks because of interest. So if I have an opportunity for borrowing on a non-interest basis, why should christians oppose that?

I went to a public school, but I was not taught IRS, but BS. Should that not have been protected? And the way christians are opposing this, it would likely lead to similar opposition to whatever christians want in the future.

Financial institutions might have to be bailed out. But CBN control that risk - guidelines, examination etc Why do we think the investors are going to run the biz aground to be bailed out by CBN?

Looks like christians don't appreciate that a lot of muslims are not able to borrow from the conventional banks because of interest.

what's the reason for your lies?

tpia@:




what's the reason for your lies?

Simply bcuz itz a TRUE LIES!!!

Sanusi guideline noted: Non - Interest Banking is not the same thing as Islamic Banking. Anyone or group could choose to do that as a bank. The kind of religion in Nigeria should never be brought into any business or affairs of this country. Even if it is called Christian banking, Hindu banking, Afa banking or any other will only turn out abused with sentiments and could result to evil religious crisis already on ground. NIB(Non Interest Banking) is the only right ethical context and meaning. Period!

tpia@:


what's the reason for your lies?

what is the reason for your own automatic denial of the truth
Just go to any bank where there is a sizable muslim population and ask

Just some information.

SOUTH EAST IS NOT 100% CHRISTIAN:

There are Muslim Igbos in many communities in Igbo land, with some going 3rd, 4th and more generations! A few examples should suffice: The central mosque in Umuahia (Capital of Abia State ) is headed by an Igbo man. There are many known Igbo Muslims in Isiala Ngwa land; in fact, a Muslim, is a king in one of the towns. There is a village in Nsukka area that is predominantly Muslim and in fact one of the most knowledgeable Muslim Priest i love to listen to, is from Nsukka.

PRINCIPLE OF ISLAMIC BANK IS PRO CHRISTIANITY

Yes, please read this article carefully and the quoted bible passages:
http://www.weekly.dailytrust.com/index.php?option=com_content&view=article&id=6421:please-leave-our-bank-alone&catid=44:saturday-column&Itemid=113

FEELING THAT ISLAMIC BANKING WOULD CAUSE TENSION

If the problem is that others want to start their own religious based banks, they should come up with the model and ask for licence. Please let the Muslims be, we cannot all believe the same thing.

ISLAMOPHOBIA

It is the current trend worldwide and we must continue to introduce Islamic principle to people following the classical guideline of Q16:125, (with wisdom and love).
The western media ignored religious killing last week of Christians by Christians (CATHOLICS/PROTESTANTS) and they fail to label them Christian terrorist. I hope they can use CHRISTIANIST as we have ISLAMIST. It it happened among Muslims, they are Islamic terrorist. We need to cope with it with robust intellectual exercise not exchange of insults!

The islamic banking will not last in any capitalist country/ or serve as the main financial institution. how Sanusi plan to pay the banks workers with banks running on no interest? or we gonna use the oil money to pay the workers as some arab countries are doing?

The guy get nothing to offer, time up for him. the one wey hin wak don do, let put another Igbo-man and move on.

OMG! Why is everyone on this trend just arguing without getting the real info. CBN guidelines, which I have posted up there shows clearly that the proposed bank is not strictly Islamic as erroneously being hyped by the media. Are Nigerians just trouble loving?

This is it again read it. Its on CBN website

CENTRAL BANK OF NIGERIA
PRESS RELEASE
CBN Issues New Guidelines for Non-Interest Banking
The Central Bank of Nigeria (CBN) has issued new guidelines for the operation of Non-interest banking in Nigeria. The new guidelines are the outcome of the review of the earlier guidelines issued based on the recommendations of various stakeholders.
The new guidelines clarify the contextual definition of Non-interest banking which is not restricted to Islamic banking, but also include other form of non-interest banking not based on Islamic principle. This is in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) which clearly provide for the two variants of Non-interest banking. This ensures that discrimination on any grounds in the participation by individuals or institutions as promoters, depositors or other relevant parties in any transaction regarding a non-interest financial institutions, whether based on Islamic or other model, is strictly prohibited.
Another significant review is the removal of any reference to Sharia Council which has been changed to Advisory Council of Experts whose responsibility is to advise the CBN on the appropriateness of relevant financial products to be offered by the institutions.For the avoidance of doubt, section 23 (1) and section 66 of the BOFIA 1991, (as amended) explicitly provide for the licensing of Non-Interest Banks (NIBs). The CBN is obliged, by law, to issue licenses to appropriate entities for the establishment of NIBs provided they meet the regulatory requirements for licenses.
In view of this, the CBN is open to receiving and evaluating applications for licensing of non-interest banking institutions based on other principles rather than the Islamic variant and will soon issue separate guidelines for non-interest banking under other principles.Signed
M. M. Abdullahi
Head, Corporate Communication
21st June, 2011

My people perish for lack of knowledge,especially our so called christains,Islamic banking does not mean to lslamicize Nigeria,its an economic terms,ok the reason why he choose it,our M.D of banks waste money,a lot and loot funds,so islamic banking talk more of tactics of how to manage funds 4 d better of Nigeria

we have all seen this kind of tactic before.

The Sharia Law as stated in the constitution of Nigeria was only as a customary law of choice for those who choose to use it to settle disputes like "inherittance", "marriage" or all kinds of family disputes where all parties to the dispute agree to this kind of law being used. In effect the sharia law was never designed to be binding on any Nigerian whether Muslim or Not.

But what we have seen over the years is the extra-constitutional expansion of the jurisdiction of Sharia law into dealing with criminal issues as well as elevating the law as a State culture/religion which our constitution as is forbids.

This is exactly what will happen if Sanusi's ridiculous religious mantra is allowed to take root. I will not be suprised if what was proposed as an option in existing banks is made the only type of banking available in some sections of Nigeria. What you will now see is expulsion of existing banks from these regions, while only banks willing to operate exclusively as Islamic Banks are allowed to do Business in the North.

So the language of what Sanusi is proposing may not mean anything at this point, what we should be asking is that what is the coded intention of this whole madness by the CBN Governor.

If all he is interested in is a genuine intention to better regulate banking practices. I don't believe you need titles like SHARIA or ISLAMIC Banking to achieve that. You can simply introdce these mechanisms into existing practices to better regulate our banks and there will be no need for this noise. Let no one be fooled into believing any nonsense. We have seen this kind of deception before in Nigeria and I think the Prince of kano is at it again.

If Northerners want to have Sharia everything in the North, then let us have twoo autonomous regions of Nigeria, with devolved powers so that each region can practically do what they like. This kind of islamization of Nigeria through the back door will not work.

There is nothing like Christain Banking in Nigeria, so there wont be anything like islamic Banking. it simply wont fly.

This thread is not about knowledge or monetary economics, it's about the christains not wanting anything from Islam, no matter how nice it seems.

My only crux on this issue is why use the term "Islamic or Shariah" why not just float the non interest banking system.

I am an investor in this Jaiz bank, I bought my shares in 2004/5. That's way back before sanusi.