By Gbenga Ariyibi
ADO-EKITI— THE Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has said the introduction of Islamic banking into our financial system was “necessitated by the effect of global meltdown that castrated the Nigerian financial system and slowed down the growth of the economy.”

He, however, assured that Nigeria’s subscription to Islamic banking would revive the current downturn of the country’s economy.

Sanusi pledged to dialogue with the leadership of the Christian Association of Nigeria, CAN, this week on the issue.



The CBN governor, who was delivering a paper entitled: “Youth empowerment as a tool for sustainable development at the National Youth Service Corps, NYSC, Permanent Orientation Camp, Ise Ekiti, weekend, for the Batch B corps members, regretted that a lot of Nigerians might have been misinformed of the motive/importance of Nigeria’s subscription to the non interest banking, adding that the move has no religious coloration.

In the speech delivered on his behalf by the Controller of the CBN, Ekiti State Branch, Mr Samuel Oladele Ogungbayi, the CBN governor said Islamic banking was just a product out of many that commercial banks operate.

His words: “The non-interest banking framework was necessitated by the effect of global meltdown that castrated the Nigeria financial system and slowed down the growth of the economy.

“Given the increasing number of requests from persons, banks and other financial institutions, the CBN has developed the guidelines for the regulation and supervision of institutions that intend to offer Islamic financial services
“Islamic banking is one of the models of non-interest banking that provides financial services similar to conventional financial institutions save that it operates in accordance with the principles and rules of profit and loss sharing and the prohibition of interest charges.

Sanusi further said some of the advanced countries like Britain and America operate Islamic banking, adding that other countries like Malaysia and Indonesia have already experienced rapid growth in Islamic banking by tapping from this huge fast growing industry.

To meet with CAN leadership
Sanusi assured that he was ready to meet with Christian leaders to educate them on Nigeria’s interest in investing in Islamic banking.

The apex bank boss, however, reeled out some of the bank’s interventions in empowering the youths and the average businessman in the country, some of which according to him, include Trust Fund Model, TFM; Interest Drawback Programme, IDP; Micro Policy Framework for Nigeria and Small and Medium enterprises Finance.

He charged corps members to be more pro-active and explore any of the opportunities offered by the CBN, saying they should not rely on salaried work.


http://www.vanguardngr.com/2011/07/islamic-banking-necessitated-by-effect-of-global-meltdown-sanusi/

Smh @ this Sanusi dude.

Abeg, leave banking and go become Ayatollah of Kano or something.

We need serious people in charge of important positions like this, not jokers like this Sanusi

This is a guy that Jarus would have us believe would be top 3 if the CBN position was zoned to the SW.

This is a guy Akanbi_edu believes is one of the most competent Nigerians in the country.

This is a guy Fstranger put in the same sentence as Krugman (Nobel prize winner).

All I can do is shake my head.

Hehe.

Just like the US and the rest of the world used Islamic banking (or even non-interest banking) to bounce back from economic crisis, Nigeria should do the same. After all, non-interest banking is the goto tool for solving these weighty problems, right?

We all remember how the Great Depression was defeated in the 30s and 40s by non-interest banking, right? 

I dey laff o

ekt_bear:

This is a guy that Jarus would have us believe would be top 3 if the CBN position was zoned to the SW.

This is a guy Akanbi_edu believes is one of the most competent Nigerians in the country.

This is a guy Fstranger put in the same sentence as Krugman (Nobel prize winner).

All I can do is shake my head.

This is the truth. I agree with you for once.

ekt_bear:

This is a guy that Jarus would have us believe would be top 3 if the CBN position was zoned to the SW.

This is a guy Akanbi_edu believes is one of the most competent Nigerians in the country.

This is a guy Fstranger put in the same sentence as Krugman (Nobel prize winner).

All I can do is shake my head.

why would u shake ur head

are they lying

ekt_bear:

Smh @ this Sanusi dude.

Abeg, leave banking and go become Ayatollah of Kano or something.

We need serious people in charge of important positions like this, not jokers like this Sanusi

The guy has a pathological need to hear and see himself on the news services everyday. That's why he has no time to give serious thoughts to the professional aspect of his job.

ekt_bear:

Hehe.

Just like the US and the rest of the world used Islamic banking (or even non-interest banking) to bounce back from economic crisis, Nigeria should do the same. After all, non-interest banking is the goto tool for solving these weighty problems, right?

We all remember how the Great Depression was defeated in the 30s and 40s by non-interest banking, right? 

I dey laff o

Why are you lying? The then American president appealed to the supreme shariah council in Saudi Arabia to teach them how to run "Islamic banking"

That was how the Americans knew they had to reduce interest rate. The Shariah council also said Islamic banking should only be practiced in the US after their economy is better,
Source: bokoharanomics.com



Abdulclueless himself is at it again,  This guy isn't suppose to be at the front of the Islamic banking issue at all but what do you get from a brain washed bigot?

What is going on in the North is group mentality and that does nothing but limit mental growth and also doesn't allow development of ideologies!!!

For there to be peace in the North, Nigeria needs to liberalize their minds a little through education, free cable (With more liberal channels like MTV, reality TVs, even playboy TV etc, )  And also make sure Arabic channels are limited to sports only,

But I doubt any one in the south is willing to sit by and watch Nigeria spend money on the North like that. But that seem to be the only option because the problem with extremism and Fanaticism is that they are products of ideologies,

The only way you can battle an ideology is through a more effective ideology!!

Sanusi is an example of a brainwashed person and he can not seem to fathom anything beyond Islamic as being a btter option. He'll rather quit than be forced to drop his promotion of Islamic banking

To help the North's upcoming youths, sell them a dream for free, liberalize their minds through positive and effective brainwashing and also allow the flow of ideologies of different types but with positive effects,

This is how you build a civilization!! It is what every developed nation is doing to avoid anarchy and make the people governable without putting fear of punishment in the minds of the youth

Freestyle your life modafucker not follow old ideologies. EVOLVE OR DIE!!!!

it doesn't take rocket science for sanusi to know that as much as Nigerians likes to fight inter-tribal wars, we are still ONE! The same reason Biafra wasn't successful is the same reason Islamic Banking will not be successful and that's because no tribe or religion wants to be left out,
AND
It's really funny how the guy is trying to push his personal belief on an entire nation!!

alj_harem:

why would u shake your head

are they lying

Are they lying? Is it true in the first place?

Sanusi is effin clueless; he needs to get the hell out of the banking system

HE Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has said the introduction of Islamic banking into our financial system was “necessitated by the effect of global meltdown that castrated the Nigerian financial system and slowed down the growth of the economy.”

So, after messing up our banking system sanusi now thinks the ONLY way to solve the problem is by islamic banking.Methinks the better way is for him to RESIGN so that a more competent person will take over.

SANUSI RESIGN NOW!

guys islamic banking is damn good, sanusi is offering us a chance to borrow without colateria or interest

uys islamic banking is damn good, sanusi is offering us a chance to borrow without colateria or interest

You are right

http://saharareporters.com/column/regular-work-day-nigeria%E2%80%99s-central-bank-pius-adesanmi


My fav columnist, Pius Adesanmi. Read and joor. The Ayatollah of CBN

Ekt,

There are several things hat need to be ironed out on this banking issue.

First, the position, forget that its called "governor", is a ministerial post. All ministers are aide to the President. They assist with policies. How is Sanusi able to subscribe the nation to Islamic Banking without prior discussion and concurrence from Gej?

Second, who owns the bank, Nigeria or Northern Nigeria?

Third, will the Islamic principle be a drill down? In other words, will things such as dress codes for staff be subjected to islamic principles and guuidelines?

Fourth, how is board appointment done and is executive positions open to all regardless of religion and tribe?

Fifth, has the benefits been thoroughly discussed and are they valid, regardless of what its called, Islamic or Templar?

I'm yet to be told the negatives of this Islamic banking. All i hear is the usual scaremongering and bigoted intolerance from most commenters, including the contributors from CAN.

Even if you feel that the benefits may not be as great as is being touted, what have we really got to lose?

Wasn't our economy one of those that wasn't affected by the said global melt down? This guy definitely has some other agenda. Its amazing how he pulls all these stup!d excuses/reasons out of his a.s.s even when he knows people are bound to find out they re not true! Well as for the few ram brained, easily brainwashed and jejune lot constantly vouching for his credibility. Keep following your "Shepard" to the slaughter slab.


There is nothing wrong with none interest banking. But when you attach a particular religion to the banking system of a multi religious community, it then becomes obvious what your intent is.

Can we remove religion out of this Islamic banking issue and look at the advantage and disadvantage of this banking model. Because when it comes to religion people don't think they only react.

if truly that the Islamic banking simply means banking without interest i think Nigerians need this type of banking, we should liv the opinion of those Bishops that have 5 private jets and build expensive university for the children of politicians that destroy our public school.

I think the problem we are having with Sanusi is the word "ISLAMIC BANKING" this is the reason why a philosopher said "THERE ARE TWO TYPE OF HUMAN BEING THOSE WITH RELIGION WITHOUT BRAIN AND THOSE WITHOUT RELIGION WITH BRAIN"

RELIGION IS THE GREATEST ACHIEVEMENT OF THE DEVIL!!!

Personally as a Christian i believe Christianity is not a religion but the way of life of our Lord Jesus Christ

GOD BLESS SANUSI!!!!

I still have no idea what Islamic Banking is all about. Is it any different from normal banking? http://tymmy.hubpages.com/hub/The-evolution-of-banking-in-Nigeria

ekt_bear:

This is a guy that Jarus would have us believe would be top 3 if the CBN position was zoned to the SW.

This is a guy Akanbi_edu believes is one of the most competent Nigerians in the country.

This is a guy Fstranger put in the same sentence as Krugman (Nobel prize winner).

All I can do is shake my head.

I didn't say most competent.  I said one of the most INTELLIGENT. If you like, you can eat poison because of that.

what are u talking about

trimwis:

Can we remove religion out of this Islamic banking issue and look at the advantage and disadvantage of this banking model. Because when it comes to religion people don't think they only react.

if truly that the Islamic banking simply means banking without interest i think Nigerians need this type of banking, we should liv the opinion of those Bishops that have 5 private jets and build expensive university for the children of politicians that destroy our public school.

I think the problem we are having with Sanusi is the word "ISLAMIC BANKING" this is the reason why a philosopher said "THERE ARE TWO TYPE OF HUMAN BEING THOSE WITH RELIGION WITHOUT BRAIN AND THOSE WITHOUT RELIGION WITH BRAIN"

RELIGION IS THE GREATEST ACHIEVEMENT OF THE DEVIL!!!

Personally as a Christian i believe Christianity is not a religion but the way of life of our Lord Jesus Christ

GOD BLESS SANUSI!!!!

If I were you ( I thank GOD am not), I will bother about how to improve my English skills and quit yapping about things I dont know squirt about. Its obvious you are totally clueless about what you speak. Who do you think will get these so called none interest loans. . . . Christians? Think again. Dumb dumb. BTW what do you mean by religious brain ? and if you utilize your encephalon, under which class would you place Sanusi?

Sanusi Lamido may God punish that your mouth and will you sssshhhhhhaarrrrrraaaaaaapppppp!!! that your dirty stinky satanic mouth. Who do you think you are??

Better you go and deal with pride and the Best-boy-in-the-class syndrome that is killing you believing you can do no wrong, believing you are too much to be corrected all you do or say is right as a matter of fact f u c k you seriously Sanusi.

egbami oh!! religious people have reacted people with religion without brain.

CHRISTIAN BOKOHARAM

RELIGION IS THE GREATEST ACHIEVEMENT OF THE DEVIL

trimwis:

Can we remove religion out of this Islamic banking issue and look at the advantage and disadvantage of this banking model. Because when it comes to religion people don't think they only react.

if truly that the Islamic banking simply means banking without interest i think Nigerians need this type of banking, we should liv the opinion of those Bishops that have 5 private jets and build expensive university for the children of politicians that destroy our public school.

I think the problem we are having with Sanusi is the word "ISLAMIC BANKING" this is the reason why a philosopher said "THERE ARE TWO TYPE OF HUMAN BEING THOSE WITH RELIGION WITHOUT BRAIN AND THOSE WITHOUT RELIGION WITH BRAIN"

RELIGION IS THE GREATEST ACHIEVEMENT OF THE DEVIL!!!

Personally as a Christian i believe Christianity is not a religion but the way of life of our Lord Jesus Christ

GOD BLESS SANUSI!!!!

If I were you, I will do a thorough research before jumping on the non-interest islamic banking poo. First, nobody, group or region is against islamic banking or whatever the name they call it. The problem is the unconstitutional manner our bigoted CBN governor is going about it.
1. Nigeria is a secular state governed by a secular constitution which is supreme to any other laws ob the land.
2. Islamic banking is one of the many models of non-interest banking and there are rules and regulations garding the operations of non-interest babking in Nigeria.
3. With the above said, why the need to set rules and regulations for the operations of islamic banking- one of the models of non-interest banking-different from the already existing laws that guards all forms of non-interest banking.
4. The Practise of Islamic banking can only be possible in Nigeria after the NA must have rectified it that it should have rules and regulations different from what is already existing-trust me bro, that aint never going to happen as it will contravene certain provisions of the constitution that excludes the participation of any religio in state matters plus the implication of allowing such will be dentrimental to the unity of this country.
5. Islamic banking operates under the principles of sharia which our constitution does not recognize in this regard. Besides these laws are very discriminatory, for example each of this banks will have an islamic council who will be responsible for decisions taken by the banks and only muslims with islamic banking expertise will be on this council, what about Nigerians who are not muslims but wants to participate?
6. There is also the issue of moral rectitude and equality, if only muslims will be allowed on the council or management board of these islamic banks, will it be fair for a nuslim to be on the management board of conventional banks who collect the forbidden riba that is the reason for the islamic banking in the first place? Why will you discriminate against me from participating on the management of your banks only to be in the mangement of the banks you claim collect riba and commit sins? Is that not double dealing?
Do you even understand how this claims of non-profit collecting works? The only difference I see is what they choose to call it, while conventional banks will say interest, islamic banks will collect marked up commissions may small though.
Finally, do you know the security risks of letting these kinds of banks to start shop in Nigeria? Do you know that the sharia laws under which its operations are anchored does not allow disclosure of account holders information to authorites? Imagine, in these days of terrorism and bokoharam in the north. God forbid that kind thing for here abeg!

trimwis:

egbami oh!! religious people have reacted people with religion without brain.

CHRISTIAN BOKOHARAM

RELIGION IS THE GREATEST ACHIEVEMENT OF THE DEVIL

Try to be objective with your response, rather than using "dry" jokes as a means of diverging from the topic in discussion. Or are you not intelligent enough?

rhymz:

If I were you, I will do a thorough research before jumping on the non-interest islamic banking poo. First, nobody, group or region is against islamic banking or whatever the name they call it. The problem is the unconstitutional manner our bigoted CBN governor is going about it.
1. Nigeria is a secular state governed by a secular constitution which is supreme to any other laws ob the land.
2. Islamic banking is one of the many models of non-interest banking and there are rules and regulations garding the operations of non-interest babking in Nigeria.
3. With the above said, why the need to set rules and regulations for the operations of islamic banking- one of the models of non-interest banking-different from the already existing laws that guards all forms of non-interest banking.
4. The Practise of Islamic banking can only be possible in Nigeria after the NA must have rectified it that it should have rules and regulations different from what is already existing-trust me bro, that aint never going to happen as it will contravene certain provisions of the constitution that excludes the participation of any religio in state matters plus the implication of allowing such will be dentrimental to the unity of this country.
5. Islamic banking operates under the principles of sharia which our constitution does not recognize in this regard. Besides these laws are very discriminatory, for example each of this banks will have an islamic council who will be responsible for decisions taken by the banks and only muslims with islamic banking expertise will be on this council, what about Nigerians who are not muslims but wants to participate?
6. There is also the issue of moral rectitude and equality, if only muslims will be allowed on the council or management board of these islamic banks, will it be fair for a nuslim to be on the management board of conventional banks who collect the forbidden riba that is the reason for the islamic banking in the first place? Why will you discriminate against me from participating on the management of your banks only to be in the mangement of the banks you claim collect riba and commit sins? Is that not double dealing?
Do you even understand how this claims of non-profit collecting works? The only difference I see is what they choose to call it, while conventional banks will say interest, islamic banks will collect marked up commissions may small though.
Finally, do you know the security risks of letting these kinds of banks to start shop in Nigeria? Do you know that the sharia laws under which its operations are anchored does not allow disclosure of account holders information to authorites? Imagine, in these days of terrorism and bokoharam in the north. God forbid that kind thing for here abeg!

The dimwit has no idea of the existence of Islamic fundamentalists.

i wonder why dey no wan fire this man

RHYMZ if i get you right you are not comfortable with the word Islamic banking, either islamic or sharia all we want is loan without interest

Please advise those our bishops and pastors that are buying private jets to also start Christian banking also with our offering and tithe money.

Obasanjo borrow $18 billion from Islamic bank and the bible said the borrower is a slave to the lender. fud for tot

CHRISTIANS WAKE UP AND STOP ALL THIS SHOUT! GO AND START YOUR OWN CHRISTIAN BANK

GOD BLESS SANUSI

Very soon nija will be talking about PAGAN BANKING. I sorry for this nation.

trimwis:

RHYMZ if i get you right you are not comfortable with the word Islamic banking, either islamic or sharia all we want is loan without interest

Please advise those our bishops and pastors that are buying private jets to also start Christian banking also with our offering and tithe money.

Obasanjo borrow $18 billion from Islamic bank and the bible said the borrower is a slave to the lender. fud for tot

CHRISTIANS WAKE UP AND STOP ALL THIS SHOUT! GO AND START YOUR OWN CHRISTIAN BANK

GOD BLESS SANUSI

I am very sure your intellectual capacity to understand the issues are limited, I will advice you stick to below average discussions. Prolly, go to the romance or joke sections of the forum, they are for Retardeeens and small minds like you. This is my last response to you and consider it an honour that I even made an attempt to help you use gap in your head. Like Phreakabit has said; you are a "Dimwit" with a very low I.Q