[size=13pt]Rep denies House support for Islamic banking[/size]

A member of the House of Representatives, Dr. Ibrahim Olaifa, has said the lower chamber has not taken a position on the proposed Islamic banking in the country.


This came as an Islamic cleric, Mallam Ibrahim Soliu, said the introduction of the Islamic banking in the country would reduce poverty and encourage economic development.


Olaifa, who spoke at the maiden Ramadan lecture organised by the Nigeria Union of Journalists, Oyo State Council, said the Governor of the Central Bank, Mallam Lamido Sanusi, was invited to the House to enable the federal lawmakers to get information on the banking system.


He disagreed with the comments of some religious leaders from the North concerning the proposal.


The lawmaker said the aggrieved religious leaders should have embarked on public enlightenment to press home their points on the banking system.


Soliu told the News Agency of Nigeria in Ilorin on Thursday that the system was not a new phenomenon in the world, noting that it would complement the conventional banking system.


The cleric said, “The banking system is not coming to wipe away the conventional banks, rather, it will serve as supplement.


“The Islamic or non-interest banking system is to capture those people who are not disposed to the conventional system because of its excessive interest policy.”

http://www.punchontheweb.com/Articl.aspx?theartic=Art201108192403067

@OP


For those of you in the financial sector of the economy, in the name of curiosity, when did non-interest banking system become Islamic banking?

It is very laughable to watch the manner in which northern region of Nigeria and its Islamic fanatics furiously degrade Nigeria into a dysfunctional entity. Sanusi Lamido and his Islamic banking crap are not worthy subjects of rational debate.

fu*k islamic banking !!!!!

GEJ being a smart guy introduced the proposed six year single tenure and it diverted away attention from Sanusis Islamic banking and Boko haram. Now the North is thinking that they may spend their time talking about Islamic banking and GEJ will have a ten year tenure and that is why its no longer a frontline news.

How long this Islamic banking thing wan linger self? na that one dey do us now? abegi

smiling in IBIBIO

Brand_new:

There is no way Islamic banking will reduce poverty in this country. The Mallam Sanusi should focus on things that will improve on our economic development rather than pursuing an Islamic Agenda.

But you economists always told us that
1. financial intermediation improves economic activity
2. mobilisation of savings will improve development

If the above are true, then why should the inclusion in the banking system (through Islamic banking) of people who do not want to collect or pay interest not aid economic development

When Soludo applied to join the Islamic Financial Services Board, was it in pursuit of Islamic agenda?
When SEC said they were going to introduce Islamic Finance, was it in pursuit of Islamic agenda?

What is christian agenda by the way? - to ensure that we only have a banking system that accord with their religious beliefs (since they are not complaining) through which they can save and finance their projects while depriving muslims (who are mindful of their religious injunctions) of access to banking  services.
Is that in accord with the wish of God? Don't tell me about unity. If you want to argue that, then you would have to scrap religious schools which teach difference, rather than unity

If this islamic banking is against the Nigerian constitution then it shouldn't be allowed to defend her unity. But since it is not against d Nigerian constitution, why deprive over 50% of the Nigerian citizen their religious rights for decades. Pls let them be, enough of these noise. Moreover the xtian fellow has pioneered so many institution and there was no controversy over it. Lets don't be one-sided over issues, if we do then we also are not helping the course of unity in this country.

BetaThings:

But you economists always told us that
1. financial intermediation improves economic activity
2. mobilisation of savings will improve development

If the above are true, then why should the inclusion in the banking system (through Islamic banking) of people who do not want to collect or pay interest not aid economic development

When Soludo applied to join the Islamic Financial Services Board, was it in pursuit of Islamic agenda?
When SEC said they were going to introduce Islamic Finance, was it in pursuit of Islamic agenda?

What is christian agenda by the way? - to ensure that we only have a banking system that accord with their religious beliefs (since they are not complaining) through which they can save and finance their projects while depriving muslims (who are mindful of their religious injunctions) of access to banking  services.
Is that in accord with the wish of God? Don't tell me about unity. If you want to argue that, then you would have to scrap religious schools which teach difference, rather than unity   

Mr man face the issues being discussed and stop getting all sentimental. you would have to scrap religious schools which teach difference, rather than unity   
[quote][/quote] Mr man face the issues being discussed and stop getting all sentimental.

Aderoux:

If this islamic banking is against the Nigerian constitution then it shouldn't be allowed to defend her unity. But since it is not against d Nigerian constitution, why deprive over 50% of the Nigerian citizen their religious rights for decades. Pls let them be, enough of these noise. Moreover the xtian fellow has pioneered so many institution and there was no controversy over it. Lets don't be one-sided over issues, if we do then we also are not helping the course of unity in this country.

You are a bonafide slowpoke that should not be allowed to escape into any intellectually tasking debate.
In case you did not know, the real crux of the matter is the unconstitutionality of having a religiously skewed financial system in a country whose constitution is written in pure secular terms.
May be you should first go and read up on the issues first befor mouthing off utter ignorance!ux of the matter is the unconstitutionality of having a religiously skewed financial system in a country whose constitution is written in pure secular terms.
May be you should first go and read up on the issues first befor mouthing off utter ignorance!

u guys ar crazy o. u cnt diffrnciate btwn religion thng and the oda.u do thngs with bare head go en research b4 u prov some1 wrng or ryt.

My problm wt dz tin is d name, y nt cal it non-intrst bankin n do awy wt d term 'islamic bankin', u no hau primitiv dz r musilimu brodaz acts @tyms, dey myt hijack it tomorw n use it2 unleash molten magma on we d xtianz, bcide dat m k wt it cos as an economst i knw it wl help d free movmnt of funds btw d deficit n surplus sectrz of d economy derby nsurin mor vibrancy in d economy.

@rhymes, is it compulsory utter words provoking? The country runs religious ( educational, healthcare, even power) institutions, so why shouldnt religious financial institution be? Probably you should say cos we are in a secular state we shouldnt perform any religious rites at all. I believe there is right to religion as far as it doesnt affect other people negatively. Since its not compulsory to go to a religious educational institution same applies to a religious financial institution.