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CBN Adjusts Guidelines on Islamic Banking

22 Jun 2011

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Sanusi Lamido, CBN Governor

Following the disquiet that has trailed the structure of Islamic banking since the granting of an approval in principle to the first Islamic bank in the country, the Central Bank of Nigeria (CBN) Tuesday amended the regulation and supervision of institutions offering non-interest financial services in the country. 

A circular by the apex bank titled: “Re: Framework for the Regulation and Supervision of Institutions Offering Non-Interest Financial Services in Nigeria,” signed by the Acting Director, Financial Policy and Regulation Department, Mr. Chris O. Chukwu, explained that Islamic banking is not the only form of non-interest banking product in the country. 

The new guidelines also clarified the contextual definition of non-interest banking which it said is not restricted to Islamic banking, but also include other forms of non-interest banking not based on Islamic principle. 

It specifically categorised non-interest banking models into non-interest financial products and services based on principles of Islamic commercial jurisprudence and others which are based on any other established rules and principles. 

But it warned that discrimination on any grounds in the participation by individuals or promoters, depositors or other relevant parties in any transaction regarding a non-interest financial institution, whether based on Islamic or other model, is strictly prohibited. 

Islamic banking is a non-interest banking product. It serves the same purpose of providing financial services and operates in accordance with principles and rules of Islamic commercial jurisprudence that generally recognise profit and loss sharing and the prohibition of interest as a model. 

The circular on the revised guidelines was apparently a reaction to the agitation by some groups and professional bodies in the industry following the earlier guidelines rolled out by the CBN. One of such groups was the Concerned Citizens of Nigeria, which asked the apex bank to elucidate its definition of non-interest banking. 

 The CBN Governor, Mallam Sanusi Lamido Sanusi, had only on Monday said the banking watchdog had granted approval-in-principle to Jaiz Bank International Plc, the country’s first Islamic bank. 

Another significant review of the guideline was the removal of any reference to “Sharia Council” which it changed to “Advisory Council of Experts”. 

The circular with reference FPR/DIR/GEN/01/017 read thus: “The CBN wishes to clarify that Islamic banking is not the only type of non-interest banking contemplated under the new banking model which categorized non-interest banks as part of specialized institutions. The CBN recognizes that Islamic banking is a form of non-interest banking and that there are other forms of non-interest banking than Islamic banking.” 

The CBN also argued that section 23 (1) and section 66 of the Banks and Other Financial Institutions Act (BOFIA) 1991 (as amended) explicitly provides for the licensing of Non-Interest Banks (NIBs).  

It explained that it would later issue guidelines governing the provision of non-interest financial services based on established principles other than Islamic finance.  

“The CBN remains committed to reviewing and evaluating applications for banking licenses for non-interest financial institutions based on other principles. In line with CBN’s objective of promoting financial inclusion in Nigeria, individuals and groups wishing to practice non-interest banking based on established rules and principles other than Islamic may apply for a license to operate such institutions and the CBN will accordingly issue guidelines pertinent to that type of banking,” it said.

A statement from CBN signed by its Head of Corporate Communications, Mr. Mohammed M. Abdullahi, assured stakeholders that the apex bank was “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”.

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  • Lamido sanusi is only trying to play with words. Non-interest or interest means nothing to an ordinary Nigerian. Why was sharia included before? Someone should tell him that Nigeria is a secular state and such institutions that could create tension and divide should never be encouraged. Look at what Boko Haram is doing gradually, they are now requesting for full Islamic principles to be entrenched in the whole North. One step at a go, then the next will be full jihad to convert the whole country or make it ungovernable. CBN should remove ISLAMIC BANK unless Sanusi has a hidden agenda which a lot of people may not know. Let us face the facts, Boko Haram is being sponsored by people, the network, logistics and operations shows that a lot of money is always at their disposal. Where do they get the money? someone provides the funds. If Sanusi does not have a hidden agenda which must be resisted and thrown to the bin, why would he wish something like this for this nation at this trying period when religious tension is on the air?? We all know what the name connotes, so if he has nothing else to offer the CBN and Nigeria, he should quit instead of creating more problems with his so called Islamic bank.

    From: Jackie Dick

    Posted: 3 years ago

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  • This is just complicating the matter, what do they mean by "open to receiving and evaluating applications ...based on other principles rather than islamic variant and will soon issue separate guidelines". So the islamic variant is ready while the others are not! Since the CBN used state resources to set up a framework for developing the "islamic variant" based on "islamic jurispudence" , it should also set up guidelines according to other faith, i.e. Canon jurispudence, shinto jurispudence., Bhudaism jurispudence. Why were the guidelines for all the different faith not developed at the same time. The CBN Gov. is just complicating every thing; Non-interest banking is non-interest banking and there should be one guideline for everyone. Maybe the Gov. has forgotten that he is the Gov. of CBN for all Nigerians not for Islamic banking?

    From: Dominic

    Posted: 3 years ago

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  • That mere thought of A BANK OR BANKING SYSTEM established in Nigeria in the name of religion, and in this case, islamic bank, is the clarion call for Nigeria's disintegration.
    The Northern part of Nigeria has initiated a religious line that will legitimize Massob or other groups that want to chart their own cause and separate from this Islamic entity and their banking system with of course will be discriminatory just by its name.
    In a country with one constitution the Hausas and their Fulani brothers and sisters have created a neo-colony of laws called Sharia Law, caused Nigeria to join the union of Islamic nations, and this time created a banK under Islam. What is next? My guess is Islamic Insurance company, and Islamic shopping centers. The Yorubas, Igbo, and other ethnic groups in Nigeria are doomed. They stand on the side as the Northerners split Nigeria, and WATCH.

    From: Chris Nnadede

    Posted: 3 years ago

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  • This is a challenge to Goodluck Jonathan. The entire world is watching how he deals with this move by the Hausa/Fulani. The Central Bank Governor, Mallam Sanusi aught to be fired immediately for allowing a so called non-interest banking under Islamic culture.

    From: Ikkye Sobus

    Posted: 3 years ago

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  • To Nigerians and My Sanusi Lamido's attention,
    I wish to say that we should let sleeping dog lie, Bringing religious sentiments into banking and economic system of a secular state will have a grave consequence to the fragile unity and stability of the Nigeria state. It is like opening the door for another monster. It is to me like a timely bomb which will surely explode. I think Nigeria had gone beyond this level. Are there any complain about our system of banking? I think someone is orchestrating something.which is not going to yield good result for the nation Nigeria. No aspect of Nigeria should be Islamise or otherwise. Peace is the name of the vehicle that will take us to the promise land. Please remove any religious sentiment from our banking system, we are better off as we are. God bless you all.

    From: Femi Adebayo

    Posted: 3 years ago

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  • What is Sanusi trying to do? this write up and the above mentioned circular more or less plays down the truth. Please let then kindly let us know which other form of non-interest banking exist besides Islamic. I believe Sanusi is religiously biased

    From: Bola

    Posted: 3 years ago

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  • Free your mindset. Seek to understand and then be understood. The important thing is to free your mind!

    From: Nasir Ibn Moshood

    Posted: 3 years ago

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  • There is nothing wrong in bringing Islamic banking to the country where majority are believers..this should be an issue at all. Everyone has a choice and no compulsion of where to bank. Its out of ignorance others relate this to islamisation of the country, i wish and hope these category would look out globally and feed themselves with the happenings. The Apex bank has a duty to provides these alternatives as financial regulator of the country and Sanusi is not the initiator of the process, he continue from where his predecessor (Soludo) stop.Please allow him to do his job.

    From: Musa

    Posted: 3 years ago

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  • This is Medicine after death, This day if you like don't publish my comments, he who laughs last laughs best.

    From: Akamu Ologi

    Posted: 3 years ago

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  • The assertion that has been hyped by claims that the real ambition of the Central Bank governor is to Islamise the banking sector. is understandably vexing to every objective and fair-minded person. I think there is no better answer to it than the words of the Central Bank governor himself. Tracing the history of the CBN policy, he said at the time he became governor, there was a circular already out there collating inputs from the general public, and was finally put together by the director, financial policy and regulation, whose name is Christian Chukwu. So, if there is a grand process for Islamisation of the banking sector, then it started with Professor Charles Soludo, Reverend Tunde Lemo, and Mr Christian Chukwu. The claim that introducing the Islamic banking system is a breach of the Nigerian secular constitution is akin to claiming that the establishment of religious schools and universities in Nigeria, with their faith-based management boards, a threat to democracy and secularism.
    It is also instructive to note that presence of 'Islamic Bank of Britain' and 'Amanah banking' facility of HSBC international bank did not in anyway compromise the secularity of the UK which has far less percentage of muslims than Nigeria. Please lets think beyond sentiment and religious bigotry.

    From: Maku

    Posted: 3 years ago

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  • i have a question for mallam sanusi lamido: how will he react if after issuing the 'sukuk' a group in nigeria - whether religious or tribal - comes up with a request to establish its own bank to be based on that group's 'variant' and 'jurisprudence'? in extension, will he 'issue separate guidelines' that will create a fertile ground for the survival of such bank as he is trying to do for the islamic bank now? if he refuses to grant such group its request, its members will be wild in their interpretation of his action; if he goes ahead to grant the request, will the CBN - during or after his regime - be able to cope with the constellation of banks that will dot our financial horizon? he should understand that nigeria is a harem of many wives, if a thing is given to a wife, other wives will be expecting theirs also. he should remember that islamic bank is working perfectly in malasia - as he claime - is largely as a result of islam being the state religion of malasia. in Nigerian case, care should be the taken.

    From: emmanuel uba

    Posted: 3 years ago

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  • There cannot be two guidelines for non-interest banking in Nigeria. And any reference to any religion, tribe or creed in d regulation by CBN is illegal. I expect important bodies like the NLC, NBA, CIBN, NIM and the multitude of civil society organisations to speak up now.By introducing religious connotation into Nigeria's financial system,we would be stoking the dynamite that will blow up d country. The error of the Obasanjo regime to allow the introduction of Sharia laws as state laws in some northern states is what has metamorphosed into Boko Haram today. Any regulation that is unconstitutional is illegal and should not be allowed to stand anymore.

    From: Godwin Urhie

    Posted: 3 years ago

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  • Sanusi did the right thing as enshrined in the constitution. The muslims form major part of Nigerian population and they have the right to banking and religion practice. therefore, those crying fault should blame themselves. they seems to be miopick and short sighted in reasoning.

    From: Musa Njoku

    Posted: 3 years ago

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  • Are you sure Sanusi Lamido is not a core sponsor of this heinous sect called boco haram?
    Or better still we may call him Lami_Bin Laden.

    I hope he is not the true Osama of Nigeria.

    From: Jerry Z.

    Posted: 3 years ago

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  • I am surprised that all the previous commentators are not aware that it was Charles Soludo who actually perfected the Islamic Banking Supervisory Framework when he was CBN Governor and not Sanusi. And how come they are not aware that even western countries like the UK, US and Germany have already adopted and are using the Islamic Banking system?
    Banks are privately owned businesses and everyone is free to choose which Bank you do business with so there shouldn't be any conflict here. Moreover, if there is any other religion that has a banking (or any Financial/Economic) guidelines/regulations, then they should be come forward and establish their banking system.
    We should be able to separate ignorant religious sentiments from objective reasoning.

    From: Mohammed Abubakar

    Posted: 3 years ago

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  • Why all these critics? Nigeria is a secular state, of course yes! The point is, in ISLAM, interest is forbidden, that is ALLAH's injunction not man made. Sentiment apart, what is wrong if we have a Bank that practice non interest banking? or for CBN Gov. to encourage other Banks to apply for licence. It's a product.

    Lets runs business together, both the profit/losses be shared together not one party servicing ridiculous facilities perhaps nonperforming. The more reasons we have fewer companies and the dreams of younger entrepreneur are bad. Small businesses cannot grow because they cannot seek for fund.

    From: Rotimi OYJ

    Posted: 3 years ago

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  • It is high time we wake up from slumber, Nigeria is a circular state that is being guided by one constitution. It is pretty disheartening that we are allowing religious sentiment to crawl into our economic affairs especially the most sensitive economic unit like banking. It is better we tell this man called SLS to retrace his steps before another dangerous monster rears it ugly head.More so, this country is too vast to be guided by a single constitution, though we claim unity in diversity but in the real sense, there is no unity any where. let us not deceive ourselves.

    From: Yogu.

    Posted: 3 years ago

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  • well its better for us to have a clear view of the matter before jumping to conclusion, Islamic banking is a system that as been in operation since the inception of the religion (Islam). it is important to know that Modern Islamic finance began in the early 1970s at the intersection of two important developments in the Muslim world. With the start of the Organisation of the Islamic Countries movement (OIC) in 1970, the idea of updating traditional Islamic banking soon became part of the agenda. It was something that had preoccupied Islamic scholars, particularly in Pakistan, for a number of years. By the way Sanusi Lamido is not trying to create any chaos we just need to understand his plea. for more information about Islamic Banking you can visit http://www.islamawareness.net/Finance/is_fin.html

    From: yakub odushote

    Posted: 3 years ago

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  • is this the kind of Dividend JONATHAN promised us.. what kind of useless eco-ethnic division Sanusi and co are trying to impose to us... please mr. president, its high time you should know that Sanusi term is up..sack this mogule before he put this great nation in uncontrollable situation what did he (Sanusi) mean by islamic banking in Nigeria or has Jonathan converted Nigeria to islamic nation... we cant take this anymore..

    From: iykman

    Posted: 3 years ago

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  • Wat is hullabalo about islamic bank.all religion have absolute right to establish their bank base on their religion indoctrination.please,leave sanusi alone because, it 's not by force to transact business with Islamic bank.we should not allow the sentiment to override d sense of reasoning.

    From: Adesina musibau

    Posted: 3 years ago

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  • Well we thank God that this Islamic Banking stuff has been in practice around the world particularly in jurisdictions such as the UK, US etc were Christianity is hub. It matters not therefore if Nigeria is secular or not, what matters is the principle in the banking system which gives muslims and non-muslim participants a sense of belonging in banking transactions that are interest free albeit earlier jurisdictions mentioned. Please before anyone draws a conclusion on Islamic or non-interest banking, please conduct a research on the concept (bias free) then you can objectively make a case for or against!! But never when you are oblivious of its paramount and unavoidable importance in Nigeria today!

    From: SBM

    Posted: 3 years ago

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  • Nigerians only display their ignorance when it comes to giving a religion coloration to what is known and practice all over the world including United Kingdom and United State of America.Islamic Banking is a Non Interest form of banking and it has nothing to do with religion,the rest of the world are laughing at us the way we are going about this.This product will only help all of us out of the ever souring interest banking we are used to that makes loan repayment difficult.The opportunities are open to muslims and Christians alike

    From: Sani Baba

    Posted: 3 years ago

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  • What a sentimental approach to issue that require an objective analysis, A secular state permits freedom of religion, of which the muslims should be free to practise their faith. CBN gov. is a muslim, and he does not say everybody should operate islamic banking system, whoever wants can transact with bank of his choice.

    You people are being myopic and sentimental, why don't you raise this argument during Charles Soludo era, when bank PhB introduced interest free banking operation for those who wishes. People like you are not tolerant and being religious bigot who are dangerous to our corporate entity called Nigeria.

    From: Sola

    Posted: 3 years ago

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  • Is nigeria more secular than US, UK and other western countries. why do nigerians always preach hatred. Islamic banking is not new, it is practiced every one including US, UK and some other western countries. If Christians are not comfortable with Islamic bank did anyone going to force them to patronise the bank. Sharia or no sharia, islamic bank is going to be for those interested in patronising it. Please let the muslims practise their religion as they want as long as they don't force others to join them. Is Nigeria secular? It is a misnomer. Nigeria is multi religious country under one creator.

    From: M.T.Mohammed

    Posted: 3 years ago

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  • The CBN governor isn't trying to force anything on any body, he's just providing more options to many Nigerians. Interest is forbidden in some religions including islam, but all the banks we have, currently operate based on interest. We therefore welcome such a development. as a i don't need any interest for saving, or pay huge interest after collecting loans from such banks. Thank you sanusi!

    From: Mury

    Posted: 3 years ago

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  • Haba Nigerians! why do you attached sentiments to any laudable policies, are you trying to tell us that you are ignorant of the fact that there are Islamic Banking in USA, UK and other non Muslim countries and if you are not, just GOOGLE the the term Islamic Banking and see the results. What more of a country like Nigeria where more than half the populations are Muslims. You are the kind of people who are offering extremist like Boko Haram breeding space in our country because if you don't allow the progressive and moderates Muslims to develop the good side of Islam the extremist would surely take over.

    From: Shetty umar

    Posted: 3 years ago

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  • Who sponsors Boko haram, or do they operate without funds, why should such an institution be approved. As far as the ordinary citizen is concerned, its all about Boko haram.

    From: Anonymous

    Posted: 3 years ago

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  • Wait a minute. Do we not have different forms of education system in Nigeria? Are there no seminaries and Islamic schools catering to different needs of the people? What about universities? Don't we have Christian universities and Islamic universities. What stops us from having Islamic banks? Schools, banks, hospitals etc offer services to the people and they should be pluralized to cater to different tastes and needs.. This is the reason why they have Islamic Bank of Britain in the United Kingdom. Anybody heard of it before?

    From: Ismail

    Posted: 3 years ago

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  • Please i am advising to those people that are making comments, once you are ignorance of something please don't make any comments because why people will criticize Mallam Sanusi by creating an Islamic Banking, indeed did he force anyone to transact with the bank, its your choice we have other banks which are profit oriented, and you are liberty to transact with them. But however, its prohibited in Islam for a Muslim to utilize with the interest money that generated from bank. So please if you are ignorance of Islamic jurisprudence don't make any comments. I believe what Malam Sanusi did is unequivocal to any body who is ignorance of Islamic jurisprudence.

    From: S. H. ABBA

    Posted: 3 years ago

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  • There is no problem about that. let Sanusi introduce islamic bank, Christians will introduce, Native doctors, and other occultic groups will equally agitate for their own. The man Sanusi just want to make a mess of himself.

    From: janet

    Posted: 3 years ago

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  • I am surprised how myopic some people who are supposed to be leaned think! Are we saying that we do not know the existence of Islamic banking which at some points is being thought out to be the only way out for developing economies to get out of the debt circle hatched and orchestrated by the so called western world and America ? Have we forgotten so quickly that it was Professor Soludo a christian from the Eastern part of the country in one of his write ups that came close to suggesting a total implementation of Islamic economic system because of its leverage. Islam is not about ethnicity, do you know the population of Yoruba muslims who are at home with Islamic banking? when you call for banking under the canon laws, do we have any other than the one we are operating now? Let us talk about issues that will guarantee unity in this country, I laugh when I hear people shout whenever Islam is mentioned at any fora, as for me, I am for whatever is good the origin not withstanding and I want to advice who ever cares to listen to be just that and I assure you, you will have peace for ever. Big up yourself the revolutionist!

    From: Muhammad Ali Baba

    Posted: 3 years ago

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  • Why does the name Islam send fear in the mind of some people? In the UK, their is Islamic Bank of Britain. HSBC in the UK has Islamic banking department (Amanah Account). I have Amanah account with HSBC. Must you bank with the bank when it becomes operational?Why does anything that has islam attract so much hatred? The population of Muslim and Christians is about 50/50, why then cant the Muslim have a right to institution that runs according to their faith? Somebody said Nigeria is a secular state, why do we have public holidays during muslims and christians festivals? How can we live happily with each other if we don't accommodate and respect each others believe. Remember Sanusi is just the governor, CBN is an institution that comprise both Christians and muslims. If Britain that gives public for christian festivals and not for muslims festival will have an Islamic bank, whats is wrong of the approval of Islamic bank in nigeria. They said the youth are the trusty of a nation, if we can set aside hatred and be objective in the way we look at issues, then how do we move forward. God bless Nigeria

    From: AAA

    Posted: 3 years ago

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  • Mr Sanusi,is that why you want to give bank php to Pakistanis?I am closing my account there,do you want to sponsor boko haram?We are watching you ooo,other tribes and religion should watch closely.please tell us,do you want to sponsor boko haram or alqaeda,I am only asking a question.

    From: Dikeoha

    Posted: 3 years ago

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  • you want to create an opportunity for Iran to send money to boko haram ,you want to sponsor terrorism here in nigeria?It is a question Sanusi

    From: Ogbonna

    Posted: 3 years ago

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  • What is wrong with our leaders? Sharia did not work for us Nigerians, why this dimension of Islamic bank? I smell impending crises.

    From: Sule K. Kaigama

    Posted: 3 years ago

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  • You guys simply can't see the bigger picture. See what is happening to the world economy and look at our banking system. The whole banking system is just a replica of so called "developed nations" and if you've been following the global financial crisis since its initiation, you will reconsider having an alternative. By the way, remember you are talking about the global Central Bank Governor of the year. You guys should first know what the Islamic Banking entails in whole before giving your biased opinions. Be objective always

    From: Mahmud Musa

    Posted: 3 years ago

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  • Islamic banking is an alternative banking model which muslims and non-muslims in some other part of the world have embraced and has been working for them, so why is it being viewed differently in nigeria.
    Moreover, this is just a business option which is not being forced on anybody. For instance a lot of muslims in nigeria has been disenfranchise with the convention interest based banking because their faith does not allow it. In Europe and some other part of Asia they have halal eateries and grocery stores along with others so why the senseless hatred for Muslims in nigeria.

    From: Wasiu Bello, Lagos

    Posted: 3 years ago

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  • Too late, the cat is already out of the bag!! All this is for Islamic Banking. A critical assessment of the Islamic Banking model points at Venture Capitalism if the religious parts are expunged.
    The CBN should be discussing frameworks for regulation of Venture Capitlaism without allowing for disparaging accessibility to such financing on the basis of Religion, faith ethnicity or status.
    If we must have Islamic banks at this point in time, we must also have variants to service other sects as conveniently as well not in policy papers but in Operation.
    Else, I see easy access to finance for northern muslims while the other regions are less finance and developed. imagine igbos, yoruba etal singin the sai language JUST TO GET SOME MONEY

    From: NEDMADU

    Posted: 3 years ago

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  • Those criticising Islamic Banking are not being objective. Their argument is driven more by sentiment rather than reason. Come to think of it, what does islamic banking has to do with islamisation of Nigeria? What of other countries like Gambia and even Britain where the same islamic banking is operated. Some of the biggest names in global banking industry like HSBC operate islamic banking.

    Unless we start to view and analyse issues objectively and without sentiment and prejudice, iam afraid we are going nowhere as a nation.

    From: Jamilu Abdullahi

    Posted: 3 years ago

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  • People are saying all sort of things as regard to the non-interest banking but we should all know that Nigeria is too big and too complex to be either Islamise or Christanise by any individual or organisation. In the constitution of Nigeria it is stated that one can practice his or her religion according to its teaching, Usury is prohibited in Islam so why can't the Muslims of this country be allowed to practice their constitutional right without any hindrance or intimidation, beside for over 50yrs Nigeria have been practicing conventional banking system but Muslim has said anything why one now? If we think Nigeria is a circular state what about England and US that are mainly Christian dominated Countries and still the system is being practice in those country without any rancor. As for one Jackie Dick that post his comment trying to pent Sanusi as either a supporter or financier of Boko Haram then you are on your own. We the Muslims of this country should and must be allowed to practice our religion without any restriction and you should know Muslims are not in anyway supporting terrorism.

    From: Bundus

    Posted: 3 years ago

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  • "Thou shall not lend on interest to thy brother;whether it be lending money on interest,or lending commodities....."Deuteronomy 23:19.
    Amazing how secularism has eaten deep into my christian brothers that they won't hesitate to condemn,as sentiment, something straight from the bible just because it has islam attached to it.It's sad that the word Islam or Islamic is so phobic to some christians in this country that, I believe, if we re to try to have an Islamic brothels some people will fight against it as a conspiracy to implement "islamic debauchery" and shout out that Nigeria is a secular state! it might be very easy for christians in this country to swallow the poisonous pill of secularism as their salvation depends on grace, and hence are not bound to laws of their faith. it's not so in Islam. work and submition to God's laws is where our salvation depends.and we,as the early Christians before us,are forbidden from taking or giving interest.

    From: Ajah

    Posted: 3 years ago

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  • Christian bankers fought Sanusi in his bid to turn the CBN to a sharia organisation and defeated him. They promised to take him to the court and assured him that he would fail in court. Being smart enough, he backed down. This guy is a bigoted, religious fanatic and I wonder why the President has given him a free rein over our affairs. Mr President, the Lord God put you in that position to do His work and protect His people. Please stop your siddon look and act. These people are up to no good. Be full of prayers and ask for God's guidance.

    From: Ade John

    Posted: 3 years ago

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  • What problem do people have with islamic banking. Its only another form of banking and no body is forced into participating. Once it has to do with Islam, people start saying all kinds of things.

    From: Hussein

    Posted: 3 years ago

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  • There he goes again. this man will end up killing nigeria if care is not taken quickly by those who seem ignorant of the antics of the man, sanusi. when Babangida tried to introduce OIC , nigerians shouted no, and he stopped. that was a military man with power of decrees. why would a civilian appointed to a position now bring the hell of religion on all of us???? the presidency has to call him to order .

    From: ayo

    Posted: 3 years ago

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  • If not that i have as friends some muslims who are actually peacefull i would have outrightly say that islam is devil of a religion. but if truly islam preaches peace why are they always demanding without considering the fact that there are other groups around them. even if islamic bank should stay why would sanusi bring it up now that nigeria is fighting the issue of boko haram. if there is peace in the country no one will question the issue of islamic banking. and if truly islam preaches peace why do the muslims always use violence to achieve their aim. moreover, notherners are not the only muslim in the country, we av a lot yoruber muslims intermarrying Christians and they are living in peace. what is the problem with the notherners. infact i think sanusi should hold on and not cause more problems to this country. it is not by force to be one country.

    From: nwa jesus

    Posted: 3 years ago

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  • "Thou shall not lend on interest to thy brother;whether it be lending money on interest,or lending commodities....."Deuteronomy 23:19.
    Amazing how secularism has eaten deep into my christian brothers that they won't hesitate to condemn,as sentiment, something straight from the bible just because it has islam attached to it.It's sad that the word Islam or Islamic is so phobic to some Christians in this country that, I believe, if we re to try to have an Islamic brothels some people will fight against it as a conspiracy to implement "islamic debauchery" and shout out that Nigeria is a secular state! it might be very easy for Christians in this country to swallow the poisonous pill of secularism as their salvation depends on grace, and hence are not bound to laws of their faith. it's not so in Islam. work and submission to God's laws is where our salvation depends.and we,as the early Christians before us,are forbidden from taking or giving interest.

    From: Ajah

    Posted: 3 years ago

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  • The truth is often bitter ,the bitter truth is that nigeria never existed .un-constitutional imposition of sharia in some northern states prepared the stage for present day boko haram phenomena, now islamic bank ,all these in a country whose constitution defines as a secular state. Are we serious or are we at laugh it off?

    From: chuks

    Posted: 3 years ago

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  • Why all the hue and cry about facilitating "financial inclusion"? The cynicism expressed only goes to show an apparent lack of understanding of the functions of the Central Bank which include licensing of new banks and establishing guidelines for their operations in tandem with extant statutes, rules and regulations. Jaiz Bank had long before Soludo's Consolidation pitched its application with the CBN to offer interest-free banking, an inalienable right of its promoters as enshrined in the constitution. It takes less than a keen follower of trends in the Nigerian financial services industry in the last decade to recognise that the long-awaited framework/guidelines have only just been concluded under Sanusi thus clearing the way for the commencement of interest-free banking. Suddenly, conspiracy theorists get to work (for the umpteenth time, unfortunately!) and it becomes Sanusi's 'baby' as though governance is not a continuum and citizens' rights are not universal.

    From: U. Gubio

    Posted: 3 years ago

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  • I can understand why people criticizing Islam banking try to link it with the issue of hoko haram. Then who sponsored Niger-Delta militants? you states things blindly. Don't you know that Muslims in this country have sacrifices a lot? they'r 60% of the total population, yet they allow several systems to used against Islamic principles. If you take this as competition, Muslims would strongly seek many things for their religious right, such as declaring FRIDAYs as week-end.

    From: M. A. Shamsuddeen

    Posted: 3 years ago

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  • To Jackie Dick. Ignorance they said is a disease. Its obvious that you don't know and you don't want to know. Persons like you are worth than Boko Haram. Please open your eyes wide and learn to learn, it's not late yet u can still catch up. I will be glad to provide u with useful web sites where u can learn about Islamic Banking and you will be surprise that most of the countries currently having islamic and non-interest banking are headed by christian. In fact, CIMA-UK offers course on the subject matter, please google it, you will be more enlighten. ADVICE: From this day going foward, take muslims as good people with good heart as Muslims has been enjoined by Allah 2 be closer to christian than any other religion and don't forget every religion have extremist.

    From: m-square

    Posted: 3 years ago

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  • Let us all be objective on issues that bothers on national unity, peaceful coexistence and freedom of worship and peaceful assembly. If the CBN allows for the establishment of Bank that connotes Islam, it can also allow the establishment of Bank that connotes Christianity so long as all of them have fulfill the conditions. Is then left for either a Muslim or a Christian to choose the bank he or she can patronise, because no compulsion on individuals in where to have his or her bank transactions. So let the Christians also establish a Christianity Bank which I know the CBN will give them register so long as they fulfill the conditions so that a Muslim will choose the one he likes and a Christian will choose the one he likes. That is all, no quarrel live together dine together and be happy.

    From: Aminu Babadidi

    Posted: 3 years ago

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  • PEOPLE LIKE BOLA,FEMI ADEBAYO,i never know there still exist people that very myopic in view.what is your problem.God willing this is a welcome development.may Almighty Allah protect Sanusi.why are you guys afraid.

    From: desalis

    Posted: 3 years ago

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  • I am sure that the CBN Governor would already by now be getting some hints as to the level of controversy he has ignited. Let us be plain, friendly and bear in mind that the unity of a country or people is a result of compromises and acts of mutual respect. There is certainly nothing wrong with a non-interest charging bank, but why label the financial mode 'Islamic' in a country where religious bigotry and extremism have already left deep wounds. Why cant we just show a little more sensitivity? Call it 'non-interesting charging' banking institutions. That will show that the CBN is sensitive. As for those who talk about religious Schools and hospitals, they are right also, but they will find that most of those schools are not following the original guidelines which stated that there should be no discriminatory practices. Most of them would not even grant admission to pupils of other religions, and you cannot grow a united country like that. What is the guarantee that the banks to be established will not discriminate? If they do, and provide 'plausible' excuses, what would anyone do? Am only saying we should be careful; for even with a good volition, one can still err in human decisions.

    From: Uchenna

    Posted: 3 years ago

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  • I don't why some of my brothers from other part the country cause anxiety to themselves once if the word ISLAM is mention, instead they should not be carried away by what some adulterated muslims who do not understand the true teaching of islam are doing, and understand the concept of islamic banking, and at the end it may turn out to be beneficial to all

    From: S.R Mahmud

    Posted: 3 years ago

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  • To everyone! I believe we need to grow from these religious issues and promote unity in this country, The CBN governor has been trying to save the the financial institutions of this our beloved country from collapsing and also take it to the prime. The issue of Islamic banking is within the scope of BOFIA, moreso, this type of banking is adopted everywhere in the world even in the western world where the muslim population is lessthan 1. For instance, in the UK they have over 10 islamic bank with other big banks operating windows like HSBC. so what are we talking about?

    I have seen a British lecturer teaching islamic banking and insurance in the UK, a Christian for that matter.So whats the big deal? ACCA offering courses on Islamic Finance....Please we need to study more to even understand what this islamic banking is all about. Lloyds TSB of UK has Islamic current account.

    So, we need to do more to even develop our financial system, with the introduction of derivatives(forward market) and the islamic banking guidelines, i think is a welcome development......I believe the governor will appreciate valid contributions

    Warm regards

    From: Jamilu Muazu

    Posted: 3 years ago

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  • Religion and religious related issues are always hot cakes in these country. look at the number of commentaries because of the subject matter. haba! lets learn to take things easy abeg,
    however the fact still remains that we are still divided on religious sentiments, from the above commentaries one will see that most or all the Christians are against Islamic banking while almost or all the moslems encourage it.
    frankly i don't blame those that are skeptical, it all comes down to fear which of course with recent happenings in the country one cannot blame them.
    But please lets all do some research luckily some of the commentators gave us some sites.

    From: T.E.DOGO

    Posted: 3 years ago

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  • Sanusi,you be oloriburuku,we thought that you are an agent for nigeria articulation,we never knew that you are a lion in a goat skinned bag,becoming a cutlery that slits nigeria. Sanusi tell us how many countries you have slitted nigeria into.Your terrorism plan has already been frustrated in Jesus name.AMEN,AND LET SOMEBODY HELP ME SAY AMEN SEVEN TIMES.

    From: DOXOLOGY.

    Posted: 3 years ago

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