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Monday, July 18, 2011

Islamic Bank in Nigeria.......


Islamic Bank in Nigeria

Recently the irrepresible Governor of Central bank of Nigeria,Mr Sanusi Lamido Sanusi intimated Nigerians that the Central Bank of Nigeria will soon introduce the Islamic banking system.
Consequent upon that annoucement i have seen the action and listened to the reaction and counter reaction of some Nigerians.
Many Christians have criticized the CBN motives and wondered if its not a new scheme designed to islamize Nigeria.
Now, considering the notoriety of some misguided folks in Nigeria and around the world,in the name of Islam,
it is difficult to fault the genuine concern and even the mischievous rants of some biased commentators against the introduction of the islamic bank in Nigeria.
In a muslim world of Osama Bin Laden,suicide bombers, Boko haram and other kinds of terrorists,
Who are justifying murder and mayhem in the name of Allah,a genuine and a true muslim has an uphill task or an everest size mountain to climb in order to convince a doubting Thomas or even a fellow muslim about the genuiness of Islam! Is it not true that a muslim once said that
'I give thanks to Allah that i found islam before i found a muslim, because if i had found a muslim before i found islam, i wont accept Islam' This statement means that many muslims are acting contrary
to the tenets of Islam! So I feel that Nigerian muslims including this writer, should understand why the CBN Governor has been getting more knocks than kudos all over Nigeria,despite the novelty of the beautiful scheme.
It should be explained that the proposed bank is just islamic in name. It is also a place of work for christians and other non-muslims. A Christian and other non-muslims can also lend money from the bank.

What Is Islamic Banking System? It is a monetary or finance system founded upon the directives of Allah in the holy
Qur'an Chapter 2 verses 273-277 ( pls read all these verses in order to really understand the directives) Allah says
'Those who eat from collecting interests on money are doing it like the eating of the devil,because they said that
collecting interest is like trading'. Allah says further that whereas 'Allah forbids the collection interests and
makes lawful the establishment of trading' ventures,etc.

A Non-Interest banking:It is a non-interest banking system which lends money to trade without collecting
interest or collecting a collateral.

A profit & Loss partnership: This system is also based on a profit & loss business relationship,whereby the banks
who are lending the money collects the greater percentage of the profits,and give the business man/woman
his /her due because they took the bigger risks by investing money in your ideas/buisness.
The islamic banks will be populated by seasoned bankers/business men & women who will give expertise advice on whatever business or trade you need money for and also monitor the business. This is why the scheme has been 99.9percent
successful in Saudi Arabia,UAE,Pakistan,etc. In a few cases of loss,it is easier to cushion the effect of the loss.

Economic/social benefits: Since the money invested in your trade is interest free, you will not worry about any collateral.
Trading will get a big boost because businesses will come alive as cost of production,manpower,localisation get
a big boost. The masses theory of, mass employment,mass production will now take effect.
The era of loosing your collateral like houses,lands,cars,etc will now be all over at the Islamic bank in Nigeria.The
era of enslaving people with debts will be over.

Micro & Macro Finances: Sadaqat & Zakat in Islam. All these are dealt with by the sayings and actions of Prophet Muhammad(saw
that can be found in the hadith.It is an exemplary explanation of the verses of the Qur'an quoted above on trading.

Islamic money markets: According to the Central bank of Nigeria,the introduction of islamic bank in Nigeria,may create a new
islamic money markets and the islamic assets management.
* I will do more research to write more details about
the pros of the Islamic bank.#

* The blog will later be published into a full blown book as soon as possible!#

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