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Author Name: tony are
Number of articles: 32
I am often amazed by how most Nigerians do not get issue at stake in any political situations or current... (0) Comment


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Nigerians And Their Palava: Islamic Banking
Author: tony are | August 29, 2011



I was never fool by the silly bow-tie the current governor of central bank like wearing. To me, the man is incompetent and a wrong choice for the job. I have written an article in past abut him, this man is just grossly inadequate. I can not understand why CBN governor can create a crisis in banking sector when there is no crisis. He seemed to have a hidden agenda and I will not be surprise if he is working for some powerful group to acquire certain banks. I just believed this man should be removed, if Jonathan is serious, removing him will be the first step.

Islamic bank is the issue. It is common for Nigerians to always see things in two lines and nothing more. Is either we see things from ethnic or religion divide and this remove our valid objectives in an issue.There is nothing wrong for anybody wanting an Islamic bank or Christian bank. You can even have babalawo bank if you want, what is important is that any bank that is allowed to be formed must comply with existing regulations. The banks must not also be given preferential treatment from states or federal government. If this is the case, why worry about Islamic bank been established? Is there anyone stopping someone creating Hindu or Okrija Bank?

Fundamental thing in life is fairness, if you are saying people are free to do what pleases them, then why are you against them wanting something for themselves? Islamic bank is such thing. In Nigeria, we do not really have discriminative law that will be handy for banks that exist not for commercial purpose. Sometimes, in concept of freedom and democracy, you must accept certain abnormalities or aberrations; example is a very religious person living in a western country. There, you will find many things that disturb you or that makes you feel that you are living in a sin. It is the choice of freedom and we pay for it some how.

People wanting or establishing Islamic banks are free to do so and I strongly believe they will not disturb anyone. Besides, it is their freedom and desire. Our law governing banking should be changed to accommodate establishment of banks like community banking, village banking etc. That is what those making silly noise should be fighting for. What is wrong about Islamic banking is that it does not work in modern sense. The idea of Islamic banking where you can not collect interest from your deposit etc, is not economic viable. Thus, let those who want it to establish it. The foolish part of it is that it has been practiced before in some countries but it did not work. So, how will it work in corrupt country like Nigeria? More than half of our corrupt leaders are Muslims, thus, you can predict the outcome of this. Probably, is another avenue of stealing government’s money.

It will all come down to choice, for the opponent of Islamic bank, they should know some of us deserve to put our money where will not be paid interest on our deposit. It is like a boxer, he chose to be beaten and get paid, is not for us to make law that stop him from getting beating.

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NGEX welcomes and encourages reader comments. Permission to post reader comments is assumed, and we reserve the right to excerpt or edit for clarity any comments that are posted. We won't be able to publish all comments. And we can't vouch for the accuracy of posts from readers. Nickname or Name will be used to identify your post.
Isaac J. Angwa Bauchi, Nigeria    Bauchi, Nigeria    October 11, 2011
If I may asked how many banks Sanusi has save since he started confusing Nigerians that he want to reform the banking sector? He is just promoting his religion in the banking industry while Jonathan fold his hands watching at him until everything is collapse before he will know that people are telling him the truth, infact tony i didn't blame Sanusi because our so called president cannot call him to order it is not up to two weeks when Zambia sacked it CBN governor is he not a human being?

We prayed earnestly to see that Goodluck become our president but he cannot take any decision on his own until the so-called Norths tell him what to do which very bad for him let him remember how many state in the north voted him to power apart from the middle belt
Isaac J. Angwa Bauchi, Nigeria    Bauchi, Nigeria    October 11, 2011
the issue is that Sanusi is there, just to promote his religion not CBN governor's work, infact Sanusi has been confused already, he didnt know what to do as at now, are we better than Tanzania that sacked it CBN governor last week? hence our so called president cannot take any decision or called him to order, then who will stop Sanusi with his godfathers because they promised us that islamic bank has come to stay in nigeria, i have lost confidence in goodluck.

I pray that God will save Nigeria as He redeemed us through Jesus Christ the Saviour of all mankind.
asikwe buchi    kwale, nigeria    October 11, 2011
as mr. Are said having an islamic bank in nigeria is'nt a bad idea but they should consider the fact that there is a law that governs every thing .since other bank are being guide by a particular banking rules islamic bank should not be left out otherwise there is something hidden under the basket
OMOTAYO, J. A.    Lagos, NIGERIA    September 01, 2011
Modify existing banking laws to accomodate many banks with various porfolio, if I may guess, is the message. Going by past experiences, one notes that consolidation (merging) recapitalisation, nationalisation, etc of ailing banks have never produced the desired strong and infallible banks anywhere in the world. If Mr. Sanusi Lamido Sanusi, the CBN Governor, is not pompous, he will work on Mr. Are's suggestion. God save Nigeria.
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