Islamic banking - Is it the way to go?

Posted by Frank on September 21, 2009 at 06:03:23:

The CBN governor Sanusis had announced his support for the establishment of Islamic banking in Nigeria. The question in the past was to whether he was running a northern agenda, but that's no longer the case. The issue we should now be concerned with now is how to go about Islamin banking if and when it does happen. I think what some people are afraid of is adding religion to Nigeria's economy being a secular nation. Of coure , i don't see anything wrong with Islamic banking as long as it would not be the only type of banking system in Nigeria but the CBN would only giving a guideline for their operation in Nigeria and of course the final stages would have to be legalized by the house of assembly. Certainly the banking system we currently have would continue to be available for people who do not want it and for those who do, It would be available. Islamic banking is more about non-interest banking which is part of Islamic faith although modern Muslims hav tried to modernize it such that ti would be able to cope with modern challenges of running such an institution. Islamic banking certainly has its advantages and disadvantage given the time value of money concept or the pursuit for a true Islamic faith. I guess, those who are not Muslims should not be bothered about being left out since both forms of banking system would be available for Nigerians and people would not be discriminated

Islamic banking is a non interest banking system

Posted by on July 27, 2011 at 09:22:32:
In Reply to: Islamic banking - Is it the way to go? posted by Frank on September 21, 2009 at 06:03:23:

I gues they should enlight people more about islamic banking system cos many people took it as a do or die affair




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