As suggested previously if Nigerians can operate non-interest, but not necessarily Islamic Banks, then the latter would not go beyond a cottage industry - like community banks.

However, I have not seen any rules on non-interest banking other than those for Islamic Banking.

Just so we are not hoodwinked, those close to the banking sector should help check the rules to ensure that you can truly operate a non-interest bank, other than the Islamic Bank version, in Nigeria.

Written by Odidison Omankhanlen, Lagos Thursday, 23 June 2011

Central Bank of Nigeria (CBN) has allayed fears over the planned introduction of Islamic banking under the non-interest banking model in the country, noting that it is all about broadening the nation’s financial system.

Speaking at a workshop with the theme: Re- Purpose Capital: Non-interest banking in Nigeria, in Lagos on Wednesday, CBN Deputy Governor, Financial System Stability (FSS), Dr Kingsley Moghalu, said there was no need to entertain any fear about the banking model, stating that it was a way of attracting those outside the banking system for the development of the economy.

Moghalu explained that non-interest banking was not just about Islamic banking, urging individuals and groups wishing to practice non-interest banking based on established rules and principles other than Islamic to apply for a license to operate such institutions.

“Islamic banking is one of the models of non-interest banking, that serves the same purpose of providing financial services as conventional financial institutions except that it operates in accordance with the principles and rules of Islamic commercial jurisprudence that generally recognises profit and loss sharing and the prohibition of interest, as a model.”

http://tribune.com.ng/index.php/news/23954-cbn-allays-fears-over-islamic-banking

Sanusi is scaring away investors. People who truly understand markets such as myself should know that international investors are afraid of such talk!

WHAT DO YOU UNDERSTAND ABT MARKETSARE THERE NO ISMALIC BANKS IN UNITED KINGDOM, US AND DUBAI?

PLS DO CHECK BEFORE YOU YARN RUBBISH……ARE U AWARE OF HOW MANY BANKS HAVE FOLDED IN UK, OR US SINCE THE GLOBAL MELTDOWN

DID ANY ISLAMIC BANK GO UNDER

koruji:

As suggested previously if Nigerians can operate non-interest, but not necessarily Islamic Banks, then the latter would not go beyond a cottage industry - like community banks.

However, I have not seen any rules on non-interest banking other than those for Islamic Banking.

Just so we are not hoodwinked, those close to the banking sector should help check the rules to ensure that you can truly operate a non-interest bank, other than the Islamic Bank version, in Nigeria.
http://tribune.com.ng/index.php/news/23954-cbn-allays-fears-over-islamic-banking

You are still on this matter, just you wait; by the time those Islamic banks you detest so much are making billion naira profits, you will swallow your empty and useless pride to beg for loans.

To answer your question, the Central Bank has opened the doors to other forms of non-interest banks as well but you guys are yet to give them the guidelines you want them to use since you so hate the Islamic (Sharia guidelines) hehehehehe!

EzeUche!:

Sanusi is scaring away investors. People who truly understand markets such as myself should know that international investors are afraid of such talk!

Dude, you really need to take a swim in the river of knowledge so that at least part of your ignorance will be washed away. Your post would have been funny if it wasn't so tragic!