From social-economic point of view, one is bound to be excited about the coming of a bank that will not demand choking interest on loans as presently pracised in the existing banks in the nation. If properly handled, many people (muslims and non-muslims) who ordinarily are afraid of the almost unbeatable task of paying back their loans and huge interests would be glad at this prospect. However, the CBN Gov should come out openly to tell us the implication of failure to pay up, if befallen by calamities of a failed business adventure.

The major source of worry for me is what is likely to happen to the conventional banks in the hands of some over-zealot boko haramists and the like, who with their conviction that only these non-interest islamic banks are "halal" and so they are free to attack (bomb) those interest-charging banks because (they believe that) the bankers and the "infidels" who bank with them deserve to die.
How will the CBN Gov work on the minds of these fellows to ensure that conventional banks don't become their targets?

i think its just wrong for anyone to condemn what he hasnt tried to understand. arent there banks in nigeria who already offer islamic packages and accounts?so one bank decides to make this its own point of operation and people are shouting because it has islamic in it? im sorry for nigerians. islamic banking is a thing of choice,if you like it patronise em, if not take your money elsewhere, theres no compulsion. i am a muslim andi use regular accounts-my choice. theres shariah law in nigeria because muslims are in nigeria, civil law for others,do you see a non muslim being compelled to do islamic stuff? isnt it in the same country where the educational sector is littered with christian universities? does it stop muclims attending if they want? no!, now there are islamic unis who have christian students-again their choice!. how has the establishment of islamic banking in any way affected a non muslim? if christians can agree to the live and let live nature of things, then muslims (those who want to), should be allowed to bank in a way that doesnt violate their religious belief. would we be having this discussion if it was a catholic bank? hell no, i dont know how much an average nigerian has self that we are all shouting.for those who wanna know, the most significant difference in islamic banking is on the issue of interest! meaning you can take a loan and not be exploited by the bank, shouldnt this be a plus ? i tire for nigerians abeg

point45:

i think its just wrong for anyone to condemn what he hasnt tried to understand. arent there banks in nigeria who already offer islamic packages and accounts?so one bank decides to make this its own point of operation and people are shouting because it has islamic in it? im sorry for nigerians. islamic banking is a thing of choice,if you like it patronise em, if not take your money elsewhere, theres no compulsion. i am a muslim andi use regular accounts-my choice. theres shariah law in nigeria because muslims are in nigeria, civil law for others,do you see a non muslim being compelled to do islamic stuff? isnt it in the same country where the educational sector is littered with christian universities? does it stop muclims attending if they want? no!, now there are islamic unis who have christian students-again their choice!. how has the establishment of islamic banking in any way affected a non muslim? if christians can agree to the live and let live nature of things, then muslims (those who want to), should be allowed to bank in a way that doesnt violate their religious belief. would we be having this discussion if it was a catholic bank? hell no, i dont know how much an average nigerian has self that we are all shouting.for those who wanna know, the most significant difference in islamic banking is on the issue of interest! meaning you can take a loan and not be exploited by the bank, shouldnt this be a plus ? i tire for nigerians abeg

I have nothing against non-interest banking, or Islam, but Sanusi's attempts to write Government legislation for a particular type of non-interest banking is wrong. In the UK for instance, their financial regulations recognise the umbrella of non-interest banking, and not Islamic banking. It is under this umbrella that Islamic banks operate.

Sanusi initially tried to redefine non-interest as being Islamic, then when people protested he adjusted his definition to "Sharia-compliant, and others". He also sneakily changed the name of the CBN Sharia Advisory Council to Advisory Council of Experts, but specified qualifications to include:

an academic qualification or possess necessary knowledge, expertise or experience in the sciences of the Shariah with particular specialisation in the field of Islamic Transactions/Commercial Jurisprudence (Fiqh al Mua'amalat); and, skills in the philosophy of Islamic Law (Usul al Fiqh); good knowledge of written Arabic; ability to speak in both Arabic and English, and exposure in the areas of business or finance especially Islamic Finance

He is Nigeria's CBN Governor, not the Governor of the Central Bank of the North. He cannot be blatantly promoting any one group's interest over others. It is wrong. And any honest muslim who sees the debate in these terms will know that he is wrong.

Under the former guidelines, anybody wanting to set up an islamic financial institution could do so. Why does Sanusi then feel the need to take Nigeria down this dangerous, slippery path? My muslims brothers and sisters, this is not an attack against Islam. We just want Sanusi to remember that the CBN is an impartial, non-religious, Government institution.

PDP!!!

To be honest, the person I blame is the President. If he allows this travesty to remain, then I really must have rigged voted in the wrong guy.