Nigeria and religious bias. I am sure if it was Nigeria, Emirates and Etihad stadiums that are now in UK for Arsenal and Manchester city would be fought to standstill.

MyTake:

Nice one, note however that HSBC is a chinese bank and Nigeria and China are two very different nations especially when in comes to Religious tolerance. I dont think muslims make up a significant percentage of the Chinese population (I may be wrong) but here in Nigeria its almost 50-50 so defiinely we need to be more cautious

HSBC is not a Chinese bank.

texazzpete:

HSBC is not a Chinese bank.

HSBC is an abbreviation for [b]H[/b]ongKong and [b]S[/b]hanghai [b]B[/b]anking [b]C[/b]orporation!. Maybe you wanna educate me where that is please??

This leader is a joke! My Lord what's the cause of the global meltdown? I don't think he even knows the cause yet prescribing Islamic Banking as a solution. This is just an avenue to bring into the system Islamic ideology.

You are right also help us tell CAN, PFN, OUR BISHOPS AND  PASTORS to create CHRISTIAN BANK and also introduce christian ideology

Nigeria and religious bias. I am sure if it was Nigeria, Emirates and Etihad stadiums that are now in UK for Arsenal and Manchester city would be fought to standstill.

Gbam true talk!! a pastor that is talking against Islamic banking was saying on air how beautiful DUBAI is, he never knew Dubai is built from Islamic bank bank loan

Looks like I struck a nerve there referring to your family as anthropoids. Well I am sorry, I revert my statement. I would henceforth refer to them only as primates.

Oga grammar if you dey look for work tell us oh!! we go employ you as english teacher for our school

This is the basic reason why the white will always be wiser than black. They came to blindfold you guys with religion. Look at what it is doing to the nation of Nigeria and look at what it is doing to Africans.

To hell with Islamic Banking system and to hell with religion! Nigeria can not progress with this religion tune!

This is the basic reason why the white will always be wiser than black. They came to blindfold you guys with religion. Look at what it is doing to the nation of Nigeria and  look at what it is doing to Africans.

To hell with Islamic Banking system and to hell with religion! Nigeria can not progress with this religion tune!

GBAM!! NICE POST

"The greatest tool of the colonial master is Religion"
Walter Rodney
Author of the book HOW EUROPE UNDER DEVELOP AFRICA

This is the main reason why Nigerian are not looking at the advantage of interest free loan but focusing on the word Islamic banking. They have exchange reason for religion.

BLACK FOLKS WAKE UP

With the way u talk, i dont think u can develope as a person. Nigerians we hav to believe nd behave as one family, one nation, u are yorubas doesnt mean u ar beta than d hausas or says bad of them. For naija to develop as a nation, u ,me, we hav to respect each, respect for race, respect for religion, nd respect for people in post. Islamic Banking is jst a name, forget d name and look at its importance.

Please stop now to avoid a time-out. Please, sirs.

Seun:

Please stop now to avoid a time-out. Please, sirs.

Yeah, i guess we took things too far. I apologize for derailing this topic.

texazzpete:

HSBC is not a Chinese bank.

What is it? American? or African? Where is Shanghai located? I guess in West Africa. I'm afraid bu why do people argue because they like to argue?

MyTake:

HSBC is an abbreviation for [b]H[/b]ongKong and [b]S[/b]hanghai [b]B[/b]anking [b]C[/b]orporation!. Maybe you wanna educate me where that is please??

Thank you for correcting him; he can better educate other non-bankers on here what HSBC stands for.


Dubai built on non-interest loans? I laugh in Swahili, I don't know how many Dubai based projects that some world notable banks financed that were Islamic banking / non interest loans. Perhaps poster can begin to enlighten us.

MyTake:

HSBC is an abbreviation for [b]H[/b]ongKong and [b]S[/b]hanghai [b]B[/b]anking [b]C[/b]orporation!. Maybe you wanna educate me where that is please??

http://en.wikipedia.org/wiki/Hsbc

Please read and educate yourself. Consider it a freebie from me.

Saying HSBC is a 'chinese bank' is like saying the East India Trade Company was an 'indian company'.

manny4life:


What is it? American? or African? Where is Shanghai located? I guess in West Africa. I'm afraid bu why do people argue because they like to argue?
Thank you for correcting him; he can better educate other non-bankers on here what HSBC stands for

You would do well to improve your knowledge of history. I have no intention of getting into another distracting argument here. Read the Wikipedia article i linked to, thank me and move on.

First off, wiki articles are written by people like you and I, I was expecting something more verifiable and referenced but NO it was wiki. Perhaps, I should use my wiki acct to edit the info on that webpage.


Second, even if I was using wiki, how about you read the second paragraph, and the supporting link at the header will help or perhaps here is the link http://en.wikipedia.org/wiki/The_Hongkong_and_Shanghai_Banking_Corporation

You posted HSBC Holdings Inc NOT HSBC which is the link I posted up for you.


Third, if u gonna cite, always cite from original source. Please take a look at HSBC Global Site, top right you will see where it say "Read our Brief History Brochure here, 40pages) and it's PDF enabled. I consider that a freebie for you as well.

I don't know of East India Trade Company but just because a company founded its headquarters in another country doesn't mean otherwise. On that note, please do not engage in another distracting argument here, that will help.

HSBC holdings which is into banking, investment and financial services have Chinese root but founded by a Brit, Mr. Sir Thomas Sutherland and the Headquarters is also in England - in London to be precise.

In 2009 HSBC  almost shut down its branch operation in the USA and it is not a non-interest bank, as I know it to be.

The HSBC Islamic Banking system is operating in Islamic countries and their operation is for them. Nigeria is not an Islamic country.

However, Islamic Banking has never been interest-free banking system not until 20th century. It was adopted as interest-free found in Anwar Qureshi  in 1946. And, it goes with politics. Politic can't be out of the system - it happened in Pakistan. In all the countries where Islamic Bank survived as a system the government are usually involved.

In all, I don't see anything that is Islamic Banking in the interest-free rather than adopting of non-interest banking ethics which have existed for long before the Islamic added its name to it. Why use Islamic Banking system when we know that this system has existed before this religion bigot coined the name? I hate religious people because they can cause a lot of trouble in the society.

We don't need Islamic Banking in Nigeria!

HSBC is NOT a Chinese bank.


Forget about the name. That happened when the British were in charge of Hong Kong

From the bank's website:

http://www.hsbc.com/1/2/about/history/history



"Established by a SCOT"

^^That's ALL you need to know.

There is nothing wrong with none interest banking. But when you attach a particular religion to the banking system of a multi religious community, it then becomes obvious what your intent is.
@,
You really spoke my mind.There is nothing wrong with non-interest banking but when you use to promote your religion in a secular country like ours it becomes abomination.

Apart from the reasons and benefits enumerated by Sanusi, there is underlying selfish interest attached to it.

@texazzpete
Let me address some of the half-truths and outright distortion of facts that you texapett is bandying about here.
1. Your claims of the CBN having powers to unilaterally draft guidelines to regulate the financial sector is laughable and only shows your desperate attempt to defend the indefensible and lack of understanding of the issues.
Sanusi himself knows that he has got no such powers to do so that is why he is hiding under the guise of stipulating guidelines to regulate the Islamic banking sector. Even his claims of deriving his powers from the constitution to create such guidelines without any recourse to the legislature is contestible in the court of law, that is why he is trying so hard to eat the humble pie and dialogue with CAN and other bodies that he had hitherto overlooked in carrying out his radical islamist agenda.
Like a commentator succinctly put it; "Full- fledged Islamic banking as put forward by the CBN has serious implications for our Company Law, Legal and Judicial systems, Audit and Tax systems, and the secular nature of the Nigerian Constitution, that can only be properly addressed in the National Assembly".
2. Quoting Soludo to butress your points only exposed your utter lack of understanding of the goings-on. Soludo granted licence in principle to Jaiz Bank using thesame guidelines that regulates every non-interest banking operation in the country. He did not create laws different from what the constitution allows for non-interest banking. Sanusi on the other hand, first separated Islamic banking from the conventional non-interest banking and unilaterally created new guide lines that enables the establishment of islamic banking.These new guidelines now give the CBN the power to licence full-fledged Islamic banks, full-fledged Islamic merchant banks, full-fledged Islamic Microfinance banks, Islamic development banks, Islamic primary mortgage banks and Islamic finance corporations. The guidelines also replaced the Sharia Advisory Councils with Advisory Council of Experts to work with the Institutions Offering Islamic Financial Services while the CBN will have its own Advisory Council of Experts but is, however, silent on the roles and modes of appointment of members.
And in your intelligence, you argue that the CBN and its management can give itself that kind of powers without any resort to the legislature?
3. You expose your hipocrisy when you claim that moral issues have got no say in the matter, aint that a double-speak? The whole idea behind islamic banking is to create a system where Riba is not charged on money loaned to clients( as according to their rationale, collection of riba is the root of greed and evil). Now if that is not some moral way to look at issues then what is it?
And for the last time, people should stop seeing opposition to some ideas from muslims as opposition to islam, that line of argument is weak and stale.

U say something against sanusi 'islamic banking, an u are labelled a bigot.
we shall see how the project will pan out in the long run.

hello, i think we have to call a spade a spade.the fact about this matter is "ISLAM" ppl juat dn't want to hear anything good about Islam.yes,wn d muslim are cheated dy may react but dt dr reaction may not be the position of Islam. why ar d cristians going against Islam and they clame one nation.or have dy forget dt a circuler state like Nigeria alow everybody to practice his or her religion. d Muslim ar not saying d xhristian most take part in Islamic banking, it is just fr d Mulims and if anyone of them want it dy can. d Islamic banking of a thing is just giving the choice to do wch one we like.finally, i will like to say dt the christian have no law of their own dy should not prevent us with law to practice.d islamic banking to muslims is like worship witout it all Mulims will be sinning. may Allah make us to see good as good and give us d strength to love it and make us see evil as evil and give us d strenght to shn it.

Here is how I summarized everything:

Non-Interest Banking - YES!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Islamic Banking - NO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

The problem with this so called "ISLAMIC BANKING" is that it separates us, Nigeria belongs to us all irrespective of where you come from.
1. That my friends start with the separation of church/mosque and state, in our multi-religious country (note: we are not secular) , this has been achieved in most SW where xtainity and islam are practised without direct political influence( fashola did not loose xtain votes due to religion)

2. We have a problem with our northern brethren who seem to think their religion excuses preferential treatment, if not why is there a need for SHARIA LAW?, which is in opposition to the the civil laws of FRN which represents all people within this borders .

I'm born into a family of xtains and Muslims, and every traditional practice inbetween , I'm not a fervent xtain, in fact I have so little faith left in xtianity its unreal. But me thinks our northern brothers have an angle with this topic , they always have, always will.


Questions that would validate the moral intent
1. When these banks are opened would they accept individuals of all faiths as staff ?
2. Would they be bereft of all forms of religious discrimination and nepotism ?
3. Would they service individuals/ firm with diverse religious faiths ?

THIS IS NOT DUBAI OR IRAN( they are an established Muslim state with a 95% Muslim majority), WE ARE IN AN ALREADY DIVIDED COUNTRY ON RELIGIOUS AND ETHNIC LINES.

If Sanusi is tired of being there he should resign and give way for those who are capable of doing the job .
Not after messing things up and start's suggestine for all these bla bla bla.

like soludo, sanusi has a political ambition. most likely president and he is doing this for his target audience.

If the motive of the Islamic banking is good.Y must it carry dat name 'Islamic banking'.Sanusi should better give it another name for sake of the diverse religion and ethnicity in Nigeria.

Global meltdown never necessitated [b]Islamic [/b]Banking. If there has to be interest-free banking it should be addressed as such - religion undertone in a nation like Nigeria is a cause for alarm. Those countries which are finding solutions to global financial meltdown are doing so through tough reforms - bailouts, consolidate the banking system, create jobs, provide incentive for investments, etc. Look this peasant banking(Islamic Banking) is not a big deal and is not needed in the country to solve global meltdown only that Sanusi is using it to cause chaos in the country. There are many countries which are doing well without it.