This guy is more Christianic than Islamic!
From all he outlined, he is a VERY pragmatic, neutral, and forthright than any CBN Gov b4 him.

gidig:

Just because of the way the CBN Governor handled this whole Islamic bank issue, it has raised unnecessary dust. I am a Christian and I do not have any issue with the establishment of banks as along as they do not interfere with conventional banks in Nigeria. And in any case, a banking product like this was offered by the now-merged Habib bank.  The problem is really with his initial insistence that Islamic Compliant banking shall be the only form of Non-interest banking in Nigeria, with a heavy dose of Sharia modality and personnel in place. What a more temperate person would have done was to leave a window open for anyone who wants to practice their own form of Non-Interest banking. He has a strong personality and quite intelligent. Such people will push anything they believe in through and go all the way_even if they are heading in the wrong direction!

Quite a few people don't even know how this operate. They imagine free money from this Islamic banks. I do not know the finer details but the way it works is more like an investment into whatever you need money for and the profit or loss is then shared. So< those of you who have been fantasizing about free money should please wake up.

enyojo:

This guy is more Christianic than Islamic!
From all he outlined, he is a VERY pragmatic, neutral, and forthright than any CBN Gov b4 him.

cold:

^^And I dare say SLS has done more for the economy of this country than Iweala & Aganga put together
What I also fail to understand is why is everyone up in arms against Sanusi & not Soludo who initiated the process?I also have my gripe with Islamic banking but the fact that it was Soludo that began the whole process isn't lost on me

emmatok:

Please tell me one thing Sanusi has done to the economy since he became CBN  governor.

Instead he crippled the economy by restricting funding for the private sector.

I remember Soludo also came up with Naira denomination policy which is working in Ghana, it was opposed and all is history today.

odedele:

CBN governors reserve their comments until the odd once in a year or so when they must speak on monetary policy. I cannot imagine Ben Bernanke or Alan Greenspan in his days at the Fed volunteering a comment on matters such as Afghanistan or the appropriateness of Sarah Palin’s dressing or in fact whether Obama should worry about all of America’s problems simultaneously or selectively. But Sanusi, recall, set out by challenging Yar’dua’s 7 point agenda. Ordinarily, his elevated office ought to define a higher level of candour and circumspection in matters of public commentary than he is currently displaying. And that is a pity.

For instance, Sanusi is reported to have said that the weak banks in the system have until September to recapitalize or be liquidated. No one in their right mind will continue to leave their deposits in these banks after that comment as September approaches. Yet these banks are supposed to raise additional capital! There was also an open expression that if foreign buyers cannot be found for these weak banks, they may be nationalized! It is difficult to reconcile between Sanusi’s avowed nationalistic fervor and his initial willingness to auction off the weak banks first to foreign interests. And for the leader of a CBN in a country that subscribes to free market rules to threaten nationalization of so many banks even as a fall back position speaks volumes
The toga of central bank governor is no license for anyone to further destabilize the economy or inject mischief into a polity that is already riven by unnecessary sectarian and regional contradictions. Intemperate utterances and that kind of verbal incontinence and recklessness that should at best be found in beer parlours should have no place in the vocabulary of a central bank governor. But if Sanusi insists on his present talkaholic style, he should resign his job and join the political fray. There he will be free to canvass his views, test his ideas and market his obsessions. More critically, his insistence that his interest-free banking proposition is Islamic banking is heating up the polity. If this matter gets out of hand, Mr. Sanusi must be ready to bear personal responsibility for any untoward outcomes.
For quite some time, the impression has grown that the presidency allowed the CBN to dictate both fiscal and monetary policies. And the principal purveyor of both has been the rather autocratic CBN governor himself. Since the President is yet to articulate his own economic agenda, the impression that has gained ground is that Sanusi is speaking and acting for Jonathan or derives his confidence from a perception of the President’s relative indecisiveness on economic matters. If Jonthan does not rein in Sanusi now, he risks being seen as culpable in the imminent meltdown of the Nigerian economy

Reptyle:

Please always credit your sources especially when you copy word for word. Its plagiarism if you don't:

http://www.thisdaylive.com/articles/dead-end-of-taliban-banking/95687/

Korrection:

islamic banking, hmmmm, well i pray the lend me money fro my fish pond and pumkin farm

chidexy:

Find attached the CBN guidelines on Islamic Banking.

Islamic Banking while a form of non-interest banking, is being promoted by Sanusi and Co. as a stand-alone form of banking. While in principle it's a line of banking product being offered in so many countries, its promoters in Nigeria are rather not addressing the fears of those who are against/opposed to it.

Of interest in the guidelines are 4[b]sections 4.1 and 4.3. Section 4.1 makes it mandatory that the operators must have a technical agreement with a reputable islamic financial institution (read: uncensored funds coming from mostly middle east into the country). In section [/b].3, most operators will apply for a regional license to operate in the North (as a possible instrument of development of the economy of the northern zones).

Sections 6 and 11 handle the issue of Profit (read: Interest). It's erroneously assumed that both profit and loss are shared in Islamic banking. Far from the truth: only the profits are shared while losses are singularly borne by whoever takes out the loan (see section 11.2)

I hope the propagators of this form of banking get their acts together, address the concerns of those who are opposed to it before carrying on

chidexy:

Find attached the CBN guidelines on Islamic Banking.

Islamic Banking while a form of non-interest banking, is being promoted by Sanusi and Co. as a stand-alone form of banking. While in principle it's a line of banking product being offered in so many countries, its promoters in Nigeria are rather not addressing the fears of those who are against/opposed to it.

Of interest in the guidelines are sections 4.1 and 4.3. Section 4.1 makes it mandatory that the operators must have a technical agreement with a reputable islamic financial institution (read: uncensored funds coming from mostly middle east into the country). This is the number one reason for the CBN to regulate Islamic banking. Those funds can always enter Nigeria through the back door. In section 4.3, most operators will apply for a regional license to operate in the North (as a possible instrument of development of the economy of the northern zones). It all adds up to our GDP at worst and at best it provides more capital for the country to develop.

Sections 6 and 11 handle the issue of Profit (read: Interest). It's erroneously assumed that both profit and loss are shared in Islamic banking. Far from the truth: only the profits are shared while losses are singularly borne by whoever takes out the loan (see section 11.2) WHAT WERE YOU EXPECTING? IT IS A BUSINESS NOT CHARITY. However, the person taking the loan will not have to pay interest if he does not make a profit. 

In the popular banking model, whether you make profit or loss, the bank still charges interest and it is compounded not just simple interest. Do you know how many people have committed suicide or died of hypertension because of this?

I hope the propagators of this form of banking get their acts together, address the concerns of those who are opposed to it before carrying on.

I have fears about the establishment of Microfinance banks, that does not mean I should start disturbing those that want to invest in the business or use their services under the new CBN regulations released for them. Everybody has fears, deal with them, but don't expect other people to put their lives on hold because of that.

Gbenge 77:

We dont need Islamic banking at this time.