ISLAMIC BANKING IN NIGERIA

 To start with what we all understand by the word Banking. To a layman, it means keeping money for a particular period of time, in order to have interest on it(money) - this is from the western world.

Money! It all began when people felt they should have something to weigh/measure the value of goods and services. Then, Gold was chosen to be a general representative to measure the value of goods and services across the globe.

China introduced paper money. After the world war I and II, which the United States of America made a huge achievement in the war through supply of weapons. The US felt its currency (Dollar) should be the universal currency to value all other currency as it claims to be the number one in the world.

Islamic Banking is a NON-INTEREST BANKING. This is in line with God's words in the Holy Books (Holy Quran and Holy Bible). God said in the holy quran that: He supports business transaction but forbids interest and bribery.

If you understand this statement. Business transaction is allowed, profit is allowed but paying interest is not supported. There is no way you can succeed, either as an individual or a nation by going against God's instructions.

In 1977, Nigeria was regarded as under borrowed by IMF, then Nigeria borrowed 2.8Billion Dollars. Interest on the said money nearly landed the nation in chaos. Nigeria later payed nothing less that 18Billion Dollars due to interest.

United States was not left out also in the problem as it is presently in a huge debt. This is our acclaimed world ruling country. The US owes about 57Trillion Dollars with China being the highest creditor of US.

And, more explanation on ISLAMIC BANKING. It offers a non-interest banking;

-- what you deposit is what you get

-- when loan is obtained, you pay back the loan with no interest.

From research, it has been shown that during global economic meltdown, Islamic Banks were not significantly affected.

Islamic Banking is already a success in Europe and other countries in different part of the world.It is now coming very late to Nigeria and we (Nigerians) are making a fool of ourselves while nations that have been rescued by this banking system are looking at us with pity.

And, if you have problem with the name "Islamic Banking", you cannot change it. Because, that is its origin. It may interest you to know that God condemns INTEREST in 36 places in the HOLY BIBLE and 8 places in the HOLY QURAN.

Here are some: from the Bible

- Exodus 22:25, 22:12,18:18,23:19,18:17,35:22

- Psalm 5:1-13,1:31

- Matthew 7:1-28

- Timothy 2:9

- Luke 2:9,19:23

- Ezekiel 18:17

--- from the Quran

Q2 vs 275-278

Q3 vs 120

Many people have died from high blood pressures and hypertension as a result of inability to pay interest on borrowed money, due to threats from banks to sell their properties or one thing or the other which they used as collateral. It is very glaring that most people are not even able to pay interest on borrowed money, not to talk of the actual money before they die. Is this what we want?

Islamic Banking is an alternative banking, which is not forcing anyone to participate in it.

Thanks. This is what I have to say.....