Posted on 15 July 2011 by Laxman | Email|Print
An Islamic cleric in Jos North Local Government Area of Plateau State, Sheikh Alhassan Sa’id Jos said that Islamic banking is long overdue in Nigeria considering the significant population of Muslims in the country.
He said the introduction of Islamic banking ought not to have attracted so much comments because according to him, Muslims in the country who constitute a significant per cent have several investments and as such, have the right to a banking system……………………………………….Full Article: Source
Posted on 15 July 2011 by Laxman | Email|Print
The Bishop of Kubwa Diocese (Anglican Communion), Rt. Reverend Duke Akamisoko, has said that the proposed Islamic Banking is making some people to be apprehensive, saying that the development is overheating the polity.
The cleric, who spoke to journalists at the Pre- Synod press conference in Abuja yesterday, added that World Bank statistics had revealed that 60-70 per cent of citizens of countries like Pakistan, Kuwait, Sudan that had practiced Islamic banking for over 40 years lived below poverty level……………………………………….Full Article: Source
Posted on 15 July 2011 by Laxman | Email|Print
Outgoing Bishop of Catholic Diocese Sokoto, Most Rev. Kevin Aje, has suggested that the controversial Islamic banking be renamed ‘National Free Interest Banking’ to avoid crisis in the country.
Bishop Aje, who described Nigerians as notoriously creative, reasoned that such creativity would have done the nation a lot of good if those who were in positions of authority were using them positively……………………………………….Full Article: Source
Posted on 15 July 2011 by Laxman | Email|Print
Interest-free is another banking product designed to diversify and broaden the scope of banking services to customers. The product is being used in developed and developing countries like U.K, Spain, Turkey, Bangladesh, Malaysia etc.
These countries operate it without seeing it as a religious issue. I think the Governor of the Central Bank of Nigeria, Lamido Sanusi, has taken a good step by introducing it in the country……………………………………….Full Article: Source
Posted on 15 July 2011 by Laxman | Email|Print
Foremost economist and former Chairman of National Economic Intelligence Committee (NEIC), Professor Ibrahim Ayagi has said that introduction of Islamic banking in Nigeria will not convert people to Islam.
He told Daily Trust yesterday in Kano that the whole idea is about choice of investment. He said: “I am surprised and shocked about the people who are complaining about the introduction of Islamic banking in Nigeria. To me Islamic banking is a normal financial system of banking……………………………………….Full Article: Source
Posted on 15 July 2011 by Laxman | Email|Print
The Muslim Congress (TMC) has joined other sister Islamic organisations, civil societies and advocates of Non-interest/Islamic Banking in Nigeria while also condemning the campaign against the planned introduction of it by some Christian groups.
The group led by Luqman AbdurRaheem, The Muslim Congress said: “it is strange that religious groups, who ideally should be spreading morals, ethical businesses, engendering divine principles and winning souls for God in a perverted society are in the forefront of campaing against what will benefit a lot of Nigerians ………………………………………Full Article: Source
Posted on 15 July 2011 by Laxman | Email|Print
Ahli United Bank (AUB) saw its profit surge 19 per cent in the first half of the year. Net profit attributable to its equity shareholders rose to $161.7 million for the first half of the year against $135.9m for the same period in 2010.
“AUB’s strong performance in the first half of the year, against the backdrop of unsettled regional political and economic conditions, is very satisfactory,” said chairman Fahad Al Rajaan……………………………………….Full Article: Source
Posted on 15 July 2011 by Laxman | Email|Print
Zubair Mughal - Chief Executive Officer, AlHuda Centre of Islamic Banking and Economics Pakistan said that Islam has given the best system for poverty alleviation and both Muslims and non-Muslims can benefit from it.
He emphasized that the people from Central Asia, the Caucasus, and South Asia can equally get benefit from Islamic principles of Microfinance. He said the out of the total population of 1.7 billion about 562 million are Muslims in these regions, which becomes important for financial inclusion through this system. Islamic Microfinance is compatible to work with any model of Microfinance and it has the alternative to all the products of Conventional system……………………………………….Full Article: Source
Posted on 15 July 2011 by Laxman | Email|Print
HE Prophet (sallallaahu ‘alaihi wa sallam) prohibited some forms of sales that people were known to use during his time. The wisdom behind this prohibition of some sales is to facilitate ease for people and not to increase prices for them.
Also, it is designed to stop sales that might include risk of trickery and eliminate any sales that might instigate hatred and enmity among people. ………………………………………Full Article: Source
Posted on 15 July 2011 by Laxman | Email|Print
The Gulf Bonds and Sukuk Association trade body is calling for the harmonisation of regulatory procedures governing tradeable debt issues across the region.
The GBSA, which represents several investment banking industry players and which lobbies governments and capital market authorities, wants to see a “one regulator”, European Union-type framework to speed up what it says is a lengthy issuance process……………………………………….Full Article: Source
Posted on 15 July 2011 by Laxman | Email|Print
Citing the success stories of Islamic finance in infrastructure development the world over, the Director General of the Infrastructure Concession Regulatory Commission, Engr. Mansur Ahmed, has called for a regulatory framework that could facilitate such successes in Nigeria.
“The critical imperatives for the successful issuance of Islamic bonds (otherwise known as Sukuk) in Nigeria will include the right regulatory and taxation framework, transparent transaction structure, credit rating, marketing, risk and mitigation measures, appropriate technical capacity and guarantees,” the ICRC DG said ………………………………………Full Article: Source
Posted on 15 July 2011 by Laxman | Email|Print
When Sanusi Lamido Sanusi, the governor of the Central Bank of Nigeria, announced approval for the take-off of interest-free banks in the country last month, the reaction generated was only possible in religiously-polarized Nigeria. From Abia to Kaduna to Plateau, notables of the Christian Association of Nigeria, CAN, rose up, up in arms, with the usual threat of fire and brimstone.
While one spoke of the ugly effect of introducing interest-free banking, another saw grave danger in doing so, and they all ended up calling on Sanusi to resign or be removed from office……………………………………….Full Article: Source
Posted on 15 July 2011 by Laxman | Email|Print
First Gulf Bank (FGB) is planning to sell its first Islamic bond under a $3.5bn sukuk program as yields on Islamic debt reached a six-year low, Bloomberg has reported.
The Islamic bond will be the first from Abu Dhabi since National Bank of Abu Dhabi (NBAD) raised 500 million Malaysian ringgit ($160m) in December from the sale of 10-year bonds paying a coupon of 4.9%……………………………………….Full Article: Source
Posted on 15 July 2011 by Laxman | Email|Print
As part of the alliance, Takaful Emarat will offer its customers a range of 21 Shari’ah-compliant funds managed by NCB Capital.
UAE-headquartered Takaful Emarat, a Shari’ah-compliant life and health insurance company, has announced their partnership with NCB Capital, Saudi Arabia’s largest investment bank and the GCC’s leading wealth manager, to make world class Shari’ah-compliant funds accessible to its customers……………………………………….Full Article: Source
Posted on 15 July 2011 by Laxman | Email|Print
New Shariah-compliant insurance broker GNL is planning to create a panel of insurers and reinsurers to work on Takaful and Re-Takaful commercial risk solutions.
GNL Insurance — a joint venture between Shariah compliant investment bank Gatehouse Bank and Lloyd’s insurance broker Paul Napier — has already secured capacity from Chartis UK to cover risks across Europe, the Middle East and the Far East……………………………………….Full Article: Source
Posted on 15 July 2011 by Laxman | Email|Print
Mahmood Akoob of Hannover Retakaful, strongly believes in developing the Islamic Finance Industry in general and Takaful and Retakaful in particular. His focus has always been customer service and tailoring products to service client needs. Accepting the award he stated, ‘
Sameeul Thanvi of Bank Aljazeera has worked tirelessly in running the largest Takaful Company in the world, proving his abilities time and again in a harsh economic climate. His leadership style is a simple one: team work and prioritising employee integration. Accepting the award for Takaful Leader of the year he stated ‘It is all about positive influence…’………………………………………Full Article: Source
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