Boko Haram, Islamic Banking and Nigeria

Boko Haram (figuratively, “Western or non-Islamic education is a sin”) is a Nigerian terrorist Islamist group that seeks the imposition of Shariah law in the northern states of Nigeria The group presently has an undefined structure and chain of command. The official name of the group is Jama’atu Ahlis Sunna Lidda’awati wal-Jihad, which in Arabic means “People Committed to the Propagation of the Prophet’s Teachings and Jihad” The literal translation is “Association of Sunnis for the Propagation of Islam and for Holy War”.It became known internationally following sectarian violence in Nigeria in 2009.

Islamic banking (or participant banking) is banking or banking activity that is consistent with the principles of Islamic law (Sharia) and its practical application through the development of Islamic economics. Sharia prohibits the payment or acceptance of specific interest or fees (known as Riba or usury) for loans of money. Investing in businesses that provide goods or services considered contrary to Islamic principles is also Haraam (forbidden). While these principles were used as the basis for a flourishing economy in earlier times, it is only in the late 20th century that a number of Islamic banks were formed to apply these principles to private or semi-private commercial institutions within the Muslim community.

I know that most people have heard of Boko Haram. These people say they are against western education for a lot of reasons. They say that Western Education is against the rules of Islam. I say lies! if they are so against Western Education, why do they use products of Western Education. The bombs they use, arent they products of Western Eduction. Someone told me that a group of men who are islamic extremists traveled from Lagos to Ogun. when they got there they refused to eat with spoon because it is a product of Western Education but when it was time to go, they wanted to leave in cars. Is this not stupid

The head of the group is a very well educated person. i think that they are not motivated by religion but by politics. i think that nigerians are suffering from ignorance. these northerners are ignorant and mostly illiterates. i think that politicians are behind boko haram and that they are using it to pressurize the north.

 

Islamic banking in simple terms is interest free banking. Ignorant people see the introduction of islamic banking into nigeria as a way to islamize nigeria. that is all crap. Islamic baking has been practiced in different parts of the world. in the UK for example, it is very rampant. Islamic Banking is good for this economy and will boost it. This is how it works: 1) You go to the bank and apply for a loan to start a business or for your business.this business must not be for something that is “haram” i.e. something that is against islamic laws. things like gambling and alcohol. 2) If the bank is impressed by your business plan, they grant you the loan and give you somebody to help you so that the probability of the business failing is very very low. 3) if the business fails, which is very rare, there is a loss sharing ratio that is applied to the prncipal. there is no interest. if the business succeeds there is also a profit sharing formula  and you pay off the loan wit interest

 

And that my friends is the end of it all. As you can see from what i have typed above, islamic banking does nothing to “islamize” a country. like i said earlier, it is practiced in the UK and we all know that the UK is not an islamic country. I say that people should get information about a topic and fully understand it before passing comments on it. As for the Boko Haram people i maintain tha it is all political and the politicians are making it look religious.

Advertisements

6 thoughts on “Boko Haram, Islamic Banking and Nigeria

  1. Great review! You actually touched some nice things on your blog. I came across it by using Bing and I’ve got to admit that I already subscribed to the site, will be following you on my iphone 🙂

    Like

  2. On Islamic banking boosting economies, it has only worked for the Middle East where the income from oil is extremely high and well managed. So far, in the UK, it is a failed project. You can google it. Another thing with the term ‘islamic banking’ is that we think Sanusi is calling it that to gain attention or create some kinda propaganda. It’s called ‘interest free’ banking. It was even practiced at some point in the Bible.Another question i’ll like to ask is, if you’re a billionaire investor. Will you set up a bank that doesn’t collect interest rates? Will people put their money in banks that don’t give interest?

    Like

  3. lool!/…bt one thng is clear….nigerians dont face the things that matter….instead they are trying to elongate the stay in office!…off with jonathan’s head! he’z an ode!…also nigerians are fools. until they make up their minds to elect freely and fairly, they will be the ones to suffer in their carcasses and i will only be watching their stupidity rot!

    Like

  4. Hmmm…. very interesting piece. This is the first time you’re blogging,right? A really good first attempt, if i do say so myself. I actually had no idea what Islamic banking entailed before i read this, i’d been planning on carrying out research concerning it but I never got round to actually doing it. In my opinion, Islamic banking seems very plausible & would also be good for the economy seeing as it calls morals into the whole finance thing. I don’t think it can work in Nigeria though.

    Like

What Do You Think

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s