ISLAMIC BANKING IN NIGERIA, USA, UK, RUSSIA, ETC : MISINFORMATION & TRUTH
July 17, 2011
Banking policies and practices depend on choice but some people make bad choice and land in hardship, under-development and poverty.
There is nothing like “Islamic Banking” as argued in Nigeria and other places. Lending to customers and keeping of customers’ monies with/without interests are universal practice void of what is branded Islamic and non-Islamic banking.
IMF and related monetary institutions have created poverty and under-development of all nations and peoples in general within their lending practices.
See the ugly experience where hate and intolerance directed on Islamic Religion have caused Nigeria ( a rich country ) and some nigerians heavy losses in borrowing or lending IMF money. Nigeria stands with enormous human, natural and other resources but rationally confused because of external manipulation with the believe and ideology of divide and rule with several eyes on using religion organization as supra tool to under-develop Nigeria and her people.
The dilemma caused Nigeria in her corrupt lending (approve lending by bribery) from IMF is cited in recent article of Shola Balogun,
“Going down memory lane, Abdur Raheem said it is also on records that when OIC offered Nigeria non-interest loan, some sets of theologians condemned the worthy proposal and discouraged the Federal Government through media outburst and blackmails. Thereafter, Nigeria opted for IMF loan with its killing and inhuman compounded interest.
The option of IMF loan worsened the nation's debt; increased the debt burden and created serious financial crisis. President Olusegun Obasanjo captured the predicament of Nigeria over the IMF loan and its merciless interest rate thus: "All that we had borrowed up to 1985 was around $5 billion, and we have paid about $16 billion; yet we are still being told that we owe about $28 billion.
That $28 billion came about because of the injustice in the foreign creditors' interest rates. If you ask me what the worst thing in the world is, I will say it is interest"! This is partly one of the rationales why Nigerian Muslims like their counterparts globally loath interest-yielding investment, financial securities and banking; they prefer instead non-interest banking and finance.” (Ishola Balogun in-TMC on Islamic banking 07/15/2011)
To make good choice without the choice which will harm the people and society in general, majority of the transparent businesses and peoples would prefer what Nigerians are struggle with to brand Islamic banking or banking or lending without interest. Simply, it is banking without interest and must be operated with mass people’s money and not money lent with torturous and abusive interest rate.
In the two disputing religious organizations (Islam & Christianity) the only part of the argument which is unsettling and which must require constitutional and religion creed amendments is as following:
Allah will destroy interest and will give increase for charity. And Allah likes not the disbelievers, sinners." Qur"an 2: 275-276
"Thou shall not lend to thy brother money to usury, nor corn, nor any other thing, but to the stranger. To thy brother thou shall lend that which he wanted, without usury: that the Lord thy God may bless thee in all thy works in the land, which thou shall go into posses.” (Deut23:19-20).
In equitable access to right to lending and other services, the two religion organizations ran red light, the operating constitution or law of the host country must restrain discriminatory practices vis-à-vis lenders and applicants called “stranger, sinners and disbelievers. According to these religion organizations, “Man” has no right to judge and condemn. These believes may step into discrimination in delivering lawful services to the entire citizens and others.
Researched/Investigated/Published:
Phillip Ofume, Ph.D. Chair, National & International Policy Research
Council; Head, Law Reform and Litigation and Security Policy Council;
Candidate in Exile - Nigeria's Presidential Election 2015; National
Chair, Canadian Sociology and Anthropology Association -Anti-Racism
Committee (p)
.
Godson Etiebet, Ph.D. Researcher, (Policy/Good Government) National
and International Policy Research Council Coordinator, Europe Section,
Switzerland
Cynthia H. Taylor, Ph.D./Alh. (Dr.) Farruk Mohammad Strategic
Development Researchers - International Policy Research Council,
Middle East Project
Tan Ochollu, D.Lit. Principal Researcher, (Strategic Development)
National and International Policy Research Council Director of Asia
Project
Reid MacDonald, Ph.D. Coordinator, North America Section
Kris Kifindi Bunkheti, Ph.D. - Sept 2007 - present continued to be
detained/imprisoned by the PM of Canada Stephen Harper Researcher
(Language/Culture), National and International Policy Research Council
York University (Department of History) Toronto, Ontario Canada (p)
Jerome Tesfai, D. Min/Div Principal Researcher, Policy and Practice in
Government and Foreign Interveners - Africa Project
Francois Bourgeois/Pierre Bushel
International Human Rights Watch and Democracy - St. Etienne, France
Send Comment to: Ihrwa4re...@hotmail.com for Europe Section
AFRICAN CANADIAN HUMAN RIGHTS ASSOCIATION (ACHRA);
NETLINK INTERNATIONAL COMMUNICATION SYSTEM (NLICS);
INTERNATIONAL CAMPAIGN FOR NIGERIAN PEOPLE'S LIBERATION AND
DEMOCRACY(ICN-PLD); OIL AND CHEMICAL WATCH INTERNATIONAL (OCWI);
AFRICAN CANADIAN IMMIGRANT SETTLEMENT ASSOCIATION (ACISA);
INTERNATIONAL NETWORK FOR PEACE AND DEVELOPMENT IN AFRIK (NIPAD).
Contact:
In the United States of America:
P. O. Box 2416
Lynn, MA 01903
Re. Dr. Phillip C. Ofume
Website: Plug-in with Keyword: LIMPT, INC.
confid1by1.@hotmail.com
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