The furore about Islamic banking led me to conduct researches on thetopic, and to also rely on various articles and reports in the Nigerian press.In Saudi Arabia and the other countries of the Middle East, even Malaysia, the country with the largest Muslim population, the regular kind of banking is king. And the Muslim billionaires of the oil rich Middle East all invest for profit (riba) in regular banks, even in the West.How can regular banking be seen as western or even Calvinist, when its development was due to the primeval human desire for profit all over the world' Theory is one thing, practice is another; profit-making money lenders thrived widely in the Middle and far East prior the establishment of 'western' banking. Indeed, the head of the Central Bank Nigeria, who nurtured his career in regular banking, is a professed Muslim. He may have invested in bank stock for profit, like most top bankers. A study of all the boards of the regular banks in Nigeria carried out to discover those therein would be educative.I have concluded that Islamic banking is not an interest-free banking. It is a relatively low-interest banking. The people or banks that give out the loans share profit. Profit is gain. Interest is gain. It is a matter of semantics, or methodology of arriving at the gain; after all, gain is gain.Indeed, interest is a kind of profit. Islamic banks do not give out loans free of charge. You pay back more than you borrow. Islamic banks ensure that they do not lose to inflation and they further ensure some profit. They share profit and try not to share loss, like other banks. But if you invest in a regular bank by buying shares, you may have to share loss. If one invests in an Islamic bank, will he have to share in any loss made by the bank' Over to Sanusi. Another question; Will non-Muslims be able to access loans from Islamic banks' If not, would this not be a form of discrimination' Will Muslims continue to enjoy access to private education institutions established by other faiths' And if other faiths establish their own low-interest banks instead of buying jets, will Muslims enjoy access to such banks'What Nigeria needs urgently is the infusion of capital, even monies from abroad at low or even zero interest rates, to be properly and effectively utilised to develop our critically poor societal infrastructure; roads, railways, electricity; potable water, etc. But getting money is not enough. Using it properly is just as important; after all, Obasanjo's government wasted trillions of naira on poorly- implemented and unproductive power reforms. Sanusi, can Islamic banking drive the improvement of infrastructural development in Nigeria'In any case, a situation such as obtains now, where Sanusi's Central Bank of Nigeria (CBN) driven deposit rates are extremely low, and interest rates are extremely high in 'regular' banks cannot lead to any meaningful economic development in Nigeria, despite the theory being spouted by various economists and bankers, masters of impractical paper theory and lackeys of the Interntional Monetary Fund (IMF) and the World Bank. Sanusi, will Islamic banking aid in solving this problem'A great number of bankers (not all), both male and female, of all religious persuasions, even others, such as agnostics and atheists, are dishonest or incompetent or both. Why have so many banks run into severe, even terminal problems in the recent past' High education without honesty and integrity is a sure route to the kind of bold-faced, hi-tech, large scale and digital theft executed by 'technocrats' recently and regularly exposed in the banking sector. A lot of big time bankers are specialist money launderers. Some bankers and investors, just like millions of other Nigerians, are pan/metro religionists, who utilise diverse combinations of 'special' utilities such as charms, prayers, powders, sacrificies, soaps, sponges, perfumes, body lotions, handkerchiefs, potions, oil, amulets, chains, rings, hontu fetish drinks, loin-clothes, buttock-beads, etc. associated with several religions and cults just to 'make it' and loot treasury. Some swear terrible oaths at special shrines.Some lady bankers even dish 'delicious' personal favours to get big accounts and deposits. Sanusi, will Islamic banking aid in solving this problem'Food for thought: A teenage university undergraduate recently told me that Nigerians usually mess up any system that works well elsewhere. Islamic banking is alleged to work well in other countries. What is the guarantee that the 'Nigerian factor' will not negatively affect it' Will prayers alone curb the 'Nigerian factor''Trouble in universal banking, problem in micro-credit banks, robbery in wonder banks, fraud in commercial banks, embezzlement in the Central Bank, etc. Yet, the big men/investors, directors, managing directors, executives and shareholders in the 'regular' banks that have made serious monies over the past few decades belong to various religious faiths. When the BCCI collapsed, a lot of Nigerians lost millions and billions, yet that bank was run by people mainly from the middle and Far East. Sanusi, what money can't be embezzled' Embezzlement is not exclusive to the West.The practitioners of other religions would be very well advised to propose their own faith-based banking system and source for supportive and establishment funds. Perhaps, a virile sector of religious faiths-based banking system may drive the enhancement of the positive development of the banking system, whilst providing low-interest funds for development and providing beneficial assistance and services to millions of Nigerians, even in a sector, such as cheap and affordable housing. Sanusi, will you loudly proclaim your readiness to entertain other faith- based banking systems'But what is most difficult in Nigeria is the recovery of funds paid out to borrowers/creditors, because a lot of Nigerians are unfortunately notorious for always finding it difficult to repay loans, even if friendly and interest free.Ngerian factor: Between reality and Islamic banking
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