By Abubakar S. ORISANKOKO,
Abstract
Apropos the propagation of Islamic banking in Nigeria, it is stated that in the Holy Quran appear commandments of Allah and there are Traditions of Prophet which condemn levying of interest in any financial deal and warns sinners of severe punishment Hereafter. On the basis of the above religious requirement, a whole edifice of rules, principles have been framed by Shariah for strict observance by Muslims. The Islamic banking therefore does not merely mean prohibition of interest but a whole code has to be implemented in practicing Islamic banking. However in Nigeria there are demands to drop the Islamic nomenclature and to call the system non-interest banking or divine banking because Bible also rules against interest.
The Muslims have reservations against these suggestions on the grounds:
(i) Islamic banking is not merely meant to ban interest.
(ii) It has to implement all the Shariah rules in its working.
(iii) Under the two proposed changed names the entire practice of banking prescribed by Shariah will be continued but Islamic system will get no recognition for it and the Muslims most probably will start distancing themselves from such banks.
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