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September 7th, 2011
04:23 PM ET

Islamic finance spreads in Nigeria

Lagos, Nigeria (CNN) - Home to some 70 million Muslims, Nigeria is stepping up efforts to capitalize on the growing popularity of the one of the world's fastest-growing financial sectors: Islamic banking.

Earlier this year the Central Bank of Nigeria announced a final set of regulations which introduced Islamic banking to the country.

CNN's Christian Purefoy discussed the sector's potential with Hajara Adeola, managing director of Lotus Capital, one of the groups helping to pave the way for Islamic finance in Nigeria.

Read the full story about Islamic finance spreading in Nigeria
- CNN Belief Blog Co-Editor

Filed under: Uncategorized

soundoff (32 Responses)
  1. Carla

    Christian churches always helped the poor. All charity was started by Christians and most of them are carried out by churches. Americans should pay tax to the church instead of governments.

    September 10, 2011 at 5:40 am |
    • kimsland

      Tell me what does your church leader drive? (truthfully if that's part of your morals)
      The church leader near me drives a 2010 Jaguar. Poor thing.

      Since you mentioned government, I feel that the governments worldwide should dismantle all the church wealthy BUSINESSES, I mean they don't pay tax, they get millions of dollars every year (more in italy) and they hurt and prey on the weak in return.
      Its enough to make you sick.
      They DISGUST the human race, and should be removed from our modern world.

      September 10, 2011 at 11:44 am |
    • herbert juarez

      @kimsland
      It appears my church leader drives you nuts.That is good enough for me!

      September 10, 2011 at 2:13 pm |
  2. kimsland

    Religious people with money?
    Oh yeah that's right, the pastors and leaders ARE the ones that steal from the donation box.
    I see most drive brand new cars too, nope no one cares.

    Churches rip off the poor All The Time.
    Spare a dime mate? We only have a hundred million dollars, and the church leaders need another new car!

    September 10, 2011 at 1:51 am |
  3. Muneef

    Wonder as well if this money are the running away money which might have run from the troubled Arabian world ??

    September 9, 2011 at 9:36 pm |
  4. YouIdiot!

    I understand this type of banking already occurs in the U.S. Under the radar and with no electronic trail.

    Isn't this how the terrorists pass money to each other? Wasn't 9/11 financed this way?

    Nip it in the bud and do NOT allow transactions "directly" from any bank from Nigeria. Hopefully this will deter (not a guarantee) terrorist money from entering the U.S.

    September 9, 2011 at 3:50 pm |
  5. Muneef

    I just wonder why I do not trust this country much...must be the number of frauds and scams I hear about coming from there or her nationals,besides all the junk spam e.mails that are received under the name of Nigeria...!! Sorry but I do fear to answer any e.mail that is generated from Nigeria or under her name...!

    September 8, 2011 at 9:11 pm |
  6. Carla

    Nigeria, install religious freedom in your rotten country now.

    September 8, 2011 at 12:15 am |
  7. Carla

    Poor infidels in Nigeria. Muslims have no fairness to the infidels.

    September 7, 2011 at 10:30 pm |
  8. *frank*

    In Soviet Nigeria, witch doctor mortgage YOU!

    September 7, 2011 at 10:10 pm |
  9. Kyle

    This is almost bad as the mormons trying to infiltrate everything.

    September 7, 2011 at 9:50 pm |
  10. John Richardson

    It could be an interesting experiment. Basically, the bank becomes automatic part owner of any enterprise they finance. It should be given a chance to succeed or fail on its own terms. Western financial systems have been incredibly successful on average and over the long haul these past several centuries, but have had quite a few peaks and valleys, booms and busts and the occasional full blown credit panic. I would recommend that everyone take at least one course in the economics of the credit market. The average person is surprised to learn that banks lend the same money out multiple times, which is why a run on a bank is inevitably a disaster, as no bank has on hand anything like the sum of what all its depositors have deposited. But before you declare the whole thing lid banging lunatic, do be aware that this is the system that built all the modern economies of the world so far. It'll be interesting to see how new systems, or rather the large scale use of old systems like Islamic banking, will serve to stabilize or destabilize the world economy. I'm betting that it will be a small but real net positive.

    September 7, 2011 at 9:48 pm |
    • BG

      Remember how James Bond would always order his drink "shaken, not stirred?" When you shake the ice it melts quicker, thus diluting the alcohol. So essentially Bond was ordering a weak drink and being pretentious about it.

      Sort of like your logic here.

      More later.

      September 8, 2011 at 5:54 am |
    • John Richardson

      Ah, BG, back to "many words, say little" mode again so soon?

      September 8, 2011 at 9:03 am |
    • John Richardson

      As for James Bond, it's just a guess, but perhaps he felt that since his job required sharp wits and reflexes, it is best not to get too inebriated. Besides, the notion that real men like stiff drinks IS more than a little hokey in the first place, after all, but even if you were silly enough to believe, you still decide that there is a time and a place and when you're on a case, that would be an example of NOT the time and place. Just a thought!

      September 8, 2011 at 9:25 am |
    • Peace2All

      @John Richardson

      Nice post... From my financing days, as I understand it, you are making sense.

      @BG

      What's up with the attack on -John R., my friend...? No need for attacks.

      I can understand it if you don't agree with his posting. And if you have another POV, I would love to read it, btw.

      Looking forward to seeing your counter opinion.

      Peace...

      September 8, 2011 at 11:03 am |
    • HotAirAce

      You might find this interesting: http : / /en . wikipedia . org / wiki / Shaken,_not_stirred. It seems sneakily ordering a weak drink was not the intent. And it seems to me that Bond would have taken in the same amount of alocohol if he finished the drink regardless of how it was made. Simply slowly drinking the drink would have been a better way to control alcohol intake. Kind of like reading and thinking before posting...

      September 9, 2011 at 12:34 am |
  11. HotAirAce

    The devil is always in the details...

    Banks (lenders) need to show a profit at the end of the day. If they're not able to make it directly, as interest and no additional risk, they will make it some other way, perhaps by taking a share of the enterprise, which means they (the banks or lenders) could end up owning parts of, or a majority of, many businesses. I don't think this is a good thing unless there's a way for someone to easily "buy out" the bank.

    Ideally there would be competition within the banking industry, including access to traditional (interest driven) funding, that would protect the borrower. If there is (competition and alteratives, I don't see any problem with an enterprise operating under their cult's belief system.

    September 7, 2011 at 7:36 pm |
    • Answer

      Usage fees are probably really high in this system.

      September 7, 2011 at 8:24 pm |
  12. CNNIslam

    First comes Islamic Finances then comes Sharia Law...

    September 7, 2011 at 6:54 pm |
    • Carla

      Sharia Law is already in full effects in the northern states against the nation's own con-sti-tution.

      September 8, 2011 at 5:03 am |
  13. Dc mortimer

    Nigeria and Commerce are not two things that I would put in the same sentence .

    September 7, 2011 at 6:30 pm |
  14. =============================Bo

    This looks like it should be on the finacial page. Really, they must be hard up for something to do with belief-–I know there is something more pertinate than this How about that new Sunday law that was passed in North Dakoda last week?

    September 7, 2011 at 6:03 pm |
    • BRC

      Good point, this does seem like a bit of a stretch; and an article on blue laws would be rather interesting (they make for a healthy seperation of church and state conversation).

      September 8, 2011 at 10:16 am |
  15. Drucker

    Sounds good for borrowing, lending not so much!

    September 7, 2011 at 5:50 pm |
    • Checks

      wouldn't there be a flight of capital ?

      September 7, 2011 at 5:53 pm |
  16. J.W

    I wonder if they would do a Your Take on this one. So far it looks like it would be boring.

    September 7, 2011 at 5:44 pm |
  17. William Demuth

    Muslim backed Nigerian scams!

    I can see them now!

    September 7, 2011 at 4:51 pm |
  18. USmellLikePee

    First!

    September 7, 2011 at 4:25 pm |
    • J.W

      Oh no way I wanted to be first

      September 7, 2011 at 4:38 pm |
    • ...and I love that smell

      It's like an epidemic.... So, USmell.... did you have an accident during nap time again? I new giving you juice would be a bad idea, but Kindergarten has it's rules and all.

      September 7, 2011 at 6:51 pm |
    • Carla

      USA is the only good guy left on the planet and the evil immoral secularists are destroying it from inside.

      September 8, 2011 at 12:14 am |
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The CNN Belief Blog covers the faith angles of the day's biggest stories, from breaking news to politics to entertainment, fostering a global conversation about the role of religion and belief in readers' lives. It's edited by CNN's Daniel Burke with contributions from Eric Marrapodi and CNN's worldwide news gathering team.