By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Christians may be gearing to endorse the proposed Islamic or Non Interest banking by the Central Bank of Nigeria (CBN).

Muda Yusuf, the Director General (DG) of the Lagos Chamber of Commerce and Industry (LCCI) made this disclosure recently in a forum organised by ValueFronteira Limited, Research Firm of Economic, Financial and Market Analysts in Lagos Nigeria.

Yusufu who spoke on the “Principles of Islamic Banking” said that there are Christians who are ready to do business with Islamic Banks when set up as proposed by Nigeria’s Central Bank.

“Talking about the Nigerian context of Islamic Banking, the problem we had with the CBN in the introduction of this Islamic Banking is the word Islamic and Sharia” he said.

According to him even in the Bible, Interest is frowned at; it is called “Usury” in the Bible and anybody who has gone through the process of interest payment would appreciate why the scriptures’ are also against interest; “so it is not just the position of Islam; but also the position of Christianity” he said.

In a Report written by The Guardian Saturday July 30 2011 “CAN tackles Sultan on Violence and Islamic Banking, Way Out Of Debacle, By Christian Council”

It was affirmed that voices of moderation has come from leaders of the Christian Council of Nigeria (CNN).

According to the Report, they canvassed more time and enlightenment of Nigerians before the CBN introduces the Islamic model of non-profit banking in the country.

The Guardian Report further affirmed that Dr. Rufus Ositelu, the Primate of the Church of God (Aladura) Worldwide, said Christians are not opposed to Islamic banking but are against Sanusi’s efforts to tilt it in favour of Moslems and to use public funds to realise his objective.

“The CBN ought to issue open-ended guidelines on non-interesting banking and allow those, who are interested to apply for licences and give their outfits whatever names they want” Ositelu said.

This is coming on the heels of the introduction of provisions in its Framework on Non-Interest Financial Institutions (NIFI) issued by the CBN on January 13, 2011.

Islamic banking operates in accordance with principles and rules of Islamic commercial jurisprudence that generally recognises Profit and Loss sharing and the prohibition of interest.