Olivia
Online
One of the reasons the earliest attempts at Islamic banking in Nigeria, such as the dedicated Islamic banking windows in the old Bank PHB or Habib Nigeria Bank, faced so much scrutiny was because people kept asking this exact question you've just asked. They couldn’t understand how a financial institution could survive without the crutch of interest.
As time went by, scholars and financial experts needed to find a way out of this recurring problem. They had to prove that Islamic banks could cover their significant operating costs, infrastructure, and personnel without taking or giving a single naira of Riba (interest).
To do this, they developed authentic, asset-backed, money-making mechanisms that are foundational to Islamic banking today.
Please note that these are not just "interest with a different name," they are different entirely from the conventional interest-based banking.
Here is exactly why they are completely different from conventional banking:
1. Murabahah (Cost-Plus Financing): In a conventional bank, if you want a car, they give you a cash loan with interest, and you pay back cash for cash with an added percentage. That is Riba.
In an Islamic bank using Murabahah, the bank actually buys the car from the dealer themselves, owns it, and then sells that physical car to you at a disclosed profit margin, allowing you to pay in installments. The profit comes from a real trade transaction, not from renting out money.
2. Mudarabah and Musharakah (Partnership Models): Instead of just pooling deposits from savers and giving them a fixed, guaranteed interest rate, an Islamic bank acts as a partner.
In Mudarabah, the bank manages your funds in halal ventures, and the profit is shared based on a pre-agreed ratio, while the customer bears the financial risk.
In Musharakah, both parties pool capital for a business, sharing both the profits and the losses. The bank puts skin in the game. They earn by working and taking risk, not by exploiting a debtor.
3. Ijarah (Leasing): Instead of lending money to buy equipment, the bank buys the equipment and leases it to the customer for an agreed rental fee. The bank retains ownership and bears the risk of the asset, making the rental income entirely halal.
Having said this, now, let us talk about the reality of navigating a conventional financial ecosystem.
Because Islamic banks have to operate under the Central Bank of Nigeria (CBN), they are sometimes forced by regulatory compliance to participate in clearing systems or transactions that inadvertently generate Non-Permissible Income (NPI), such as penalty fees or unavoidable interest-bearing statutory reserves.
Islamic banks do not use this money to cover their infrastructure or staff salaries. Instead, they have a strict purification process. This NPI is completely segregated and channeled directly to charitable causes, such as funding public health clinics, building schools, or helping the poor. The bank derives zero corporate benefit from it.
One thing Islam prioritizes is striving toward the best, and not absolute perfection. We live in a highly imperfect, conventional financial world. These institutions are doing their best to be upon the truth, creating a halal alternative for millions of Muslims, and leaving the remaining gaps for the Almighty to pardon.
But to throw your hands up, capitulate completely, and allow Shaitan to trick you into thinking Riba is unavoidable just because banking has costs? What will then be the difference between us and them?
Allah knows best.
In here is a list of Lagos Glitterati at the opening of the famous Shitta-Bey mosque in July 1894.
It was presided over by Governor of Lagos, Sir Gilbert Carter, Oba of Lagos, Oba Oyekan I, Pan-Africanist Edward Wilmot Blyden, Abdullah Quilliam, (representing Ottoman Sultan Abdul Hamid II).
Other famous names there were prominent Lagos Christians, like Saro Aristocrats. James Pinson Labulo Davies (husband of Sarah Forbes Bonetta), John Otunba Payne and Richard Beale Blaize.
It was at this mosque launch that Mohammed Shitta was honored with the "Bey" title, the Ottoman Order of Medjidie 3rd class (the highest class for a civilian) by Sultan Abdul Hamid II.
Mohammed Shitta, then became known as Mohammed Shitta-Bey.
In same 1894, Mohammed Shitta-Bey, Sunmonu Asunmo Animashaun, Imam Ibrahim Ankuri and other top Lagos Muslims submitted a Petition asking for Muslims to be able to use Sharia for their personal matters.
The question is this; Were these leaders terrorists?
Next time, Reflect before you type.
The request for Sharia transcends this century or even the last one.
This is the remaining part of the manipulated and heavily edited videos that Yoruba Nation agitators, idol worshippers, and certain Christians are sharing to malign the Imam's personality.
They deliberately removed the context in which the Imam called on leaders to respect the rights and legitimate demands of Christians for peace. They only left the part where he said that denying Muslims their fundamental constitutional rights also will not bring peace, all to advance their false, hateful, and Islamophobic narrative against the Imam.
May Allāh preserve the Grand Chief Imam of Ogbomoso upon goodness. Āmīn.
OFFICIAL PRESS STATEMENT
In the Name of Allah, the Most Gracious, the Most Merciful.
It is with a heavy heart but an unwavering faith in Almighty Allah (SWT) that I address our immediate community of Oyo State, and the global public.
Don't be an average Nigerian Idiot.
Islam ni ẹsin abalaiye.
One benefit of reading Prof MOA ABDUL's JSS introduction to IRK textbooks was learning of the abuses suffered by Prophet Muhammed SAW.
He was called a Sorcerer, Poet, Mad Man, Liar , Soothsayer, Fabricator.
These by same people who before his Prophethood acknowledged him as "The Truthful" (As-Sadiq) and "The Trustworthy" (Al-Amin).
They are partly why I find attacks against Muslims who have stood firm on their Islamic beliefs by these Nazis funny.
Why should a Muslim be happy that those who abuse the Prophet SAW, and call him vile names are happy with his religious stance in the first place?
Like, what sort of Muslim are you?
Anyways, one advantage we have today is the sheer volume of numbers.
Apart from abuses and curses, what can their Jero do🤣😂🤣.
Eni ti eyan o ba le Damu, Epe le yan ma n she.
So, to the Muslims who are standing firm against these midgets who think of themselves as bullies.
Take it as a badge of honour. The Prophet SAW and his companions faced multiple times worse from the Quraishis of Mekkah.
They triumphed.
1. Make Oro catch you first 😸
2. Your rich husband could marry 20 other women on top you
3. If you're the kings wife and he dies, you'd be required to commit suicide alongside him
Some days ago I requested for a book on traditional Yoruba rituals.
Why ?
I am aware Yoruba traditional idolatry involves human sacrifice but I wanted something academic written by a Yoruba academic himself. Because you can't just appeal to anecdotes in a formal debate. You have to be grounded.
Human sacrifice is an ingrained component of yoruba traditional religion, this was systematically wiped out by Islam, Christianity and British colonialism. It's in recent times they've appropriated liberal moral standards, at least outwardly.
It is important that we are intellectually prepared in debating these individuals in the public sphere. The few ones who will dare take an academic debate shouldn't just be defeated intellectually, he or she should also be so humiliated.
Those who curse and abuse should be largely ignored. You can't win an imbecile in an intellectual argument. As for the violent ones, those are a different ball game.
We will allow the government deal with those, but if the government is incapacitated, we will assist them deal with them.
Back to intellectual debates , we should not leave the defense of Islam to scholars and students of knowledge alone. It is our collective responsibility. Read, research or in the least share the posts, articles , books , debates of those putting in the effort.
If you're a student of knowledge, read what our scholars have written about apologetics or what we call comparative religious studies. You will find in every sect and movement beauty materials written ages ago.
Take for instance, I identify as Salafi, my go to work should be Ibn Taymiyyah's الجواب الصحيح or/and Ibn Qayyim's هداية الحيارى... I am sure Ash'ari and Maturidi scholars would also have works of this nature.
If you're not a student of knowledge but you have interest in these issues make use of some of these resources:
Note, the bulk of anti Islam polemics today are almost EXCLUSIVELY sourced online. Usually from the days of Wood/Shamoun/Rogers.. a lot of their materials are being recycled today, so you'd find sufficient answers in the following sites ( see the attached screenshot, Facebook didn't allow me post links).
.....................................................
I had used some of these sites in the past and they cover much of the nonsense these Islamophobes say today.
If you're the type that prefers YouTube:
Libyano's Orthodox Muslims channel is good. So also is Korra The Taymi ( the 1 against 20 Christians girl ) , so also is Deen Responds ...and several others.
So , don't wait for others , read, watch and debate.
https://t.co/TxMlcTKcSY
_ Kabir Al Asfar
You still don't understand how stupid you sound.
If Nigeria breaks tomorrow, who told you this Yoruba will be one country.
Or don't you know, it's Nigeria that is actually holding the chains preventing some tribes from preying on others.
Assuming you are Egba.
Between Yoruba First and Egba First, which one would you choose?
For large parts of the Oyo Empire, the Egba were under Oyo domination, they fought it hard and cherish their independence till date. They shed blood and sweat for it.
They call Abeokuta, their land of independence.
So, if a Yoruba First agenda comes that tries to place Egba under Oyo rule again.
In that instance, which are you picking, Yoruba First or Egba First?
Who do you think you are in the first place?
Like, this audacity and supremacist mindset always amuses me.
We are Muslims first. We don't say Laa Illah Illah Lah, to now be browbeaten for one "Yoruba identity" constructed by missionaries in 20th century.
There is no deity worthy of worship to us except Allah.
Our religion rejects Holy Trinity,Polytheism, atheism, and even blatant ethnocentrism like "Yoruba First" all at once.
In our religion, there is no superiority of an Arab over a non-Arab, or a Yoruba over an Igala except through piety.
The Prophet Muhammad SAW did not have companions like Bilal bin Rabah, (Abyssinian), Salman Al-Farsii (Persian), Abdullah bin Salam (Jewish),or Lubaynah (Roman) for us to be doing "Yoruba First" with you.
We don't go on Hajj, experience the universality of human kind among all races and tribes to do this rubbish with you.
It is why we are able to travel to any country and enter any mosque and are confident we can slot in like a glove, because we pray the same.
It's a universal religion. Not an ethnic one.
That is our identity.
If you object to this, we simply don't give a damn.
It's our religion, not yours.
That your worst that you want to do, come out and do it, let us see nah.
The unholy alliance between some overzealous Isese adherents and certain Christians to vilify Islam and Muslims is a futile venture. Islam and Muslims have been in Yorubaland for over 600 years and are going nowhere. Moreover, if any religion has demonstrated tolerance and peaceful coexistence with indigenous communities, Christianity has nothing on Islam.
- Bashir LuCas Samson Lukman
Asa (culture) is different from Oosa ( Idol worshipping). Muslims, beware, and do not let pagans confuse the two; they mix them together to promote paganism under the false guise of promoting culture..
Professor AbdurRozzāq AbdulMajīd Alaro ,mni, LL.B, M.A, Ph.D. (Madinah); LL.M, Ph.D. (Om-durman); B.L. (Abuja); ACIArb, MCIArb (London); CIAE (Dubai); FIFP, FCPA, FNITI, M.IoD, CSA.
Kindly retweet so others can benefit
Again, if you are Muslim. You should understand the mentality of these bigots.
They are trying so hard to drive a narrative of Terrorists being Muslims.
Then, it becomes open sesame.
You don't see them tagging Christians as terrorists when Ijaw militants engaged in kidnappings across the creeks that terrified people.
You don't see them tagging Berom militia as Christian terrorists even when they are documented to regularly attack travellers and murder people transiting Plateua.
You don't see them tagging IPOB as a Christian terrorist group even when they use religious motifs in their arguments against Nigeria and regularly attack and murder people.
These are not normal people. Drunk on hate and propaganda, they want to enact a "Bosnia Muslim massacre" so badly.
It starts from stupid narratives like this.
Countering them starts from us identifying the stupidity in these narratives, they have cooked for them in their whatsapp groups.
The irony hits them, and then they pull back.
One thing I enjoy is pissing off these Yoruba Nation or ThinkYorubaFirst clowns.
This one has called me a bastard now for no reason.
Let me take you on a small journey.
At the grand opening of the Famous Shitta Bey mosque in July 1894, attended by Ottoman Empire representative, William Abdullah Quillam (from Liverpool, England), Sir Gilbert Carter, Dr Edward Wilmot Blyden, John Otunba-Payne, Captain James Pinson Labulo-Davies, and Richard Beale Blaize.
Muslims were urged by the Colonial Governor of Lagos to embrace education.
William Abdullah Quillaim, the representative of Sultan AbdulHamid II of Ottoman Empire brought a message from the Sultan urging Lagos Muslims to take up Western education.
The global outlook to worldview helped Lagos Muslims and later helped hinterland Muslims as the Lagos Muslims having seen the British Order took education to Muslim Yorubas of the hinterland.
Those Lagos Muslim leaders, Muhammad Shitta-Bey (Seriki Musulumi of Lagos), Yusuf Shitta, Al'Imam Ibrahim, Ahmad Tijani, Othman Animashaun and others pressed the Colonial Governor, Gilbert Carter to allow Muslims use Sharia to settle disputes among themselves on business, inheritance, marriage (and divorce).
This was 1894.
In 1894, there was not even Nigeria.
The only locations British controlled were Lagos, Niger Coast Protectorate,Royal Niger Company Territories.
The Kiriji War Camp was just dismantled in 1893.
British forces conquered Ilorin and Bida in 1897.
Kano and Sokoto were conquered in 1903.
Britain destroyed Benin in 1897. Onitsha-Ndoni same 1897. Anglo-Aro wars was 1902.
Britain itself did not have total control of entire Nigeria until 1914.
As at the time, Lagos Muslim leaders were asking for their Sharia in 1894,Awolowo, Akintola, Joseph Akanni Doherty, Ayo Rosiji and co were not even born. Nor did anyone even know what "Egbe Omo Oduduwa" meant in those times.
And they were hugely respected and influential members of society.
There is so much for you to learn.
Stay Pissed! 😂😂😂😂😂😂
If you are a Muslim, by now you should understand groups like "Yoruba Nation" or "ThinkYorubaFirst" are Islam-hating organisations that will peddle lies against Islam and Muslims just to find a way to try and reduce its allure.
Their ideology of a "Yoruba country" has no Islam in it.
Even when security incidents happen, and clearly Muslims Yorubas are victims, they will find ways to link it up to Islam to again blame Muslims for their own predicament.
What you have to do is use facts, history and logic to defeat them.
Nothing hurts their ego and pride more than using facts to defeat their propaganda.
Let me use this one, as an example.
He calls himself an Ife descendant, and says Jihadist agenda is illegal mining.
Well, let me post an example of illegal mining going on in OAU, ILE-IFE, across Road 7 staff quarters, University farm, and river behind Teaching Hospital Complex.
What any sensible person will ask,is which Baale or King gave these illegal miners the permission to operate in these areas, before the FG shut it down.
Face your real issues. As long as you come fore Islam, we will point the glaring truth at you, and it isn't pretty.
Shut up your mouth jare.
Go to Osun state and see illegal miners operating freely, of course in cahoots with traditional rulers.
The Osun River is currently polluted with effluents from mining sites.
Go to Osun-East and see wonders.
If banditry starts tomorrow, (God Forbid), you will come out and write rubbish.
Anyone with a farthing of a brain can draw a straight line between illegal mining and banditry.
One of the biggest highlights of last week was the honor of being invited by the Coronation Group to their headquarters.
I had a productive discussion with the CEO about the future of financial inclusion in Nigeria and Africa at large, which we are both passionate about.
I am excited about the partnership between Coronation Group and Xava Technologies to further accelerate this course!
We are a growing company, we don’t have millions to pay you right now according to Twitter standard, but we allow you to grow with us and compensated for your efforts, if that is you, don’t listen to Twitter noise and apply 🙏
My Refutation to Deji — The Neophyte Orientalist
It is clear that Deji is operating with a very shallow understanding of both biology and the Arabic language. He thinks he has found a gotcha moment, however, he is just parroting tired arguments from online critics who do not understand the depth of the text they are attacking.
Here is the verse in question (Surah At-Tariq 86:5-7):
فَلْيَنظُرِ الْإِنسَانُ مِمَّ خُلِقَ . خُلِقَ مِن مَّاءٍ دَافِقٍ . يَخْرُجُ مِن بَيْنِ الصُّلْبِ وَالتَّرَائِبِ
"So let man observe from what he was created. He was created from a fluid, ejected. Emerging from between the backbone and the ribs."
Let me help Deji understand some of the simple things he doesn’t know.
First of all, Deji claimed that "semen does not carry life" and that "life is from sperm, not semen". Therefore the Quran goofed.
I say this is a desperate attempt at wordplay. In Arabic, the word used is maa’, which means fluid or water. To a 7th-century audience or even a modern person who is speaking naturally, the "fluid" is the medium that carries the biological components of life.
So, claiming the Quran "goofed" because it refers to the fluid instead of naming the microscopic sperm cell is like saying a car didn't bring you home because the engine did. It is a distinction without a difference in a descriptive context.
Secondly, He shouted about the "scrutom" (scrotum) being the place of production. Funnily, this is a high school level of understanding. As a researcher he claims to be, he knows that the origin of a system is more important than its final exit point. This is a fact no right thinking person would deny.
Let me make the following points:
1. In human development, the gonads (testes or ovaries) originate in the abdomen, near the kidneys, specifically in the area between the spinal column (backbone) and the lower ribs.
2. Even in an adult man, the testicular artery, which provides the blood needed for the testes to function, branches off the aorta in that exact abdominal region.
3. In fact, the nerves that control these organs also originate from the same area between the backbone and the ribs.
On the textual evidence of basic anatomy, Deji failed. He is looking at the end of the pipe and claiming the source of the water doesn't exist. The Quran is describing the physiological and developmental root of human creation, and not a snapshot of an adult male's anatomy. In fact, the verse he is trying to refute says so expressly.
If Deji wants to appreciate the Quran, let him look at Suratul Al-Muminun.
"And we placed him as a Nutfa (a mingled drop) in a place of settlement, firmly fixed. Then We made the drop into an Alaqa (clinging clot)..." (23:13-14).
The term Nutfa refers to a "mingled drop" or a small quantity of fluid. It acknowledges that the fluid is a mixture. This contradicts Deji’s idea that the Quran only sees a single, simple substance. The Quran describes a process of stages, which aligns with modern embryological findings that every medical expert appreciates for its technical precision.
Lastly, I know this is not Deji’s idea. He is probably following a historical pattern where critics try to force ancient scripture into the box of 21st-century laboratory jargon. If it doesn't sound like a medical textbook from the 2000s, they call it an error.
Or, he is using AI to interpret the Quran. That would be a great mistake to make. Quran is more than that Deji. You should read more instead. You Goofed!
Allah knows best.
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