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The rationale behind this research work or pieces of writing is to know as a university undergraduates what free-interest and low-cash banking is all about and its effects or what might be its effect on Christians in Nigeria if approved. Islamic banking otherwise known as free-interest banking is a banking system or banking activity that is consistent with principles of Islamic law (Sharia) and it practical application through the development Islamic economics.

Also, the organization of Islamic Bank as “a financial institution whose statutes, rules and procedures expressly state its commitment to the principles of Islamic sharia and to the banning of the receipt and payment of interest on any of its operations. Banking is an important financial intermediary and vital institution in the economic structure of any country. The basic services a bank provides includes receiving, collecting, transferring, paying, exchanging, lending, investing, or safeguarding money for its customers.

It is a lie or half-truth that there is no interest in Islamic Banking when profit and loss sharing actually involves interest. Moreso, many learned people including some prominent Muslim scholars in Nigeria would readily argue that interest and usury are not synonymous. But even if we grant that interest is usury; then Islamic is not innovative in forbidding it. The name “Islamic” denotes unfair discrimination against other religions bodies that do not have banks named after their faith.

If Iran is charging interest on its Islamic banking loans, why would a non-Islamic or Arab country like Nigeria be desperate to adopt the system jettisoned by the most radical Islamic country in the world, “if not for mischievous purposes? Of course, there is no free lunch, even in Freetown. The proposed Islamic banks are profit making businesses. If they give out cheap loans, given Nigeria’s business climate, how will they make their profits? If they don’t make profits, how will the banks be financed to keep them running? This is the very reason why some people are suspecting that the Islamic banks are going to be sponsored by Arab countries to promote Islam.

Islamic Banking system is one of the current strategy  employed by the Muslims to convert Nigeria into Islamic community else, Sanusi Lamido Sanusi wouldn’t have initiated the idea of “Islamic banking” knowing fully well that Nigeria is a pluri-religious state and that such ideology might fuel religious tension in the land.


The effects of free-interest banking (Islamic banking) is not only on the sides of Christians alone but also on the sides of other religious bodies aside Islamic religion. This is because; its short comings are numerous. To start with, the Islamic banking model is with numerous shortcomings, while competing with conventional banks, the profit, and loss savings basis of Islamic banking makes the proposal unattractive to deposit holders under modarabah.

Besides, banks have to recruit highly competent persons in evaluating each proposal or project before entering into any partnership. Any collusion between entrepreneurs and experts will affect deposit holders. Since the profit, under the Islamic banking model, will be shared on the basis of the net profit, financial fraudulent practices will help in manipulating profit figures on lower side to reduce the share of the bank/shareholder in the profit of the Business.

Also, the gestation period of three to five years in generating profits from the business will discourage deposit holders in blocking funds in modarabah accounts. As a result, only trading community which would be limited to big towns and cities will enjoy this benefit of such facility. However, on the side Christians in Nigeria in particular, the effect of Islamic banking would be that the Christians will suffer a great deal.

This is because the Muslim are threatening the Christians so high now that the Islamic bank is not already operating, how then will it be if approved. That means that they will automatically subject other religious bodies including the Christians to nothing but a human dirage or nothingness. Furthermore, the name “Islamic banking” alone have made it have religious undertone. It is discriminatory and segregatory.

This alone show case that Christians in Nigeria will find it difficult if not impossible to obtain loan in such bank with the name “Islamic banking” The Muslim or the Islamic religion wants to become the national religion and this is why they are fighting hook and crook to Islamize Nigeria by employing these current move or strategy.


Islamic banking is a deliberate move or strategy by the Islamic community (Ummah) to Islamize Nigeria and thereby subjecting the Christians to slavery. However, since Nigeria is a multi-religious country, it is quite appalling to establish banking system with the name “Islamic banking” this is because when established would aggravate religious crisis in the land leading to untold blood shed, discrimination, disunity and destruction of lives and properties of citizens.


–                     Irshad, S. A. (1964) interest free Banking. Orient press of Pakistan, Karachi.

–                     Albert A. O. (1999) “Ethics and religions conflict in Kano” in Otiti O. and Albert A. O. (Edc) community conflict in Nigeria: Management, resolution and transformation Ibadan, Spectrum.

–                     Ayandele, A. E. (1966) the missionary impact on modern Nigeria, 1842-1914: A political and social analysis, London; Longman.


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