Omatseye’s ignorance about protestant ethics, Islamic banking

It is unfortunate that Sam Omatseye could ignorantly posit that the spirit of capitalism came from Christians-evidence of lazy research and a drifting mind, which imagines poetic grandeur.

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Some even say that the early Christians inspired communism by sharing their worldly possessions. But a brief research of history will simply show that what is now referred to as capitalism  or profit making in business, and the concept of personal property have existed since time immemorial. It is true that the Protestants  (and perhaps most religions) abhors laziness and promotes hard work, a theme taken to heart by Calvinists.

But this is not tantamount to encouraging greed or excessive, usurious and cut-throat interest rates on loans, the likes of which the Central Bank of Nigeria, under Sanusi Lamido (who is not a Calvinist) approves. How about greatly lowering the current interest rates on loans to just a few points above the current minuscule interest rates on deposits in Nigeria? Continue reading