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Difference between Interest and Non-Interest Banking

The Issues And The Controversies

The way conventional banking institutions have attempted to perform these functions has been a serious source of concern, since their functions are premised on the institutions'. Interest rates which are less humane in outlook are exploitative in practice. This has led to financial exclusion, low financial depth and poor access to financial services with its attendant negative impacts on the economic development in d several countries.

Interest Rate : A Controversial Concept in Economics

The origins of "interest" are deeply connected to the changing meaning of "usury". Canon law in the middle Ages forbade usury, which was generally interpreted as a loan repayment exceeding the principal amount. The modern term "interest" is derived from from the Medieval Latin interesse. The Oxford English Dictionary explains that interesse originally meant a penalty for the default on or late payment of an otherwise legitimate, non-usurious loan. As more and more sophisticated commercial and financial practices spread through Europe, "interest" became the generic term for all legitimate and accepted payments on loans.

The concept of interest rate which has undergone several transformation in contemporary economic thought started in the early 16th century with wide condemnation. In the era of Adam Smith the smith, the rates were put at a maximum of 5%.
In the 18th century, the position of Jeremy Bentham was total elimination of interest rate ceiling. Within the same period many States restricted it on loans between persons and corporations, while others condemned it out rightly. But now it has been defined as rental income of money.

Some classical Economics rationalise interest rate on the basis of abstinence theory, as in considered a compensation for waiting or delayed consumption or sacrifice of savers.

Keynesians rationalise it on time preference of money. They suggest that a rational economic agent prefers the present to the future. For this reason, he needs to be compensated for discounting his future holding. It is compensation to the lender and impatient cost to the borrower. However, these positions have been faulted by Siddiqi (1983) who deserves that this position suggests that there is no existence of a voluntary sector where individuals advance a good without anticipating a reciprocal benefit..

Here are the 8 Characteristics Of Chronic Womanizers On Social Media

The activities of these guys cannot be omitted from social media hereby using all avenues to ensure that a lady fall for their devious ways.

So ladies in order to spot guys who flirt on social media, check out for the following attributes.  
 

The pain felt from heart break in the past has turned some guys into sensational playboys that at the sight of any lady, what comes to their minds when they view ladies picture is to bleep their kitty cats. 

 
1. Friend lists are female dominated

I cannot deny the fact that I am somewhat guilty of this act because if you check my profile, you will discover that I have more of female friends but that doesn't necessarily mean that I'm a flirt :D. One of the attributes of guys that flirt online, is the numbers of ladies they follow.

   2. They disturb ladies with unnecessary PMs.

This act is also synonymous to flirting. When some dudes see [b]"f"[/b] on a profile, they will view her profile at the speed of light, and will send PM afterwards. Since they have no business to discuss with you, they definitely want to flirt.

3. Frequently check ladies picture

Obviously, ladies normally have more likes on their profile than the male folks which is the work of woman wrappers. Some will like her pix and will still inform her that he just liked her pix. This is one of the attributes of guys that flirt.

4. They open threads to profess their Love to a lady they barely know

This reminds me when Tosyne2much told me that a dude opened a thread to profess her love for a lady, only for the lady to order the moderators to delete the thread. The truth of the matter is that, most of the guys that do this don't have genuine intention for ladies, but just to crave unnecessary attention. This is the trait of a chronic flirt.

5. They are very aggressive

This sound funny but true. Many guys who are unnecessarily aggressive to the female folks on social media are nothing but flirt. You will see them bashing ladies without cause. Funny enough, these same guys will still go about stalking them secretly

6. Display unremorseful attitude when called a pervert

To Identify a guy who flirts on social media, call him a pervert and he will start giving you a thousand reasons why he's not.

7. Active participation on kitty cat issue

When sex topics are being discussed, they will register their presence from nowhere as if their life depends on it and you will see them happily discussing about their past and present rendezvous. Examples are Cutehector, Classcaptain, Kolade356, etc. I am sure michellla, lagmostkuit, redgem and other nairaland ladies can testify that these set of guys are flirt :D

8. Ass-lick ladies

They are always advocating for the ladies just to gain their attention even when the truth is staring right on their faces. You will see them referring to their female folks as misogynist and all sort of names. Some of them will even start mocking their fellow dude of their blunders. But when the ladies make the same mistake, dem go throway face[/i]

9. They turn your thread to BBM

We have guys on this forum who will turn your thread to BBM the moment a lady quotes them. When a lady quotes them saying "I like your comment". They will quickly utilize that opportunity to display their woman wrappering skills with comments like. "Thanks miss, how was your night ?, hope you have eaten sha? You are pretty, can I PM you ?, etc. An example is Cutehector :D

10. They take pictures beside the cars of others

Some of them don't have ordinary bicycle but when they attend a wedding ceremony, they will spot one of the nicest cars and will snap beside it, after which it becomes their profile pictures. This is to deceive the ladies that they own the car. Examples of male nairalanders that are guilty of this are ..........

Feel Free To Add Yours

Top 15 Ways Nigerian Students Cheat DuringExams

Cheating during examinations is a criminal offence by virtue of the
Nigerian law.
Cheating during examination, stealing question papers, impersonation,
disturbances at examination, obstruction of supervision, forgery of result
slip, breach of duty, conspiracy and aiding attracts a minimum
punishment of N50,000 and a maximum of five years imprisonment
without the option of fine according to the Examination Malpractices Act
No. 33 of the 1999 Constitution.
But this has not deterred Nigerian students across the nation’s
educational institutions at all levels from engaging in exam malpractices.
As the educational institutions are devising methods of preventing
examination malpractices, the students are also devising new and more
sophisticated ways of cheating.
Nigeria students have very funny ways of cheating during exams. It has
different names like expo, nje, microchip, chukuly and several others.
Below Are Ways Nigerian Students Engage In Exam Malpractices.
1. Math set and four figure table
Students especially those in secondary school are allowed to enter the
exam hall with their math sets and four figure table especially during
science-based papers. Some students take advantage of this opportunity
and scribble answers on the mathematical instruments. Some hide
answers in between the math set and four figure table so even when the
invigilator searches, these microchips still find their way into the exam
hall.
2. Writing on body parts
Some would scribble answers on parts of their body, from the palms to
the thighs and when they get into the exam hall, they open up and begin
to copy to their answer sheet.
3. Writing on ceilings and fans
Most students don’t this method anymore as it has failed a number of
people especially when there’s power and the fan is turned on.
4. Writing on and sticking expo underneath desks
This mostly happens when students are assigned seats based on their
exam number. Before the exams students take advantage of the
opportunity to stick expo materials under the desk. Some write on the
desk so even when they are searched before the exams, nothing
incriminating will be found on them.
5. Writing on footwear
Students would go to whatever length to get their chips into the exam hall
without being caught. Some write on their shoes, slippers and walk
majestically into the exam hall without being caught.
6. Writing on clothing
This technique involves writing on blouses, boxers, socks, brassieres,
handkerchiefs and a host of others. When the invigilator searches for
chips, it is very hard to detect. Some of the students make use of these
chips without being caught.
7. Mobile phones
Though mobile phones are not allowed in the exam hall, students find a
way of sneaking it in. Someone on the outside sends them answers
through text messages or whatever means.
8. Neck stretching
Some students would almost break their neck in an attempt to copy the
answer of someone else. Most of them do it codedly without being
caught.
9. Use of finger codes
This approach is used mostly during multiple-choice exams. It is a non-
verbal communication between candidates during exams. Prior to the
exams, they would have agreed which finger represents the options which
are mostly A, B, C, D and E. Raising two fingers could represent option B
and so on.
10. Asking questions
Some who do not want to go into the hall with expo ask their friends or
anyone sitting around them for answers in a very coded manner.
11. Exchange of question papers
Someone who knows the answers to the exam questions would write it
on her question paper and pass it to another student in need, exchanging
papers.
12. Hiding chips inside hair
This is practiced mostly among the ladies. They smuggle pieces of paper
bearing answers into the examination hall by hiding the chips in their hair.
They pretend to be scratching their hair and the chips come out from the
hair.
13. Bubble gum wrappers
In this method, a student purchases a substantial amount of bubble gum,
empty all of it, write the answers on the pieces of paper used to wrap the
gum and then repackage it. He or she then takes the gum to the hall and
the invigilator would not suspect anything.
14. Use of mercenary
Some students hire people to sit for their examinations and most of the
time they these mercenaries come at an expensive price.
15. Use of programmable calculators and wristwatches
Some students are known to input answers into their scientific calculators
and programmable wristwatches prior to the examination. Some are now
taking advantage of latest trends in technology like smart watches,
especially since most invigilators are not as savvy.

To Be Free Of Prostate Cancer; Have More S £ x [Must Read For Couple ]

No Sex is mostly seen as a pleasurable act, even though medical experts
have said repeatedly that it is medicinal and a form of exercise.
Regardless, sexual intercourse is deemed to be one of the most enjoyable
acts for both men and women.

However, reaching orgasm, which is a climax of sexual excitement,
characterised by feelings of pleasure centered in the genitals, has been
found to reduce the likelihood of men having prostate cancer.

In fact, apart from the health benefits of sex, it has been proven that
reaching orgasm could improve one’s health. Despite boosting
testosterone levels, it helps men and women to sleep better and reduce
insomnia, while relieving them of stress, because the oxytocin hormone
released in the process relieves tension and stimulates feelings of
warmth and relaxation.

Also, previous studies have shown that apart from enhancing people’s
sense of smell, the oxytocin hormone released during orgasm helps
people’s social feel, enhance their trust and bonding with others.
Notably, men’s orgasm is complemented by ejaculation.

But, interestingly,
a study has shown that apart from reaching the peak of sexual
enjoyment, an orgasm a day can lower a man’s risk of prostate cancer,
which is one of the most common types of cancer in men and it is
common in men who are about 40 years and above and its diagnosis
increases with age.

A 2012 study by the World Cancer Research Fund International had
shown that more than 1.1 million cases of prostate cancer are recorded in
a year, which reflects the prevalence of the disease.

But according to the study, men who have more sex and ejaculate more
frequently lower their risk of the disease. In fact, the study pointed out
that those who ejaculate 21 times in a month significantly cut their risk of
prostate cancer by 22 per cent.

Prostate on its own is a small walnut-shaped gland that produces the
seminal fluid that nourishes and transports sperm.

The researchers from Harvard Medical School in the United States
explained that orgasm flushes out cancer-causing chemicals from the
system, giving room for a replacement by new ones.

Thus, the more the orgasm a man has the more his body would have
been ridden of such chemicals.
In the study, the researchers followed about 32,000 healthy men aged
between 40 and 49 for 18 years.

They were asked to calculate their
average monthly frequency of ejaculation during the period and the
previous year when they were aged between 20 to 29, 40 to 49 and in the
year 1991.

The researchers also took into account factors such as diet, lifestyle and
whether the participants have a history of the cancer.

The study found that when compared to those who had orgasm for four
to seven times, out of whom 3,839 of the participants were diagnosed
with prostate cancer, participants who had orgasms for about 21 times a
month reduced their risk of having the cancer.

The researchers added that orgasm, apart from flushing out old cells, also
stops the build-up of old cells that may turn cancerous.

“Another theory is that if sperm is regularly cleaned out to allow new
cells to develop, it helps to flush out old cells and stop the build-up of old
ones that could turn cancerous,” the
researchers told Mail Online.

One of the participants, Dr. Jennifer Rider, said the results were
particularly encouraging but should be interpreted with caution.
Rider said, “While these data are the most compelling to date on the
potential benefit of ejaculation on prostate cancer development, they are
observational data and should be interpreted somewhat cautiously.

“At the same time, given the lack of modifiable risk factors for prostate
cancer, the results of this study are particularly encouraging.”
He noted further that orgasm itself has protective benefits as the
hormones oxytocin and dehydroepiandrosterone are released during
orgasm, adding that oxytocin has the power to lower blood pressure in
women, reducing their risk for cardiovascular disease at the same time.
It could also lower risk for breast and cervical cancer.

Some Greek researchers had also found that men who had fewer than six
orgasms per month are more likely to develop breast cancer, and that the
increased levels of DHEA could improve memory, boost brain function and
lower the risk of cardiovascular disease.
This implies that orgasms has a lot of role to play in people’s overall
health.

Meanwhile, a study by University of Montreal in Canada, found that men
who have multiple sexual partners are less likely to develop the disease,
even though some critics described the study as immoral, as they said it
would encourage extra marital affairs.

The study had argued that men who have slept with more than 20 female
partners in their lifetime were 28 per cent less likely to develop the
disease, and 29 per cent less likely to develop an aggressive type of
cancer compared to those who have only one female sexual partner.
Interestingly, the same study found that the benefit does not apply to
men who are gay. In fact, it was found that gays who have more than 20
male partners double their risk of the cancer and five times more likely to
have an aggressive cancer.

Lead researcher, Prof. Marie-Elise Parent, said the reason why men with
male partners would not feel same way was that anal intercourse
produces a physical trauma to the prostrate.
Lending a voice to the previous study, Parent noted that, “It is possible
that having many female sexual partners results in a higher frequency of
ejaculations, whose protective effect against prostate cancer has been
previously observed in cohort studies.

“Large numbers of ejaculations may reduce the concentration of cancer-
causing substances in prostatic fluid, a constituent of semen, and they
may also lead to fewer crystal-like structures in the prostate that have
been associated with prostate cancer.”

A medical expert, Dr. Rotimi Adesanya, said it is true that orgasm helps
to rid the system of old cells that have the tendency of being cancerous,
and that the more the orgasm the more the old cells and the fluid in the
prostate gland are replaced, making it less likely for prostate cancer to
happen.

He said, “When there is orgasm, the man will ejaculate, thereby releasing
the sperm that is being stored, and the more the sperm is being stored,
the more the possibility of it being cancerous. But when the person is not
ejaculating, those fluid will remain there and it is a possibility for
something like that to happen, because even the prostate gland will not
be able to release its fluid.

“But if it’s being released periodically and being replaced by old cells and
new fluids, it is less likely that prostate cancer will happen.”
He cautioned that men do not need to have multiple sex partners to
ejaculate as much as they want, noting that the risks, including HIV, STIs
and STDs outweigh any such benefit.

“The risk and disadvantages of having multiple sexual partners are more
than the benefits. Not even condom can guarantee safety because it is
not 100 per cent protective. We also have prostatis, which is the
inflammation of the prostate gland and a man sleeping with about 20
women tend to have some guilt feeling.

“In addition, when people have sex, it is not only the genitals that are
involved, people kiss and do other things, which could be a source for
other risks. So, there is no need to have extramarital affairs because of
that. Frequent ejaculation between partners is good enough,” he added.

Six Fun Facts About Fasting In The Month Of Ramadan

Beginning next Thursday, it’s that time of year again.

Ramadan! As the entire world’s Muslim community prepares for this
month-long event, this is a good occasion for Hellofood Nigeria to provide
you with some fun facts about Ramadan.

1. Many people actually gain weight during Ramadan. As people do not
eat anything all day, they feel that they deserve indulging and eat more,
less healthy food and later in the night, shortly before sleeping.

2. The most popular breaking-Ramadan food are dates, harvested in
Egypt, North Africa and the Arabian Gulf states. The second most popular
food has also something to do with dates: it is a fruit juice, jallab,
containing dates, carob and rose water which is often served with pine
nuts and raisins.

3. The two Muslim groups Sunnis and Shi’ites break their fasting at
different times. While Shi’ites wait for the last ray of light to disappear
from the sky until they have food again, Sunni Muslims break their fast
when the daily maghrib prayer begins. At this time, the sun has vanished,
although the sky is still light.

4. Ramadan is a very anticipated TV season. Arabic, and also Turkish
studios produce 30-episode miniseries — one for each night of the month
— all year round in preparation for Ramadan.

5. The impact of Ramadan on daily life is enormous. Egypt, for example,
pushes back the clock for one hour, so that the work day seems shorter
and people get through the fasting quicker. Bankers also share, that
inflation goes up, as people spend less money during that month.

6. Since 2001, the United States Post Service has issued Ramadan-
related stamps. Due to globalisation, Ramadan and Eid ul Fitr are
becoming increasingly visible in Europe and the US, and many shops also
sell holiday greeting cards.
The End.

Two Young Nigerians Get 55 Years Jail Term In Enugu For Drug Trafficking

A Federal High Court sitting in Enugu, has sentenced two drug traffickers
to fifty-five years in jail.

One of the convicts,Deborah Okafor, a 30-year-old professional dancer,
was charged with conspiracy, trafficking and unlawful possession of
3.450kg of amphetamine, while the other,Iheme Onyemauchechukwu, was
charged with trafficking and unlawful importation of 9.975kg of heroin.
They were both arrested at the Enugu airport.

A statement by the National Drug Law Enforcement Agency said Okafor
would have been paid the sum of $3,500 if she successfully made her trip
to Malaysia.

She was convicted and sentenced by Justice D. V. Agishito 10 years
each in counts one and two and 20 years in count three making her
sentence 40 years altogether.

The second convict,Onyemau chechukwu,27, was charged with trafficking
and unlawful importation of 9.975kg of heroin. He was convicted as
charged and sentenced to 10 years in count one with a fine of N1m and
five years in count two with a fine of N500,000,000.
Okafor reportedly hid 3.450kg of amphetamine inside the pockets of jean
trousers in her luggage.

She told the court that she was broke and needed money. “I had been
approached on many occasions to smuggle drugs but I declined.
I thought that I could earn some quick money in few days,” she stated.
Onyemau chechukwu said he was recruited in Tanzania by a suspected
drug cartel in East Africa. He told investigators that he smuggled drugs
because he was stranded.

“I used to sell phone accessories before I left the country. I wanted to go
to Malaysia in search of job opportunities but I was stranded in Tanzania.
Then I met a Nigerian who gave me money and promised to assist me get
back to Nigeria.

He offered to give me some money to start up my business. He later took
me to Bujumbura in Burundi where I was given 9.975kg of heroin hidden
inside cosmetics,” he stated.
NDLEA Chairman,Ahmadu Giade,expressed satisfaction with the
judgment.

Photos : See How The Street Of Ajegunle Looks Like After Heavy Rainfall

These shocking photos show the condition of a Lagos street named Kojo
in Ajegunle after heavy rainfall this week. Where did all the dirt come
from, my goodness?