Why the proposal to introduce Islamic banking is good for Ghana
Published:
2 months ago
Source:
3News
Prof John Gatsi
This policy proposal is progressive and embraces diversity and wider financial inclusion. It will provide additional source of funding and deepen the implementation of public private partnership law and broaden financial intermediaries for the good of the economy as it has potential to attract new crop of infrastructure investors. Over the past two decades, various Ghanaians have advocated for the introduction of Islamic banking, also called banking without interest in Ghana. It has been unsuccessful because of the limited understanding of the mechanics and operations of the Islamic banking and financial systems side by side with the traditional or conventional financial system that is currently in operation. In the past ten years, the understanding and appreciation of Islamic banking have improved with many desirous of participating in noninterest banking and financial products and services in Ghana.