Ghana has now made provisions for commercial banks in the West African country to offer Islamic banking products to its customers.
There are currently 34 licensed commercial banks in the country offering various financial products. The only firm that applied for license to operate an Islamic Bank in Ghana has so far not met the requirement to operate.
Islamic banking is a banking system that is based on the principles of Islamic law also referred to as sharia law and currently operates in some West African countries such as Ivory Coast and Nigeria.
Governor of the Bank of Ghana Abdul Nashiru Issahaku says banks can still go ahead to offer Islamic banking products for their customers if they desire to do so.
“ There are so many products such as Islamic Bond being utilized by the United Kingdom and some West African Countries. There would be some processes and unique administrative demand such as a Sharia council to advise the bank on whether to finance projects that does not conform with principles of Islam” he added.
Source: Africafeeds.com/ Fred Dzakpata
