The Head of Dubai Chamber-Ghana Office, Cyril Darkwa, is encouraging the Bank of Ghana (BoG) to see Islamic banking as a way to promote financial inclusion in the country.He noted that Islamic banking is a sector that offers huge potential growth for Africa and Ghana in particular.
Islamic banking thrives on profit-sharing as it forbids charging of interest, unlike commercial banking, which thrives on interest rates on loanable funds. I hope to see Ghana embrace it to reap the benefits being derived by other African countries already practicing Islamic banking.
He noted, other West African countries such as Senegal and Nigeria have already made headway on this front by putting legal and regulatory frameworks in place to support the growth of Islamic banking in the region.
He noted, Islamic finance assets are projected to grow by nearly 72 percent to exceed US$3.7trillion by 2022, supported by global appeal and consumer demands, and therefore urged the country to take advantage.
Mr. Darkwa, who was speaking at a roundtable discussion organised by the Dubai Chamber of Commerce-Ghana Office in Accra, stated that this type of finance is being utilised by banks, companies and start-ups to tap into the large unbanked population in Africa and promote financial inclusion by providing more people with access to finance.
In his presentation, an executive member of the Ghana Muslim (GM) Ambassadors, Dr. Abubakar Muhammad Marzuq, said Islamic banking will be of great benefit to the country as a whole.
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