Banking Consultant Nana Otuo Acheampong has welcomed the decision by the Bank of Ghana (BoG) to issue the first Islamic banking license in the country. The Bank of Ghana has revealed it will complete the process to issue the first Islamic banking license in Ghana in the next 4 months.
The business model of Islamic banking is based on partnership and not on interest taking.
In an interview with Citi Business News Banking consultant and Head of the Osei Tutu II Centre for Executive Education and research Nana Otuo Acheampong said the move will change the face of banking in the country.
“For as long as there are Muslims here that is what their religious beliefs is and therefore they will prefer going to use the Islamic bank than the traditional ones of paying interest but it is the same side of the coin, And for me it is good to have this kind of bank in the country.”
The business model of Islamic banking is based on partnership and not on interest taking, which is forbidden in the Koran and Islamic banks do not finance projects that are considered not to comply with the principles of Sharia – such as investments in gambling, alcohol production among others Nana Otuo Acheampong said.
Meanwhile Nana Otuo Acheampong has charged the Bank of Ghana not to allow licensed Islamic banks to discriminate as to whom to do business with.
“The law will not allow them to discriminate, if you have an Islamic bank it doesn’t mean you should only do business with Muslims it should be open to the public but whoever that comes into the bank should agree with the system that they have.”