Ghana: An Islamic bank is set to take-off in Ghana by the end of the year.
The bank, which is to provide universal banking services to both Muslims and non-Muslims in the country, would offer an opportunity for its customers to access funding without having to provide landed property as collateral, and also without paying fixed interest on credits, but rather share profits on pre-arranged terms.
“The bank would be offering corporate banking, housing finance, car finance, retail banking products as well as other services that conform with the tenets of Islam, which are available to any individual or outfit seeking an alternative banking solution,” Professor Thomas Kubi, a promoter of the bank told CITY&BUSINESS GUIDE in an interview in Accra.
He said the Ministry of Finance and the Bank of Ghana, which is the regulator of the country’s banking industry, had agreed in principle for the setting up of the bank in the country.
He further disclosed that an international Shariah advisory firm, Dar Al Istithmar, in collaboration with his outfit, MCA International Consult, had already prepared a proposal outlining the strategy to introduce Islamic banking to the country. (…)
source : europenews