(3 Minutes Read)
The NIBF operates by Islamic law (shariah), which prohibits excessive uncertainty and investments in industries like alcohol, gambling, and pork-related businesses.
The Bank of Ghana (BoG) is developing a comprehensive framework to guide the banking sector for the introduction of Non-Interest Banking and Finance (NIBF) in the country, Professor John Gartchie Gatsi, Advisor, BoG, said.
The NIBF operates by Islamic law (shariah), which prohibits excessive uncertainty and investments in industries like alcohol, gambling, and pork-related businesses.
Prof Gatsi said the BoG was undertaking extensive engagements with stakeholders, including academic institutions, the Securities Exchange Commission and other professional bodies, to shape the formulation of the framework. Additionally, the central bank had also held engagements with Nigerian banks and capital market players, saying “our target is to learn from Western, Regional, and Asian countries.
Prof Gatsi was speaking at the opening session of a capacity-building workshop for selected media practitioners on the NIBF and finance at Koforidua, the Eastern Regional capital.
Read Also:
https://trendsnafrica.com/ghanas-central-bank-to-enforce-legal-tender-laws/
In a highlight, he said the introduction of the NIBF would greatly finance big Infrastructure projects, improve socio-economic activities, increase economic growth and development, and thereby deepen financial inclusion and economies of scope.
