In the name of Allah, the compassionate the merciful
As Ghana approaches the pivotal elections on December 7, 2024, the National Democratic Congress (NDC) unveiled a groundbreaking promise in its political manifesto: the introduction of Islamic banking and finance.
This initiative marks a historic moment in the country’s financial landscape and deserves our recognition and gratitude. Also, to make this very clear no other political party has ever given such a wise and worthy economic promise.
We care less about whether such an invaluable promise is coming from a Muslim or non-Muslim. What we care much about is the political will for this initiative and the economic opportunities Islamic banking and finance is going to bring to Ghana and her people, and its neighbours.
Islamic banking is not merely a financial service; it represents a paradigm shift towards inclusivity, ethical investment, and social responsibility. By introducing this system, the NDC acknowledges the diverse needs of all Ghanaians, including the significant Muslim population that has long sought financial products compliant with Islamic law.
This initiative promotes equity and accessibility, ensuring that every citizen can participate in the financial sector without compromising their beliefs.
One of the key benefits of Islamic banking is its emphasis on risk-sharing and ethical investment. Unlike conventional banking, which often prioritizes profit maximization, Islamic finance focuses on fairness and social welfare.
This approach encourages investments in real economic activities, fostering job creation and sustainable development. By prioritizing social impact, the NDC’s vision aligns with the aspirations of many Ghanaians who seek an economy that benefits everyone, not just a select few.
Moreover, the introduction of Islamic banking can enhance financial literacy and inclusion in our society. It will encourage the development of tailored financial products that cater to various demographics, including small businesses and entrepreneurs.
This inclusivity can stimulate economic growth and innovation, providing new avenues for individuals to access credit and investment opportunities.
Additionally, embracing Islamic finance can position Ghana as a regional leader in financial diversity. As neighbouring countries explore similar initiatives, Ghana could become a hub for ethical banking in West Africa, attracting foreign investment and promoting economic cooperation within the region.
We must also express our gratitude to the NDC for their commitment to fostering a more inclusive and diverse financial system.
Their forward-thinking approach demonstrates a genuine understanding of the changing dynamics of our society and the importance of accommodating diverse financial practices. This is a clear indication that the party is not only focused on economic growth but also on the well-being of all Ghanaians.
In conclusion, the NDC’s promise to introduce Islamic banking and finance is a commendable step towards a more inclusive and equitable financial future for Ghana. As we prepare for the elections, let us recognize the importance of this initiative and support efforts that promote diversity, ethical practices, and economic empowerment.
Together, we can build a financial system that serves all Ghanaians and fosters sustainable development for generations to come.
And Allah knows best! “Praise be to Allah in whose favour good deeds are accomplished” (ibn Majah 38030)
The writer is the Ghana representative of Alhuda Centre of Islamic Banking and Economics, Dubai, and Islamic Banking and Finance patron and advocate in Ghana. He holds a BSc. in Islamic banking, economics, and finance from the International Open University a BA. in Political Science from the University of Ghana, and a Diploma in Education from the University of Winneba. We would want to collaborate and partner with any persons or organizations who are willing to explore this field in Ghana and beyond.
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