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In the name of God, the compassionate the merciful
His excellency John Dramani Mahama has said he will soon allow the Bank of Ghana to begin the discussion of implementing Islamic banking and finance for Ghanaians as previously promised in his manifesto. This will mark a pivotal moment in the nation’s economic development. This decision heralds a new era of inclusivity and financial diversification, bringing unique benefits to Ghanaians from all walks of life. However, as with any transformative change, building public trust will ensure its adoption.
Islamic banking, rooted in equity, risk-sharing, and ethical investment principles, offers a viable alternative to conventional banking systems. It is not limited to the Muslim population but is open to anyone seeking financial solutions aligned with values of transparency and fairness. Yet, misconceptions and unfamiliarity with its principles might hinder its acceptance among Ghanaians. A nationwide campaign to educate and engage the public is paramount to address this.
The Importance of Public Education
For Islamic banking to thrive in Ghana, it is crucial to demystify its concepts and practices. Many may perceive it as a niche financial system exclusive to Muslims, but this is far from the truth. Through workshops, community forums, and media outreach, the public can gain a clearer understanding of its benefits, including profit-sharing models, ethical investments, and the absence of interest-based transactions, which align with broader socio-economic equity.
Role of the Media in Shaping Perceptions
The media stands as a powerful tool in bridging the knowledge gap between Islamic finance and the general populace. Leveraging radio, television, newspapers, and online platforms can help disseminate accurate information and debunk myths and misconceptions surrounding Islamic banking. Engaging local influencers and opinion leaders can further amplify this message, fostering trust and acceptance.
The Path Forward
The Bank of Ghana, alongside stakeholders and financial institutions, should prioritize transparent communication and inclusive policies. By involving community leaders, religious organizations, and financial experts, the implementation process can gain broader acceptance and credibility. Pilot projects in selected regions could also serve as a practical demonstration of Islamic banking’s potential, building confidence in its sustainability and efficacy. I will therefore urge the President to initiate a nationwide campaign to promote the implementation of Islamic banking and finance, aimed at demystifying and addressing misconceptions surrounding the system. This will help Ghanaians better understand and embrace its principles and benefits.
As a weekly writer and commentator on Islamic banking and finance at mypublisher24.com and other social media handles, I have consistently observed the transformative impact of this financial model in various contexts. Since 2023, my platform and I have actively engaged in campaigns to promote awareness and understanding of Islamic finance. This is not new territory for us; we bring a wealth of experience and are ready to collaborate with other stakeholders in advancing this initiative. May Allah help us in this noble endeavor.
A Collective Effort
The journey to implementing Islamic banking in Ghana is not a solitary endeavor. It requires the collective effort of government bodies, financial institutions, civil society, and individuals who believe in its potential to enhance financial inclusion and economic growth. By fostering trust and understanding, we can ensure that this initiative becomes a cornerstone of Ghana’s economic transformation and may also be an Islamic banking and finance hub in West Africa. And Allah knows best!
YAHAYA ILIASU MUSTAPHA
The writer is the Ghana representative of the Alhuda Centre of Islamic Banking and Economics, Dubai, and Islamic Banking and Finance patron and advocate in Ghana. He is also the founder of ‘Islamic Finance TV Gh’ on Facebook, TikTok, and YouTube. 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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