In the name of Allah, the compassionate the merciful
The recent announcement by Ghana’s newly elected president his excellency John D. Mahama that the Bank of Ghana should initiate processes for implementing Islamic finance has sparked significant interest among Ghanaians.
This progressive move signals a commitment to financial inclusivity, providing an alternative finance model rooted in ethical principles. However, for this initiative to succeed, it is imperative that the Bank of Ghana works with stakeholders who are not only competent but also exemplify the highest standards of integrity.
Islamic finance, guided by Shariah principles, is centered on equity, transparency, and ethical investments. Its successful implementation in Ghana will create a financial system that appeals to a broader population, especially those seeking interest-free alternatives.
It has the potential to spur economic growth by attracting investments from Islamic countries, fostering entrepreneurship, and providing access to finance for underserved populations. However, this timeless and invaluable initiative must not fall into the hands of individuals or groups who cannot be trusted by Ghanaians.
Why Integrity Matters
Integrity is the bedrock of Islamic finance. The system thrives on trust between financial institutions, investors, and clients. This trust can only be upheld if those spearheading the process are transparent, honest, and accountable. Without integrity, the risk of mismanagement, corruption, and mistrust increases, undermining the very essence of Islamic finance.
The Bank of Ghana and those in authority must ensure that stakeholders involved in policy formulation, regulatory oversight, and implementation possess unassailable reputations.
These individuals should not only be well-versed in the principles of Islamic finance but must also have a proven track record of ethical behavior. This is critical to gaining the confidence of Ghanaians, many of whom may be unfamiliar with or skeptical about this financial model. If we do not guard this opportunity to be free of unscrupulous human beings God will punish us in this world and the afterlife, because some of us have toiled so much for this.
Guarding Against Mismanagement
The introduction of Islamic finance is a national initiative with far-reaching implications for Ghana’s economic and social development.
It cannot afford to be derailed by incompetence, greed, or corruption. The selection of untrustworthy stakeholders could lead to poor policy decisions, inefficient systems, and misuse of resources. Such outcomes would not only tarnish the reputation of Islamic finance but could also discourage the international partners whose support is vital to the success of this initiative.
The Role of Stakeholders of Integrity
Stakeholders of integrity will ensure: Transparent Processes: Fair and open procedures in the development of policies, financial products, and regulations.
Efficient Use of Resources: Proper allocation and management of funds for training, infrastructure, and operations.
Accountability: Clear mechanisms for monitoring and evaluation to identify and address malpractices.
Public Trust: Building confidence among Ghanaians by demonstrating commitment to the principles of justice and fairness that Islamic finance represents.
Conclusion
Implementing Islamic finance in Ghana is a significant milestone that can transform the nation’s financial landscape. However, its success depends on the integrity of those entrusted with its rollout. “Agoro beso ah afiri anopa”-Akan proverb. Ghanaians deserve a system that reflects the core values of Islamic finance—fairness, equity, and transparency, real Islamic finance, and not generic.
Therefore, the Bank of Ghana must ensure that this initiative is safeguarded from individuals who lack the trustworthiness and accountability required for such a transformative project. I suggest that if the right people do not offer themselves to the Bank of Ghana people in authority must look for them and bring them on board. We need this!
This is a defining moment for Ghana. Let us rise to the occasion and entrust this invaluable initiative to capable, scrupulous, and honorable hands.
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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