In the name of God, the compassionate, the merciful
Subject: Urgent Support for the Introduction of Islamic Banking and Finance in Ghana
Dear esteemed leaders of Ghana’s banking sector,
I write to you today with a sense of urgency and optimism regarding His Excellency the President of the Republic of Ghana’s decision to introduce Islamic banking and finance into our financial ecosystem. This innovative policy represents a significant step toward diversifying our financial services, fostering inclusivity, and accelerating Ghana’s economic recovery.
As leaders in the banking industry, your role in shaping the financial landscape of our nation is unparalleled. The introduction of Islamic banking and finance is not merely a religious or niche policy; it is a strategic economic measure that aligns with global trends and offers immense growth potential. Islamic banking, with its risk-sharing principles, ethical investment, and financial inclusion, has proven to be a resilient and inclusive model in many countries, including those with diverse religious and cultural backgrounds.
We urge you to view this initiative as a critical component of Ghana’s Economic Recovery Program. By embracing Islamic banking, we can:
1. Attract Foreign Investment: Many nations and investors in the Middle East and other regions actively seek Sharia-compliant financial systems. This policy positions Ghana as an attractive destination for such investments.
2. Enhance Financial Inclusion: Islamic banking’s emphasis on ethical and equitable financial practices can provide access to financial services for underserved populations, fostering greater economic participation.
3. Diversify the Financial Sector: The Introduction of Islamic banking will broaden the range of financial products and services available, making Ghana’s financial sector more competitive and resilient.
4. Strengthen Economic Recovery: By tapping into new sources of capital and investment, this initiative can stimulate economic growth, create jobs, and support sustainable development.
We respectfully urge you to lend your full support to this policy and to encourage the President to expedite its implementation. Your endorsement and active participation will be instrumental in ensuring its success. Let us collectively view this initiative through the lens of economic progress and national development rather than as a religious policy.
Ghana stands at a pivotal moment in its economic journey. By embracing innovative financial solutions like Islamic banking, we can unlock new opportunities and build a more inclusive and prosperous future for all. Let us work together to make this vision a reality.
Yours sincerely,
[YAHAYA ILIASU MUSTAPHA]
Founder and manager, Islamic Finance TV Gh’ Facebook and TikTok
09/03/2025]
CC:
– The President of the Republic of Ghana
– The Minister of Finance
– The Governor of the Bank of Ghana
– Stakeholders in the Financial Sector
