GHANA TO HAVE FIRST ISLAMIC BANK THIS YEAR

Accra, Ghana, 17 Dhulqa’dah 1436/1 September 2015 (MINA) – The Bank of Ghana has revealed recently that Ghana could see launching operation of the first Islamic bank this year, Ghana’s online news agency Pulse.com.gh reported.

The central bank earlier had to ask for an extension of launching till November because of challenges in meeting all key banking requirements, according to IINA News reports as received by Mi’raj Islamic News Agency (MINA).

Islamic finance may be viewed as a form of ethical investing, or ethical lending where no loans are possible unless they are interest-free.

Among the ethical restrictions is the prohibition on alcohol, gambling and consumption of pork. Islamic funds would never knowingly invest in companies involved in gambling, alcoholic beverages, or porcine food products.

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Its practitioners and clients need not be Muslims, but they must accept the ethical restrictions underscored by Islamic values.

Head of Banking Supervision at the Bank of Ghana Franklyn Belyne said the regulator is waiting for some final requirements to be met by the yet-to-be-named bank before it can start operations.(T/R05/R04)

Mi’raj Islamic News Agency (MINA)