The Governor of the Financial institution of Ghana (BoG), Dr. Johnson Asiama, is urging stakeholders within the monetary sector to champion the adoption of Non-Curiosity Banking and Finance (NBF) to advertise credible, moral, and function a substitute for typical banking.
The Financial institution of Ghana has already initiated feasibility research to evaluate the viability of implementing NBF within the nation. This embody regulatory framework growth and in depth stakeholder consultations. The research will inform the construction, pointers, and partnerships wanted to operationalise the system whereas sustaining monetary sector stability.
Talking at a stakeholder engagement with members of the clergy, Dr. Asiama described NBF as a transformative instrument for financial justice and inclusive prosperity, noting that it prohibits speculative and unethical investments, because it focuses on actual asset-backed transactions.
“Non-Curiosity Banking provides an moral and inclusive monetary mannequin that aligns with actual financial exercise and asset-backed transactions,” mentioned Dr. Asiama. “It offers a platform to mobilize long-term capital in a means that’s clear, equitable, and socially accountable. Exactly what we have to handle Ghana’s huge infrastructure wants.”
Dr. Asiama burdened that the mannequin prohibits interest-based lending, hypothesis, and funding in unethical sectors. “As a substitute, it fosters profit-sharing, risk-sharing, leasing, and partnership-based monetary devices which can be aligned with Sharia ideas.
With Ghana going through a multi-billion-dollar shortfall annually to fund crucial infrastructure together with roads, power, healthcare, and schooling Dr. Asiama believes the time is ripe to discover new financing avenues that won’t solely appeal to international moral capital, but in addition deepen monetary inclusion on the family stage.
“We’d like modern and inclusive mechanisms to shut the infrastructure hole with out putting unsustainable debt burdens on future generations,” he added. “Non-Curiosity Banking may help us faucet into a worldwide pool of moral buyers searching for alternatives in frontier markets like Ghana.”
Dr. Asiama famous that NBF has already gained large consideration throughout components of Africa together with Nigeria, Kenya, and South Africa, and might co-exist with typical banking to supply customers and buyers larger alternative.
“Our aim is to not exchange the present system however to enrich the opening of door to moral finance, financial justice, and shared prosperity,” he acknowledged.
Because the feasibility course of continues, the central financial institution plans to have interaction additional with banks, faith-based organizations, academia, and worldwide companions to make sure a sturdy and domestically tailored implementation technique.
If efficiently rolled out, Ghana would be a part of a rising variety of nations leveraging Islamic finance to mobilize moral funding, increase monetary resilience, and speed up sustainable growth.
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DISCLAIMER: The Views, Feedback, Opinions, Contributions and Statements made by Readers and Contributors on this platform don’t essentially symbolize the views or coverage of Multimedia Group Restricted.
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