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Industry Overview

Islamic banking, finance and Insurance, also known as ethical banking, Shariah compliant Banking, interest-free banking or as special finance, has reached the shores of more than 75 nations of the world. Surprisingly the nations who have taken keen interest in promoting this concept also include hardcore secular and developed nations such as the UK, the USA, France, Germany, and Singapore etc. Robust performance of Islamic banking and finance sector during the recent financial crisis has added to its allure. Emergence of green and ethical movement has further contributed to euphoria surrounding Islamic banking. IMF and the World Bank have come up with researches that find Islamic banking and finance more stable in comparison with the current form of banking practiced across the globe.
Many nations of the Middle East and Far East have made substantial progress in promoting Islamic banking and finance in their jurisdictions through favorable taxation and other policy supports. Western nations such as UK, on the other hand promote Islamic banking through the slogan of “no favor but no discrimination”.

In Ghana too, some institutions including  the government have shown a determination to capitalize on this growing niche opportunity. Metropolitan Insurance has started Islamic insurance and re-insurance schemes. Other financial institutions are planning to start Islamic finance company while few have permitted several schemes explicitly adhering to the Islamic laws of investments . The good news is launch of Shari’ah index is soon on the pipeline.

All the above mentioned developments are just pointers to a direction which promises great business and career opportunities for professionals. Keeping in view this perception GIIBIC have decided to provide the vehicle to enhance the development of Islamic Banking, Insurance, Finance and Capital Market in Ghana under two broad functions:

  •  Education/Training
  •  Consultancy