Bank of Ghana and GIIBIC organized one-day worshop on the importance of Islamic banking for the Ghanaian economy. Participants were stakeholders from Ghana financial industry
GIIBIC is incorporated under the laws of Ghana, and having its main office in Accra and representative office in Brooklyn New York USA, handling affiliates programs. Giibic has its affiliate companies and strategic partners both locally and internationally.
Our aim is to be a leading independent organization dedicated solely to developing, organizing, and promoting programs of education, training development, research, publications , investment advice within banking, finance, insurance, industry.
We work alongside numerous organizations, leading experts, and multi-faith groups to promote fair, honest, accepted ethic, and moral banking, and insurance, at both micro and macro levels in Ghana, and the world as large.
By this way we strive to strengthen workforce; and actively promote the moral, ethical, and efficiency within both local and global Islamic banking and finance industry. Currently there is no Islamic bank in Ghana, however the country is on its track, and ready to brace Islamic banking. In lieu of this GIIBIC together with its partners, and other local organizations is working on modalities to develop the industry in Ghana.
Central Bank of Ghana has apparently indicated its willingness to license Islamic banks. We expect most leading banks in Ghana to open Islamic banks windows once legal issues are set from the regulatory side. This will create a demand for Islamic banking workforce, of which GIIBIC has started training professionals to get ready for the new industry. Interested candidates, professionals, staffs, and the general public (all faiths) are highly recommended to join both our educational and training programs.
In the Name of Allah, the Merciful, the Compassionate May Peace Be Upon You All
Islamic Banking, Finance, and Insurance industry is now one of the fastest-growing financial industry in our world today.
The industry consists of numerous financial institutions managing an aggregate worth of $2.4 (2019) and following a recent decade-average growth of around 6.6%, S&P Global predictions suggest that due to post-COVID-19 challenges in Islamic financial markets global Islamic finance market will show lower single digit growth in 2020-2021. Despite these global challenge, Islamic finance remains one of the fastest growing financial sub-sectors which has been evolving and expanding both financially and geographically due to its provision of ethical financial solution to mankind.
Contrarily to Islamic finance is conventional banking, and finance which has succeeded in creating debt which in turn declared a war on the economies of mankind. For example developing countries annual debt payment could be used to save the lives of 21Million children in 3yrs and provide 90m girls with basic education’-(UNDP Human Dev. Report). Despite this, poor nations are told that if they borrow and invest wisely, they will be able to repay their debts and more, but in 50yrs and the debt has just kept growing. The physical consequences of debt through basic indicators of well-being shows that 1995, industrialized countries child mortality was 16, South Asia was 109; sub Saharan Africa was 169 (UNDP Human Dev. Report 1998). In Tanzania debt repayment was as much as six times spending on healthcare. In Uganda, annual healthcare spending was $2 per person whilst debt repayment was$11.5 per person (Jubilee 2000).
The multilateral banks promote borrow, invest, export, and repay development model, yet, not one developing country has gone into debt with the IMF or the World Bank and subsequently paid it off. The typical response to budget and trade deficits in the developing world is an austerity program, yet the world’s biggest debtor and holder of biggest trade deficit does not follow this advice. They argue that debt finance is acceptable if projects are self-liquidating. If so, why don’t they advance finance to developing countries on a profit sharing basis (principles Islamic commercial law) instead of charging interest?
The solution to the creation of debt from charging interest which in turn declares financial war on our economies lies with implementation of Islamic economic system. The approach of this system is based on an entirely different philosophy from the profit maximization of the capitalist system.
Islamic financial system has rightfully gained conspicuous interest globally due to its perceived resilience amidst the financial turbulence that has adversely affected the conventional banking, and finance sectors. Therefore, GIIBIC has taken the decision to play a leading role in the developmental process of this ethical industry in Ghana, and the region, as well as globally.
GIIBIC believes that the Islamic Finance industry system is the key unique solution for building a viable economy, an alternative to conventional one which has compiled up debt, which can neither be paid by us, or our grandchildren. An Islamic financial system is based on sharing profit along with risk thereby laying the ground for financial freedom in society. On Economic side, it distributes income and wealth to more dynamic recipients which creates economic well-being, full employment, optimum rate of growth, and socioeconomic justice. For equitable distribution of wealth, while banning lending creates stability in the value of money. Banning of interest instigating a banking and finance system based on partnership between labour and capital.
GIIBIC believes that Islamic banking and finance will bring better integration of the real and financial sectors of our economy. With this IB principles SSB supervision will bring better business ethics, while ensuring that banks only entertain economically viable financing requests contrary to conventional banks being lenders. Islamic banks will provide financing by coming in as traders and sharing profits instead of taking fixed return (interest). Islamic banks will stay away from financing activities and industries that harm, individual and society. Islamic economic system creates greater economic stability, for it is well known in traditional finance literature that interest-based is a menace of economic instability when compared with equity-based finance.
I am honoured and pleased to welcome you all to GIIBIC to contribute with us in this viable economic development.
Vission. Mission and Goals
to be a regional leader in provision of knowledge and consultancy in Islamic Banking, Finance, and Insurance industry
to conduct development of new perspective and professional growth capability development programs, to strengthened industry related research, and to provide consultancy services in areas of Islamic Banking, Finance, and Insurance.
To provide need assessment capacity development programs in Islamic Banking and Finance.
To act as a regional authoritative body for consultation and advisory services for Islamic Banking and Finance Industry.
To pursue genuine industry – related research in Islamic Finance, and Insurance
Demonstrate appropriate analytical and problem-solving techniques