Challenges in Establishing an Islamic Banking and Finance System: Evidence from Ghana

Mohammed Yaw Broni

MPRA Paper from University Library of Munich, Germany

Abstract: After sixty-one years of independence, there is no single Islamic banking institution operating in Ghana. Given that Muslims are commanded to stay away from usury, coupled with the popularity of Islamic finance globally, it is surprising why the Islamic banking industry is yet to take root in the country. This paper seeks to determine whose responsibility it is to initiate the establishment of an Islamic banking and finance system. The genesis of Islamic banks in Egypt, Malaysia and Bangladesh were reviewed, and compared with the situation in Ghana. The analysis show that stakeholders such as devoted Muslim businessmen, governments, and well-informed Muslim groups, are well placed to initiate the establishment of Islamic banks.

Keywords: Islamic banking and finance; Usury; Financial inclusion; Shariah compliance (search for similar items in EconPapers)
JEL-codes: I38 (search for similar items in EconPapers)
Date: 2018-09-22
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https://mpra.ub.uni-muenchen.de/90451/9/MPRA_paper_90451.pdf revised version (application/pdf)

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