Tag: Non-Interest Banking
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Non-Interest Banking Rules Could Spark Ghana Regulatory Confusion
Overview: The Bank of Ghana’s Non-Interest Banking Guidelines Ghana’s central bank, the Bank of Ghana (BoG), is rounding out its framework for regulating what it calls “Non-Interest Banking.” The move aims to formalize Sharia-compliant financial services and other forms of interest-free banking that some customers prefer for religious or ethical reasons. While the intent is…
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Non-Interest Banking Regulatory Framework Risks in Ghana
Assessing a Controversial Draft: The Non-Interest Banking Guidelines in Ghana The Bank of Ghana has put forward draft guidelines intended to regulate what it terms Non-Interest Banking. While the aim is to formalize a sector that operates on profit-and-loss sharing and sharia-compliant principles, critics argue the framework risks creating regulatory confusion rather than clarity. Prominent…
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Non-Interest Banking in Ghana: Could The Bank of Ghana’s Framework Spark Regulatory Confusion?
Introduction: Aiming for clarity in a niche sector The Bank of Ghana’s draft guidelines for regulating non-interest banking—often associated with Islamic finance—have drawn sharp commentary from policy experts. Bright Simons, Vice President of policy think tank IMANI Africa, argues that the proposed framework could inadvertently create regulatory confusion, potentially undermining the sector’s stability and consumer…