By Christopher W. Holton
Ghana is the latest developing nation to see Shariah-compliant finance surface in its fledgling financial system…Note the customary fraudulent messaging regarding “interest-free loans,” implying that Shariah banks dole out free. That is of course nonsense. Shariah-compliant loans don’t charge interest, but they do involve convoluted structures and mechanisms of fees and charges, which usually add up to more than what conventional interest-based loans charge…
Bank Of Ghana to Issue Two Banks With License
The Bank of Ghana is in the process of licensing Islamic Bank, which is expected to provide interest free loans to its customers across the country.