Prof. John Gatsi to lecture on Islamic Banking today
Islamic banking is a system of conducting banking activities in line with the principles of Sharia while avoiding all the prohibited activities such as Interest/Riba, Gharar (uncertainty), dealing in prohibited businesses
The Dean, School of Business, at the University of Cape Coast (UCC), Professor John Gats will today, February 29, 2024 deliver an inaugural Lecture at the University’s SGS Auditorium.
The Lecture which will be under the chairmanship of the Vice Chancellor of UCC, Professor Johnson Nyarko Boampong is themed “Islamic Banking options; exploring an inclusive alternative or complement” and it is expected to promote Islamic banking as a complementary source of financing for projects.
Professor John Gartchie Gatsi , a professor of finance is expected to highlight some of the positive news around Islamic Banking in respect to long held views by the Islamic Finance Research Institute in Ghana (IFRIG) as captured in the NDC’s 2020 manifesto.
Some experts have described Islamic banking is a form of banking based on Islamic principles and beliefs which does not allow to pay and receive interest but rather it is based on profit sharing. Islamic banks focus on generating returns on investments through investment tools that are “Shari’a” compliant.
Islamic banking is a system of conducting banking activities in line with the principles of Sharia while avoiding all the prohibited activities such as Interest/Riba, Gharar (uncertainty), dealing in prohibited businesses (e.g. alcohol, gambling), etc.
‘Interest free banking’ is just one of the pillars of Islamic banking. Islamic banking means not only to avoid interest-based transactions, but also to avoid unethical and socially unacceptable practices prohibited in Shariah, such as unfair trade practices, hoarding, speculation, etc. Hence, Islamic banking transactions are based on ‘tangible assets and real services’ as opposed to ‘conventional money lending’.
The teachings of Islam are meant for both Muslims and non-Muslims. Universal values like honesty, justice, avoiding fraud, etc., form the two basic principles of Islamic banking.
Therefore, Islamic banking is for everyone irrespective of what religion they follow.
The end result of Islamic banking and conventional banking may look similar. However, the process and sequence of activities performed to achieve the end goal through Islamic banking are in accordance with the rules of Islamic Shariah.
FRIG is a registered Islamic Finance Research Institute in Ghana with the main aim of carrying out Islamic Finance research, training, information, advisory, technical assistance and development of Islamic Financial Products and services within Ghana and beyond.
They seek to be the center of research on Islamic Finance and Economics Policy in Africa and bravely deliver cutting-edge research, train and serve as advisory institutions in the area of Islamic Finance. They are committed to build concrete structures and find solutions to the developmental challenges facing the introduction of Islamic finance in Ghana and beyond.
IFRIG achieves this through programmes and projects strategically designed and tailored to help meet its objectives. Key among these is its Capacity building Programme, Educational Programme, Research seminars and workshops etc.
These are further implemented and achieved through projects, prominent among them being our Research works, training, Engagement with stakeholders to come out with solutions etc.
Core function of IFRIG-Ghana includes conducting research on Islamic Finance in Ghana, conducting research on how Islamic Finance can contribute to the socio-economic development of Ghana and Muslim Communities across the world, collaborating with relevant institutions to promote the development of Islamic finance within and across Ghana, conducting policy dialogues to collect and disseminate information with regards to Islamic finance, and to carry out capacity building training on Islamic finance to stakeholders in order to empower individuals and businesses through innovative Islamic finance solutions, to promote economic growth and financial inclusion in the community.
By Francis Edzorna Mensah
