Reports indicate Ghana may soon open its doors for Islamic banking in the country.
A prospective bank from Saudi Arabia is said to have gotten provisional licensed from Ghana’s central bank, the Bank of Ghana.
Banks from the east have tried in the past years to secure license of operation but to no avail.
Islamic banking could be a good move for the West African country due to high interest on credit to small and medium enterprises.
Islamic banking does not impose cost of credit on loan facilities. A form of ethical investing, that prescribes interest free loans.
