BoG develops comprehensive framework to guide Non-Interest Banking, Finance sector-Prof Gartchie
The Bank of Ghana (BoG) is developing a comprehensive framework to guide the sector, as the central bank upscales measures for the introduction of Non-Interest Banking and Finance (NIBF) in country, Professor John Gartchie Gatsi, Advisor, BoG said at the weekend.The NIBF operates in accordance with Islamic law (shariah) which prohibits excessive uncertainty and investments in industries like alcohol, gambling, and pork-related businesses.Prof Gatsi said the BoG was undertaking extensive engagements with stakeholders, including academic institutions, including the Securities Exchange Commission and other professional bodies, and to shape the formulation of the framework.Additionally, the central bank had also held engagements with Nigeria banks and capital market players, saying “our target...