On the back of impressive global growth, the opening of the Islamic Bank and finance (IBF) sector in Ghana is expected to create new financing and lending opportunities in the coming years, with sharia-compliant banking offering particular potential in the retail, small and medium-sized enterprise segments.
As is the case in many West African markets, interest rates for commercial loans can be relatively high – with an average of more than 25% for all but blue-chip companies – which means Islamic Banking and finance could provide a competitive alternative for potential customers.
With this and many enormous opportunities,we are looking for partners and investors to make Islamic Banking and Finance a reality in Ghana. Our research shows many small and large scale businesses are willing and ready to switch to Islamic Banking and Finance when the chance is available.