PROSPECTS OF ISLAMIC BANKING AND FINANCE (IBF) IN GHANA

Abstract

This study assesses the potential benefits of Islamic banking and Finance to the government of Ghana. The research is qualitative research that employed semi-structured interview to measure the opinion of a sample of 10 experts within and outside Ghana. The interviewees are experts in Islamic finance, finance in general and related fields, while others were practitioners. The data analysis was done thematically. Prospects of IBF include alternative source of finance, debt portfolio management strategy, employment opportunities, infrastructural development, widening of financial inclusion, attraction of foreign investors, financial diversification tool, financial transparency, Agric and renewable energy development. The findings are indication that the government should expedite actions in designing operational/regulatory framework for IBF to exploit the associated benefits. This work is the first of its kind in adopting written interview to measure the opinions of both local and international experts regarding the opportunities of IBF to the government. This study will contribute to the meager literature on IBF.