The Vice President, Dr Alhaji Mahamudu Bawumia, has called for broadening of consultation as talks of establishing Islamic banking systems in Ghana takes steam.
Dr Bawumia in a speech read on his behalf by the Coordinator of the Zongo Development Authority, Ben Abdullah Banda, said doing this would offer all stakeholders the opportunity to have a proper understanding of the concept and how it could contribute to build the economy.
"Islamic banking is banking in accordance with Islamic laws which derives its foundation from the Holy Quran.
"The mention of Islamic banking evokes some discomfort especially to traditional banking but in truth they are both development agents which contribute to the growth of our society.
"The only area of departure is that Islamic banking preaches the principle of zero interest which is a non compromising directive from the Quran and profit and loss sharing among stakeholders," he explained when he addressed the Muslim community to observe the night of power in Accra on Friday.
In terms of operational objectives, he said, both are aligned when it comes to providing financial support for commerce and financing of capital projects.
Even within the Islamic banking concept, there are different types which may be suitable in a particular country than another, Dr Bawumia said noting that all six Islamic modules have their own unique structures which suit different kinds of investment in different countries.
According to him, in spite of the global growth in Islamic banking, it is still unknown in Ghana; a situation which calls for "education and broader consultations among stakeholders for proper understanding of the concept.
"As the Muslim caucus proposes this, I want to encourage the broadening of the consultations among all stakeholders in the financial sector."
He said as they engage, they must consider today's contemporary times which focus on capital market, capital formation, and other financial instruments.
The Speaker of Parliament, Alban Sumana Kingsford Bagbin, said the current economic challenges should give Ghana a reason to review its economic models.
"The financial challenges call for introspection and a paradigm shift from the old system based on the ideology of the Briton woods institution to a more humane system that is appropriate for our context," the Speaker said in a speech read on his behalf by Dr Abraham Zachariah, Deputy Director, Research, Parliament.
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He said there is the opportunity for any member to embark on a review of eco sting legislations to meet current trends.
Chairman of the Muslim Caucus in Parliament and MP for Yendi, Farouk Aliu Mahama who called for a review of existing laws to include Islamic laws on banking also made a case for the passage of the proposed Islamic Marriage Bill.
He said it was important the Attorney-General and the Minister for Justice brought the bill to Parliament in earnest to make Mohamadan marriage recognizable.
The 12th in edition, the Night of power is a platform which discusses issues with the potential to contribute to the development of the country from the Islamic perspective.
It was on the theme; 'the role of Islamic Banking in building a sustainable economy: the need for legislative review of banking laws in Ghana.'
