Dean of the University of Cape Coast School of Business who doubles as a Professor of Finance, Prof. John Gartchie Gatsi Esq has enlightened Ghana on Islamic banking and the need for the country to embrace the modern financial trend to compliment the state's conventional way of banking.

According to him, Islamic banking which strength was first introduced into the financial market in the year 2004 in Pakistan, provides alternative for inclusion, promotes social justice, and ensures that activities undertaken do not adversely affect the environment, compared to conventional banking system which has no attractive products.

He disclosed that foundation have been laid by attempting to some activities regarding public-private partnership which will help foster the introduction of Islamic banking into the country, especially on Islamic bond to finance infrastructure and to diversify the bond market to as well promote and deepen the properties market.

The UCC Professor made this revelations at his inaugural lecture themed, "Islamic banking Options: Exploring an Inclusive Alternative or Complement."

The event pulled to it revered personalities like the Oguaamanhene, Osabarimba Kwesi Atta ll and Prof. Jane Naana Opoku-Agyemang, the 2020 running mate for the National Democratic Congress and the proposed running mate for the party in the 2024 general election, who doubles as a former Vice Chancellor for UCC.

Prof. Gatsi in an engagement with the media, admitted that though Islamic banking when initially introduced, didn't allow derivative transactions to thrive, but along the line saw implementers of the financial initiative fashion out product transactions that reflect profitiary agreement with interest-free transactions. 

The Professor of Finance on the benefits Ghana stands to gain when adopt Islamic banking, clarified that it will reduce the burden on government, as the structure of conventional bond is such that, a country start to pay coupons whereas the state is not done utilizing the money for an undertaken project, which pressurize implementers of such project being the government.

He admonished that proceeds derived from the engagement of Islamic banking is shared based on profit and lost agreement unlike conventional banking, as transactions are aligned with Islamic principles.

He, however, described Ghana to be the only country in West Africa which is yet to clasp to Islamic banking to share in its advantage amid the fact that neighboring countries like Nigeria are benefiting immensely from the initiative.

Hence, encouraged the need for the country to embrace the modern financial initiative to aid augment Ghana's financial capabilities to strengthen its dwindling economy.

Vice Chancellor for UCC, Prof. Johnson Nyarko Boampong at the inaugural lecture portrayed Prof. John Gatsi to be one whose leadership quality has saw him lead the UCC School of Business to become a member of AACSB, an international accreditation body that gives broader visibility and provides opportunities to students and staffs.

Source//Sompaonline.com/Eric Annan