Business News of 2014-06-21

Ghana Islamic Microfinance wins award

The Ghana Islamic Microfinance, the first financial institution in Ghana which is compliant to Islamic Shariah law is to receive an award from the Islamic Development Bank.

The Islamic Development Bank Women’s For Development Award 2014 will be presented to the financial institution at a high level event of the Board of Directors of the Islamic Development Bank, under the patronage of the Custodian of the Two Holy Mosques taken place in Jeddah, Saudi Arabia from June 22 – June 26.

Briefing the media ahead of the ceremony, Ms Suwaiba Mohammed Amin, the Programmes Manager of Ghana Islamic Micro-finance said, it is viable to promote asset based Islamic banking.

She said the aim of the financial institution is not to bring Shariah law to Ghana but to use its principles to promote ethical financing and fight against the exploitative loans currently going on in the country.

“’Our operations in the last four years in Ghana has convinced us that it is indeed possible and viable to promote and operate an asset based Islamic Micro-finance in a non-Muslim country, based on the principles of Shariah.

“Although it will take some time for all Shariah compliant products to be fully embraced and integrated into the financial systems in Ghana, we are convinced that asset based Shariah compliant micro-finance can be easily integrated and offers the hope as the vehicle of introducing and promoting Islamic Micro-finance in non-Islamic countries, “she said.

She said the prize which aims at recognising, encouraging, inspiring and rewarding women’s participation in the socio-economic development process would be bestowed to the Ghana Islamic Micro-finance in recognition for its outstanding interest free loan scheme to smallholder women farmers in the form of provision of inputs, technical services, tractor services and marketing which makes farming more profitable and improves overall food security as well as providing guaranteed market for their produce.

The Islamic Development Bank established the IDB Prize for Women's Contribution to Development in 2006 to draw international attention to the vital role women play in developing their communities and the world.

Source: GNA
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