IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/89136.html
   My bibliography  Save this paper

Challenges in Establishing an Islamic Banking and Finance System: Evidence from Ghana

Author

Listed:
  • Broni, Mohammed Yaw

Abstract

After sixty-one years of independence, there is no single Islamic banking institution operating in Ghana. Given that Muslims are commanded to stay away from usury, coupled with the popularity of Islamic finance globally, it is surprising why the Islamic banking industry is yet to take root in the country. This paper seeks to determine whose responsibility it is to initiate the establishment of an Islamic banking and finance system. The genesis of Islamic banks in Egypt, Malaysia and Bangladesh were reviewed, and compared with the situation in Ghana. The analysis show that stakeholders such as devoted Muslim businessmen, governments, and well-informed Muslim groups, are well placed to initiate the establishment of Islamic banks.

Suggested Citation

  • Broni, Mohammed Yaw, 2018. "Challenges in Establishing an Islamic Banking and Finance System: Evidence from Ghana," MPRA Paper 89136, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:89136
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/89136/1/MPRA_paper_89136.pdf
    File Function: original version
    Download Restriction: no
    File URL: https://mpra.ub.uni-muenchen.de/90451/9/MPRA_paper_90451.pdf
    File Function: revised version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Jasim Al‐Ajmi & Hameeda Abo Hussain & Nadhem Al‐Saleh, 2009. "Clients of conventional and Islamic banks in Bahrain," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 36(11), pages 1086-1112, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Muhammad Y. Khan & Shahab Ud Din & Majid J. Khan & Anam Javeed, 2021. "Dynamics of selecting Islamic home financing," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 5005-5016, October.
    2. Mohammed, Wahida, 2015. "Islamic banking and economic infrastructure development: Kenya's prospects," KBA Centre for Research on Financial Markets and Policy Working Paper Series 15, Kenya Bankers Association (KBA).
    3. Shehriyar Khalil & Liaqat Ali, 2015. "Risk Management Practices in the Conventional Banks Working in Peshawar," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 5(2), pages 53-58, April.
    4. Abdullah Mesut UÇAR, 2020. "A Research on Consumer Behavior Towards Interestfree Financing with Special Reference to Planned Behavior Theory: An Empirical Analysis," Journal of Economic Policy Researches, Istanbul University, Faculty of Economics, vol. 7(1), pages 69-88, January.
    5. Ayesha Hamid & Omar Masood, 2011. "Selection criteria for Islamic home financing: a case study of Pakistan," Qualitative Research in Financial Markets, Emerald Group Publishing Limited, vol. 3(2), pages 117-130, June.
    6. Najat Abdullrahim & Julie Robson, 2017. "The importance of service quality in British Muslim’s choice of an Islamic or non-Islamic bank account," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 22(2), pages 54-63, June.
    7. Saidatolakma Mohd Yunus & Zuraidah Kamaruddin & Rahimah Embong, 2017. "Towards Banking Jurisprudence: Understanding Islamic Banking Products in Malaysia," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 7(8), pages 215-228, August.
    8. Özgür Kökalan & Ibrahim Güran Yumuşak & Ahmet Bingöl, 2021. "Service Quality of Conventional and Islamic Banks in Turkey," Tržište/Market, Faculty of Economics and Business, University of Zagreb, vol. 33(1), pages 59-74.
    9. Abdulazeez Y.H. Saif-Alyousfi & Rohani Md-Rus & Kamarun Nisham Taufil Mohd, 2018. "Oil Price and Banking Sectors in Gulf Cooperation Council Economies before and after the Global Financial Turmoil: Descriptive Analysis," International Journal of Energy Economics and Policy, Econjournals, vol. 8(6), pages 89-101.
    10. Noman Arshed & Rukhsana Kalim, 2021. "Modelling demand and supply of Islamic banking deposits," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 2813-2831, April.
    11. Abdullah Mesut Ucar, 2022. "Do Interest-Free Financial Organizations Offer Fair Prices to Their Customers?," Journal of Economic Policy Researches, Istanbul University, Faculty of Economics, vol. 9(2), pages 495-521, July.
    12. Imronudin & Javed Ghulam Hussain, 2016. "Why Do Bank Finance Clients Prefer Mark-up to Profit Loss Sharing Principles? Evidence from Islamic Rural Banks and Small to Medium Enterprises in Indonesia," International Journal of Economics and Financial Issues, Econjournals, vol. 6(4), pages 1407-1412.
    13. Juan Carlos Martín & Carmen Orden-Cruz & Slimane Zergane, 2020. "Islamic Finance and Halal Tourism: An Unexplored Bridge for Smart Specialization," Sustainability, MDPI, vol. 12(14), pages 1-15, July.
    14. Hasan, Syed Akif & Subhani, Muhammad Imtiaz & Osman, Ms. Amber, 2012. "Consumer Criteria for the Selection of an Islamic Bank: Evidence from Pakistan," MPRA Paper 40384, University Library of Munich, Germany.
    15. Rizkiah, Siti K. & Disli, Mustafa & Salim, Kinan & Razak, Lutfi A., 2021. "Switching costs and bank competition: Evidence from dual banking economies," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
    16. Sandra Escamilla-Solano & Antonio Fernández-Portillo & Jessica Paule-Vianez & Paola Plaza-Casado, 2019. "Effect of the Disclosure of Corporate Social Responsibility on Business Profitability. A Dimensional Analysis in the Spanish Stock Market," Sustainability, MDPI, vol. 11(23), pages 1-17, November.
    17. Mustapha Ziky & Raja Daouah, 2019. "Exploring Small and Medium Enterprises¡¯ Perceptions Towards Islamic Banking Products in Morocco," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 11(10), pages 106-117, October.
    18. Amina Hachimi & M. My Abdelouhab Salahddine, 2019. "The Acceptability of Participatory Banking Products by SMES: A Conceptual Framework," International Journal of Economics and Financial Issues, Econjournals, vol. 9(4), pages 259-266.
    19. Abdelghani Echchabi & Oladokun Nafiu Olaniyi, 2012. "Malaysian consumers' preferences for Islamic banking attributes," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 39(11), pages 859-874, September.
    20. Alamsyah, Janoearto & Masih, Mansur, 2017. "Impact of islamic money market development on islamic bank liquidity management: a case study of Indonesia," MPRA Paper 106778, University Library of Munich, Germany.

    More about this item

    Keywords

    Islamic banking and finance; Usury; Financial inclusion; Shariah compliance;
    All these keywords.

    JEL classification:

    • I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:89136. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.