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NIC to introduce Islamic based insurance program

In Ghana the National Insurance Commission (NIC) may soon introduce Islamic based insurance known as Takaful insurance. The Commissioner of Insurance Lydia Lariba Bawa said in places where the Muslim population is higher like Gambia and Nigeria, Takaful insurance is gaining grounds. There is a Muslim community in Ghana that can be adressed by introducing the Takaful insurance. This move will contribute to the Commission’s effort to increase insurance penetration in the country.

First Islamic Investment Fund launched in Kumasi

An Islamic Investment Fund has been launched in Kumasi with the objective of reviving economic activities within Muslim communities. The Shari’a complaint financial system is to mobilize funds from the Muslim Ummah for development, whilst creating jobs for the teeming youth in need of jobs. The Fund is initiated by the Ahlussunna WalJama’a Ashanti Regional Imam (ASWAJ) to offer “ethical investment” tools to investors seeking to invest in profitable “halal” business ventures which have minimal risk but good potential for growth. A Gh100,000 is to be raised in the initial public offering of 200 shares at a share value of Gh500 per share.

Islamic Development Bank to Support Ghana’s Economic Agenda

The president of the Islamic Development Bank (IDB) Group has urged the government of Ghana to join the Organization of the Islamic Cooperation (OIC) countries for the country to benefit from a number of development assistance being offered by the Group. Ghana and Liberia are the only two countries in West Africa who are still not members of the OIC. By becoming a member country, Ghana will benefit immensely from development assistance especially in the areas of infrastructure development. Although not a member country, the IDB has supported Ghana with more than US$5.5 million in grants for the completion of more than 16 different projects across the country.

Ghana Islamic Microfinance wins award

The Ghana Islamic Microfinance, the first Shariah-compliant financial institution in Ghana, is to receive the Women’s For Development Award 2014 from the Islamic Development Bank. The award will be presented to the financial institution at an event of the Board of Directors of the Islamic Development Bank, taking place in Jeddah, Saudi Arabia from June 22 – June 26. Ms Suwaiba Mohammed Amin, the Programmes Manager of Ghana Islamic Micro-finance 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.

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