In Ghana there is currently just one sharia-compliant financial institution – Ghana Islamic Microfinance, which began as an NGO – though there is significant scope for growth.
Part of this is due to the country’s demographic make-up. Although Muslims are far from the only potential client base for IFS, as evidenced by the rollout of Islamic financing instruments in countries like the UK and Japan, sharia-compliant products could prove attractive for the roughly 17.6% of Ghana’s population that identifies as Muslim, according to the 2010 census.
aminej on 27 Feb 21The fact that 17.1% of Muslims in Ghana won't be able to invest in our applications is a big threat but we have thought that if we included shariah compliand products such as sukuk we could include this marginalized part of the country and improve their situations