……As Five-Day Trainning & Study Tour Ends in Kuala Lumpur, Malaysia
Story: Mohammed A. Abu
The five-day International Workshop and Study Tour in Kuala Lumpur, Malaysia, that entailed, non-interest banking and finance training, sukuk structuring, capital market products, and Takaful (non-interest insurance) has ended on a successful note.
The primary intended target audience were Ghana’s state financial institutional regulators, capital market operators, bankers, pension fund administrators, potential sukuk issuers, etc.
The programme brought together professionals from Ghana, Nigeria, Malaysia, and other countries to explore the exploits of this East Asian country that has for decades proven her self to be a global Islamic finance industry benchmark for innovative non-interest financial products.
Major among Ghana’s high-ranking officials who participated were the Special Advisor to the Governor of Bank of Ghana on non-interest banking and finance, Professor John Gartchie Gatsi who also led the bank’s delegation while the Ghana Securities and Exchange Commission (SEC), was led by its Director General Dr. James Klutse Avedzi, as well as, representatives from the National Insurance Commission (NIC).
Hosted by the Islamic Finance Research Institute of Ghana (IFRIG) in collaboration with the Centre for Islamic Economics (CIE), International Islamic University of Malaysia (IIUM), the event was first of its kind and themed, “strengthening Capacity in Ethical Finance, Financial Inclusion and Sustainable Economic Development”.
This latest development serves as a further boost to the country’s on-going efforts towards rolling out a non-interest banking and finance industry to run side by side with its conventional counterpart as already demonstrated for decades in Malaysia, the Uk, Luxembourg, Canada, Singapore among others, across the globe.
IFRIG’s Executive Director, Dr. Shaibu Ali, was quoted in a Joy Business News report filed by Anass Sabit in Kuala Lumpur, to have noted that, non-interest banking and finance,was first of its kind in Ghana.Thus,with the knowledge of the theoretical and practical aspects of the industry acquired by the participants through visits to the relevant Malaysian state regulatory institutions and seeing all these, he believes once they get back home, they should become Apostles of non-interest banking and finance.
Dr. Saibu, the report said, also re-emphasized that the introduction of Islamic banking and finance in Ghana is far from being a religious agenda but purely a business case already being leveraged for Malaysia’s development which is visible to visitors on first site and thus, Ghana could also use it to make the country a much better place.
Alhaji Atahiru Maccido, CEO of Trustmark Capital, Ghana, the report said, was excited by the fact that, the objectives of the program had been fully achieved with participants so happy and satisfied with the knowledge, experiences and networking they were able to garner throughout the mission.
Engr. Prof. Dr. Naail Mohammed Kamil, Ghana’s Deputy High Commissioner to Malaysia, it said, noted that participants didn’t only gain technical knowledge in Islamic finance during the rigorous training, but they have also gained a deeper understanding of the financial system that promotes social, justice.
Dr. Kluste Avedji the Director General of the Ghana Securities Exchange Commissions (SEC) on his part, noted that, as regulators, the lessons they have learnt and the knowledge, they have acquired during the programme would ably enrich their regulatory framework so that they will not start with mistakes adding, “We are blessed and lucky to have experiences to learn from”.
Malaysia’s Track record in the Global Islamic Finance Industry
Pioneering Innovation: Malaysia a trail blazer in Islamic finance industry innovation excellence continuously leads in financial product development, including the introduction of sustainable “green” and “blue” sukuk, tokenised sukuk, and innovative social finance frameworks.
Robust Regulatory Framework: Governed by the Islamic Financial Services Act 2013 and guided by the Shariah Advisory Council at Bank Negara Malaysia, Malaysia offers a highly standardized, end-to-end legal ecosystem that other nations model.
International Standard Setting: Malaysia hosts major global standard-setting bodies, such as the Islamic Financial Services Board (IFSB), which shapes regulatory and supervisory standards across international markets.
Value-Based Intermediation (VBI): Through bodies like the Malaysia International Financial Centre (MIFC), Malaysia champions financial inclusion and ethical practices that integrate seamlessly with the real economy.
Credit: Joy Business News Report
Cover Photo: Credit(Vault News)