As interest-free (Islamic) banking has emerged and evolved as a viable and competitive component of the overall financial system to drive growth and development, West Africa is now promoting its principles for people of the sub-region to have broad understanding of its operations so as to embrace it.
Islamic banking or interest-free banking is a banking model which is based on profit and loss sharing system. In this dispensation, the customer and the bank share the risk of any investment on agreed terms, and divide any profits that accrue from there.
In cognizant of the fact that there has been significant growth in Islamic financial services in recent years and experts forecast that this growth will continue at a rapid pace, the West African Institute for Financial and Economic Management (WAIFEM), on Monday started a weeklong training on rudiments of interest free (Islamic) banking at Paradise Suites Hotel in Kololi.
The training brought together participants from different countries in the sub-region including Gambia, Ghana, and Nigeria. It was organized to provide participants with a broad understanding on rudiments of Islamic banking as well as provide clarity on ‘Shariah’ (principles of Islamic law) requirements and the avoidance of interest in modern day banking business.
