Bright Islamic finance future for Ghana

ISFIN has teamed up with AB & David Africa, a pan Africa law firm with offices in Ghana, Zambia, Botswana, Zimbabwe.

AB & David is recognised for its ’commercial perspective’ and also is the only firm in Africa to secure Lexcel certification from the Law Society of England and Wales.

AB & David was recently advised on the refinancing of a $750m oil and gas plant in Ghana.

Prof Marliere

Professor Laurent Marliere, CEO of ISFIN said, “Africa and particularly Ghana is an attractive country for investors due to its stability and natural resources. The vision of the new government is to create a business friendly environment, accelerate industrialisation, modernise agriculture, improve infrastructure and enhance human capital.  This new vision provides opportunities for private sector investment and partnerships particularly from the Middle East, Singapore and Malaysia.

“Ghana’s Muslim population is projected to reach 5.3m by 2020. A recent survey suggests that considerable number of Ghanaian Muslims would prefer to invest in non-interest bearing instruments or products or donate the interest from interest-bearing accounts to charity. There is therefore an opportunity for Islamic financial institutions to attract funds. We believe various opportunities exist in Ghana, not only in Islamic finance but in other halal sectors also ” Marlière said.

 

As the country is trying to close its infrastructural funding gap, Ghana will follow the lead of Malaysia or Indonesia and use Islamic financial products such as Sukuk to fund infrastructure and other sectors. Specifically, Ghana could attract the Middle East’s high investible surplus through Islamic banking and finance.

 

David Ofosu-Dorte of AB & David Africa said, “Our focus is simple, to ensure businesses and projects succeed in Africa by helping them minimize the risks associated with doing business in Africa. Our extensive experience gained from working with several businesses, public sector agencies, finance houses, multinational lenders, international organisations and individuals is an excellent resource that helps you do business in the complex Africa environment. Our ability to reduce the bureaucracy and minimise your project and investment risk is priceless value we give to our clients“.

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