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Bright Simons: Is Bank of Ghana’s “Islamic Banking” rebrand too clever by half?

Yesterday, I read the “exposure draft” of the Bank of Ghana’s Guideline for the Regulation and Supervision of Non-Interest Banking. The first thing that struck me is that the central bank’s strategic decision to rebrand “Islamic Banking” as “Non-Interest Banking” (NIB), while understandable as a bid to avoid the kind of needless controversy sparked in Nigeria in 2011 when the Central Bank of Nigeria (CBN) first introduced Islamic Banking, has ended up creating unnecessary technical confusion.


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