By: Lassana Touray

The Gambia Action Party (GAP) Secretary-General and leader, Musa Ousainou Yali Batchilly, has called for the development of innovative and inclusive financial systems to expand economic opportunities, strengthen investment and support sustainable national development.

Batchilly said Islamic banking, also known as non-interest banking, could provide an important alternative to conventional financial services and create new opportunities for Gambians and businesses.

He said an administration led by GAP would support the development of a transparent and properly regulated non-interest banking framework that would allow individuals and businesses to access Shariah-compliant financial services alongside conventional banking.

According to Batchilly, Islamic finance operates on principles that prohibit conventional interest, known as riba, while promoting ethical, asset-backed and risk-sharing forms of financing.

He said such a system could provide additional financing opportunities for small businesses, farmers, entrepreneurs, young people and investors, while attracting capital from the growing global Islamic finance industry.

Batchilly noted that Islamic finance could support productive economic activities through mechanisms including trade financing, leasing and partnerships rather than relying exclusively on conventional interest-bearing loans.

He said financial inclusion should provide Gambians with genuine choices, including access to interest-free financial services for those who prefer them for religious, ethical or economic reasons.

The GAP leader said his party would advocate policies aimed at encouraging investment in Islamic finance, strengthening regulatory oversight and promoting financial literacy.

He added that such measures could position The Gambia as a competitive destination for Islamic financial services globally.

Batchilly stressed that the proposal should not be viewed solely as a religious policy, but also as an economic development opportunity capable of creating jobs, supporting businesses, attracting investment and expanding economic opportunities.

He said GAP was committed to building a financial system that serves the interests of all Gambians.