A delegation of Ghana’s banking and financial leaders recently concluded a five-day International Executive Training and Study Tour in Kuala Lumpur, Malaysia. This program focused on Non-Interest Banking, Capital Markets, and Takaful (insurance). The tour equipped Ghanaian financial professionals with insights from Malaysia’s highly advanced Islamic finance system.
The Islamic Finance Research Institute of Ghana (IFRIG) and the Centre for Islamic Economics (CIE) at the International Islamic University Malaysia (IIUM) organised the program. It ran from June 22nd to June 26th, 2026. Participants gained direct experience with Malaysia's dual-banking system, Sukuk markets (Islamic bonds), and its regulatory framework. Malaysia’s framework is globally recognised as the most advanced in Islamic finance.
This initiative aligns with Ghana’s broader economic objective to diversify its financial sector and improve financial inclusion. Introducing non-interest banking could provide new avenues for investment and financing in accordance with ethical principles. Such a system could attract new capital and offer alternative financial products to the Ghanaian populace, expanding financial choice and competition. This complements efforts to strengthen financial stability and promote sustainable economic growth across the country.
Dr. Ali Shaibu, Executive Director of IFRIG and Deputy CEO of Trustmark Capital Ltd, urged participants to become “apostles of Non-Interest Banking.” He clarified, “This is not a religious agenda. This is a financial model that can transform our country’s financial system.” Dr. Shaibu highlighted that non-interest banking is ethical, transparent, and beneficial for all Ghanaians, regardless of their faith. He added that it could help lift the population above the poverty line.
The CEO and Managing Director of Trustmark Capital Ghana, Alhaji Attahiru Maccido, confirmed the program achieved its objectives through knowledge exchange. Non-interest banking focuses on fairness, risk-sharing, and transparency, principles that can benefit any entrepreneur. Professor Naail Mohammed Kamil, Ghana's Deputy High Commissioner to Malaysia, expressed optimism that the delegation now better understands Non-Interest Banking. He believes it offers an effective alternative for solving Ghana's development challenges.
Dr. James Klutse Avedzi, Director General of the Securities and Exchange Commission (SEC), stated that the acquired knowledge will enhance regulatory roles. Professor John Gatsi, who led the Bank of Ghana delegation, reassured that non-interest banking would not destabilise the existing financial system. Instead, it aims to build a complementary, robust dual-banking framework. This framework will offer choice, encourage competition, and strengthen Ghana’s overall financial stability. The program, themed “Strengthening Capacity in Ethical Finance, Financial Inclusion and Sustainable Economic Development,” marks a significant step.
As Ghana prepares to integrate non-interest banking into its financial landscape, the returning participants bring practical insights. They have learned best practices from Malaysia's 40-year journey in Islamic finance. This knowledge positions them to help build a new financial era for West Africa. The introduction of such models could lead to new financial products and services, potentially boosting economic activity and jobs. Financial institutions and regulators will now focus on developing the necessary frameworks for implementation, ensuring a smooth and beneficial transition.