The Islamic Finance Research Institute of Ghana (IFRIG) has organized an International Executive Training on Non-Interest Banking in Kuala Lumpur, Malaysia. This five-day program, running from June 22 to 26, 2026, involves Ghanaian financial sector professionals and regulators.
The training aims to build capacity for Ghana's growing non-interest banking sector. Participants are exposed to Malaysia's dual-banking system, which includes Sukuk (non-interest bonds) and Takaful (non-interest insurance). This exposure provides valuable insights into a globally recognized advanced financial framework.
This initiative fits into Ghana’s broader economic strategy to diversify its financial offerings and promote financial inclusion. Non-interest banking avoids interest payments and focuses on ethical, asset-backed investments. This system offers an alternative to conventional banking, supporting specific developmental goals.
Dr. Ali Shaibu, IFRIG's Director-General, highlighted the need for this training. He stated, “There is a need to build the capacity of key industry players to have a full understanding of Non-Interest Banking to aid its implementation in Ghana and help lift more people above the poverty line.” This underlines the social and economic objectives of the program.
Ghana’s financial sector could see significant changes from this training. Decision-makers and market participants will monitor the adoption of non-interest banking products and regulations following this initiative. The program seeks to create a more robust and inclusive financial system in Ghana.
The training attracts officials from Ghana's Securities and Exchange Commission (SEC) and the National Insurance Commission (NIC). Dr. James Klutse Avedzi, SEC Director-General, leads the SEC delegation. Their involvement signals regulatory interest in developing this financial segment.
Professor Naail Mohammed Kamil, Ghana's Deputy High Commissioner to Malaysia, expressed strong support. He called non-interest banking a “viable alternative for addressing Ghana’s development challenges.” He notes that it encourages productive economic activity and aligns finance with real assets.
This training is the first of its kind for Ghana, focusing on ethical finance and sustainable economic development. It directly addresses the theme 'Strengthening Capacity in Ethical Finance, Financial Inclusion and Sustainable Economic Development'. This theme highlights the long-term vision for Ghana's financial future.
Professor John Gatsi, leading the Bank of Ghana delegation, reassured that non-interest banking would complement conventional banking, not destabilize it. He emphasized building “a robust dual-banking framework that offers choice, encourages competition and strengthens our overall financial stability.” His statement aims to allay any concerns among traditional financial operators.
Attahiru Maccido, Managing Director of Trustmark Capital Ltd, further explained the system's broad appeal. He clarified, “Non-Interest Banking is not only for Muslims; it is designed to benefit all of humanity.” This broadens the understanding beyond religious affiliation to its universal ethical principles.
Participants will return with practical insights and best practices from Malaysia's successful Islamic finance model. Ghana's financial landscape could evolve towards greater inclusion and ethical investment opportunities. This move supports national development priorities and diverse financial needs.