The Bank of Ghana (BoG) has issued regulatory guidelines to govern the introduction and supervision of non-interest banking (NIB).
The move aims at deepening the country’s financial system while ensuring stability, consumer protection and regulatory compliance.
Under the framework, banks may operate as fully-fledged non-interest institutions or establish dedicated “windows” within conventional banks to offer Sharia-compliant financial services without overhauling their entire operations.
The policy is expected to expand access to finance for small and medium-sized enterprises (SMEs), stimulate the development of Islamic finance products, and broaden investment options for individuals and businesses.
It is also projected to pave the way for the introduction of Sukuk (Islamic bonds) to support the mobilisation of funds for public infrastructure projects.
Dr Shaibu Ali, Director-General of the Islamic Finance Institute of Ghana (IFRIG), disclosed this at a one-day forum held at the Faculty of Law of the Kwame Nkrumah University of Science and Technology (KNUST) in Kumasi.
The forum, on the theme: “Non-Interest Banking (Islam) in Ghana; Market Readiness, Products and Regulations,” brought together investors, business owners, students, traditional authorities, Imams and members of the public to deliberate on the responsible and sustainable rollout of the sector.
Dr Ali said non-interest banking, also referred to as Islamic or Sharia-compliant finance, was beginning to take shape in Ghana following the issuance of the BoG guidelines in early 2026.
He emphasised the need for sustained public education to address misconceptions that the system was exclusively for Muslims or those with knowledge of Islamic jurisprudence.
“At its core, non-interest banking prohibits interest (Riba) and speculative transactions that are not backed by real economic activity. Instead, it promotes profit-sharing arrangements and asset-backed financing, where funds are tied to tangible goods, services or projects,” he explained.
Dr Ali cited Murabaha (cost-plus financing) as an example, where a bank purchases an asset such as farm inputs, machinery or building materials and sells it to a customer at an agreed mark-up, payable over time, without charging interest in the conventional sense.
He noted that the model could enhance financial inclusion by providing access to credit for the unbanked and underbanked, particularly entrepreneurs who often face challenges with collateral requirements and rigid lending conditions.
According to him, transactions under the NIB framework are based on profit-and-loss sharing or asset-backed trade, which promotes fairness, risk-sharing and real sector growth.
Dr Ali disclosed that as of April 2026, at least one indigenous financial institution had applied for a license, while four others were preparing to do so, indicating growing confidence in the sector and a transition from policy to implementation.
He reiterated that non-interest banking services were open to all, regardless of religious affiliation, and urged stakeholders to focus on the benefits of transparency, ethical conduct and structured risk management.
Alhaji Attahiru Maccido, the Chief Executive Officer of Trustmark Capital Limited, in a remark, called on investors to take advantage of emerging opportunities in the sector, describing it as viable and potentially profitable if properly regulated and managed.
Some participants expressed appreciation to IFRIG for organising the forum, noting the rarity of such engagements that bring together traditional authorities and the business community.
They called for intensified public sensitisation, stronger collaboration with regulators and clear disclosure of product terms to enable customers to make informed decisions as the market evolves.
Credit-GNA
