IFIC 2025 Communiqué

IFIC 2025 Communiqué Issued at the Close of the 4th Islamic Finance International Conference (IFIC 2025) Theme: Non-Interest Finance as a Catalyst for Inclusive and Sustainable Development

Venue: Accra International Conference Centre (AICC), Accra – Ghana Date: 27th September 2025.

We, the participants of the 4th Islamic Finance International Conference (IFIC 2025), convened in Accra, Ghana, under the distinguished patronage of the National Chief Imam, His Eminence Sheikh Dr. Osmanu Nuhu Sharubutu, chaired by the President of the Ghana Catholic Bishops’ Conference, Most Rev. Matthew K. Gyamfi (represented by Dr. George Baah-Danquah), and honored by the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama (represented by Mr. Franklyn Belnye), issue the following communiqué at the conclusion of our deliberations:

Recognizing • The urgent need to expand financial inclusion for underserved communities, SMEs, and rural populations in Ghana.

The challenges of over reliance on conventional, interest-based borrowing and the risks it poses to fiscal sustainability.

• The global success of non-interest finance as demonstrated in countries such as Nigeria, Malaysia, Kenya, the United Kingdom, Luxembourg, and South Africa, where Sukuk, Takaful, and Non-Interest banking have successfully funded infrastructure, housing, and inclusive growth.
• The moral and ethical foundations of non-interest finance, which resonate across Islamic, Christian, and other traditions, affirming its universal applicability within Ghana’s secular state.

Reaffirming • That non-interest finance is not faith-exclusive but a universal, ethical model grounded in fairness, transparency, risk-sharing, and social responsibility.

• Ghana’s interfaith harmony as a unique strength in advancing inclusive finance and national development.
• The importance of collaboration between government, regulators, academia, private sector actors, and faith-based institutions in developing the non-interest banking and finance ecosystem.

Resolving • To support the Bank of Ghana and other financial sector regulators in finalizing and launching a comprehensive regulatory framework for non-interest banking and finance, including the establishment of a National Financial Regulatory Advisory Council of Experts.

• To encourage the Government of Ghana to explore Sukuk issuances as a strategic tool to finance housing, healthcare, transport, and infrastructure under the “Big Push Agenda.”
• To urge academic institutions, under the guidance of GTEC, to develop degree programs, certifications, and research centers in non-interest banking and finance, supported by scholarships and international partnerships.
• To call on financial institutions to design innovative products tailored to SMEs, farmers, households, and community groups, ensuring grassroots access to ethical finance. • To commit faith-based organizations to serve as partners in awareness-building, ensuring that non-interest finance is widely understood, accepted, and embraced by all Ghanaians.

Conclusion We, the participants, affirm that the 4th IFIC 2025 has laid a solid foundation for Ghana to emerge as a leader in ethical and non-interest banking and finance in West Africa.

We call on all stakeholders to move from dialogue to implementation, ensuring that non-interest banking and finance becomes a catalyst for inclusive growth, sustainable development, and national unity. Issued this 27th day of September 2025 at the Accra International Conference Centre, Ghana.

Editor’s Note: Published Unedited